EUR/NZD analysis for September 29, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5435. I found a broken downward trendline in the background, which is a sign that buyers came on the market and that selling EUR/NZD at this stage looks risky. I found intraday upward trendline which the price is holding successfully. My advice is to watch for buying opportunties on the dips. Upward targets are set at 1.5500 and 1.5540.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5470

R2: 1.5510

R3: 1.5570

Support levels:

S1: 1.5355

S2: 1.5320

S3: 1.5260

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

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NZD/USD profit target almost reached, remain bearish

The price has dropped towards our profit target. We remain bearish below the major resistance at 0.7300 (horizontal resistance, Fibonacci retracement) for a drop to 0.7220.

Stochastics (21,3,3) is approaching an area of resistance from which we expect a reaction.

Sell below 0.7300. Place stop loss at 0.7360 and take profit at 0.7220.

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USD/JPY profit target reached, buy on bullish breakout

USD/JPY has bounced to our profit target as expected. We now remain bullish with the break of the major resistance at 101.25 (horizontal resistance, Fibonacci retracement) with a double bottom reversal confirming the push up to 102.10.

RSI (34) has made a bullish exit triggering a bullish move from here.

Buy above 101.25. Place stop loss at 100.80, and take profit at 102.10.

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Gold analysis for September 29, 2016

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Since our previous analysis, gold has been trading downwards. As I expected, the price tested the level of $1,317.79 in a high volume. The third take profit level at the price of $1,320.20 from yesterday has been met. The intraday trend is still downward. So, be careful when buying gold at this stage and watch for selling opportunities. Using the market profile analysis, I found yesterday's point of control at the price of $1,325.30. Watch for selling opportunities on pullbacks. Next downward targets are set at the prices of $1,314.50 and $1,308.50.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,329.90

R2: 1,332.15

R3: 1,335.85

Support levels:

S1: 1,322.55

S2: 1,320.25

S3: 1,316.55

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

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USD/CAD intraday technical levels and trading recommendations for September 29, 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, on August 18, signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

This week, 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 29, 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 0.7350. 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 29, 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 29, 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.

A 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 GBP/USD for September 29, 2016

GBP/USD is trending downwards within the descending channel. Today the upper channel trend line has been rejected after both 50 and 200 Moving Averages were broken while the pair moved lower.

At the channel top, GBP/USD formed a bearish divergence on the MACD, suggesting that the downtrend might not be over yet. The Fibonacci applied to the last wave up shows potential downside targets.

Consider selling GBP/USD while the price is near the 1.3000 psychological level that corresponds with the trend line breakout. The target should be one of the Fibs levels, either 161.8% (1.2932), 261.8% (1.2855) or 361.8% (1.2777). The suggested stop loss is 1.3050.

Support: 1.2980, 1.2932, 1.2855, 1.2777

Resistance: 1.3057

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Technical analysis of EUR/NZD for September 29, 2016

EUR/NZD broke above the descending channel and after a corrective wave down found the support near 1.5340 where the 200 Moving Average was rejected. At the same time, the 61.8% Fibs applied to the channel breakout point was also rejected.

While forming a bottom near that support level, the pair formed a bullish divergence on the MACD. Today EUR/NZD attempted to break below the 50% Fibs (1.5400) level, although eventually it was rejected.

Overall, support levels are holding while the pair is trading above both the 50 and 200 Moving Averages. Therefore, consider buying EUR/NZD at the current level of 1.5430, targeting either 23.6% (1.5525) or 0% (1.5637) Fibs. The suggested stop loss is just below 200 MA, at 1.5350.

Support: 1.5344, 1.5400

Resistance: 1.5455, 1.5525, 1.5637

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Technical analysis of NZD/USD for September 29, 2016

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Overview:

  • The NZD/USD continued its bearish momentum having bottomed at 0.7230 yesterday. The bias remains bearish in the nearest term testing 0.7220. Immediate resistance is seen around 0.7323. A clear break above that area may lead the price to neutral zone in the nearest term testing 0.7323 but any upside pullback now is normal, and we remain bearish. The NZD/USD pair continues to move downwards from the level of 0.7320. Yesterday, the pair dropped from the level of 0.7320 to the bottom around 0.7230. Today, the first resistance level is seen at 0.7320 followed by 0.7393, while daily support 1 is found at 0.7223. Amid the previous events, the pair is still in a downtrend, because the NZD/USD pair is trading in a bearish trend from the new resistance line of 0.7323 towards the first support level at 0.7220 in order to test it. If the pair succeeds to pass through the level of 0.7220, the market will indicate a bearish opportunity below the level of 0.7161. On the other hand, if a breakout happens at the resistance level of 0.7393, then this scenario may be invalidated.
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Technical analysis of USD/CHF for September 29, 2016

Overview:

  • Today, there are no changes to my technical outlook, because the bias still remains bullish in the nearest term testing 0.9757 or higher. Immediate support is seen around 0.7678 - 0.7697.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 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 29/09/2016

Global macro overview for 29/09/2016:

The US durable goods orders data were released yesterday, and it positively surprised the market participants. According to the US Department of Commerce, the durable goods orders dropped less than expected by 1.0% on month to month basis. The number revealed 0.0% change on a monthly basis in August, following the preceding month's downwardly revised gain of 3.6%. The biggest contributor for this flat reading was 21.6% drop in civilian aircraft demand. In conclusion, the flat reading on the durable goods orders data may be an excellent forecast for the US output, as this kind of data are typically sensitive to economic changes. So far, no big damage has been done, and global investors should wait for the next reading to confirm the incoming decline/expansion.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. The overall bias remains bearish mainly due to the sequence of lower highs that constitute the bear market. As long as the important levels are not violated, the market will remain in a sideway trading zone. The next support is seen at 1.1180 and the next resistnace lies at 1.1254.

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Global macro overview for 29/09/2016

Global macro overview for 29/09/2016:

The Energy Information Administration released the inventories data yesterday that showed the stockpiles in the United States fell 1.9 million barrels for the week ended September 23, whereas analysts anticipated a rise of 2.4 million barrels after the preceding week's 6.2 million-barrel drop. Another oil-related news was that after endless hours of discussion in Algeria, OPEC reached a consensus that a reduction in oil production is necessary. OPEC's countries agreed on a production limit of 32.5mn to 33mn barrel per allocation. In conclusion, we have two good reasons for oil prices to stabilize for a little while. Additionally, more fundamental factors expected to be revealed at the next OPEC meeting in November are likely to influence the oil price.

Let's now take a look at the crude oil technical picture on the 4H time frame. Oil prices are moving higher after the news were released yesterday, and the bulls' camp has managed to break out above the golden trend line. Nevertheless, this move may still look like a false breakout, so in order to confirm it, the bulls should violate the level of 47.77.

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Technical analysis of USDX for September 29, 2016

There is nothing new in the Dollar index as the price remains trapped inside the medium-term trend triangle pattern and inside the short-term trading range. Traders should better be cautious and patient and focus on 96.50 and 94.60 levels.

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Green lines - trading range

Blue line - important support trend line

Red line - important resistance trend line

The Dollar index is trading below the Ichimoku cloud but still inside the trading range. The price is still inside the triangle pattern depicted by the red and blue trend lines. Short-term support is at 95.25 while resistance lies at 95.70. A breakout of this short-term trading range may push the index towards the triangle boundaries.

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Green line -support

The price continues to trade sideways above the green trend line support and below the Ichimoku cloud. There is no clear trend as we trade sideways. Traders need to be patient and wait untill the market provides a breakout.

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Technical analysis of USD/CAD for September 29, 2016

General overview for 29/09/2016:

The golden trend line has been violated, and the market has dropped rapidly below the weekly pivot just as anticipated. From the Elliott Wave Principle point of view, the downside cycle hasn't been completed yet and more weakness in this market is expected. Currently, the market is developing intraday corrective sub-cycle and may break out lower any time soon.

Support/Resistance:

1.3145 - Weekly Pivot

1.3046 - Intraday Support

1.3041 - WS1

1.3000 - Technical Support

1.2901 - WS2

Trading recommendations:

Day traders should consider closing the sell orders from this week with a nice profit and wait for another trading setup to occur.

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Technical analysis of gold for September 29, 2016

The gold price remains in a short-term bearish trend, and we can see another new low towards $1,315 today. Overall, I give little chances of breaking below the important $1,300 level. I believe we should prepare for a bounce back towards $1,350.

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The gold price has reached the 61.8% Fibonacci retracement and has broken below the 4 hour Ichimoku cloud. The price has hit the cloud resistance and got rejected. Unless bulls manage to break above yesterday's highs at $1,327, sellers will continue to push this lower towards the critical medium-term support of $1,300.

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Red lines - trading range

Black line - trend line support

Green line - trend line resistance

The gold price continues to trade sideways as shown on the weekly chart. There is no weekly breakout above or below the trading range, so traders should remain cautious. Buying near support and selling near resistance has worked so far. A breakout of the range will provide a bigger trend towards $1,450 or $1,200.

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Elliott wave analysis of EUR/NZD for September 29 - 2016

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Wave summary:

We continue to look for a break above resistance at 1.5553 to confirm that wave [iii] of iii higher towards 1.5969 and above is developing. Ideally we will see support at 1.5299 continue to act as a floor for the rally above 1.5553, but only a break below important support at 1.5124 will invalidate our bullish outlook.

Trading recommendation:

We are long EUR from 1.5515 with stop placed at 1.5120. If you are not long EUR yet, then buy a break above 1.5553 with stop placed at 1.5290.

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Elliott wave analysis of EUR/JPY for September 29 - 2016

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Wave summary:

The failure to break below support at 112.05 is disappointing and calls for a larger correction in wave [ii] and a move closer to the 114.40 - 114.55 area before wave [ii] is complete and wave [iii] takes over for a decline below 112.05 for a decline towards the ideal target near 104.15.

Minor support is now found at 113.59 and only below here indicates that wave [ii] is complete and wave [iii] lower to 108.03 is developing.

Trading recommendation:

We are short EUR from 112.85. If you are not short EUR yet, then sell near the 114.40 - 114.55 area and place your stop at 115.50. We will extraordinary move out stop to 115.50 too.

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EURUSD Technical Analysis for September 29, 2016.

Technical outlook and chart setups:

The EURUSD had dropped lower towards 1.1180 levels yesterday as expected and discussed, before pulling back higher. The pair seems to be trading at 1.1229 levels at this moment of writing, and might push towards 1.1242 levels before reversing lower again. Please note that it is facing resistance at current levels at the back side of the earlier trend line support. The wave structure now reveals that the pair is into its counter trend rally and also nearing its completion at current or 1.1242 levels, and it should resume lower any time now. 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 respectively.

Trading recommendations:

Remain short, stop at 1.1290, target is open.

Good luck!

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Technical analysis of EUR/JPY for September 29, 2016

General overview for 29/09/2016:

As anticipated, the corrective cycle for the wave was completed yesterday with the low at 112.24. Currently, the market is trying to rally impulsively, and the first important resistance level has been violated. The next resistance is seen at 114.38, and this is the level that will act as the target for potential wave (iii) as well.

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 moving the SL higher and set the pair just below the level of 113.60. TP should be set at 114.38.

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Silver Technical Analysis for September 29, 2016.

Technical outlook and chart setups:

Silver seems to have formed interim lows at $18.90 levels yesterday before pulling back higher. The metal is seen to be trading at $19.22 levels at the moment and is looking to push further towards $19.60/70 levels as depicted on the chart view presented here. Please note that the metal has dropped lower unfolding into 5 waves now (fresh lows at $18.90 levels) and hence a 3 waves counter trend rally can be expected. 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 around $19.60 levels. 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 29, 2016.

Technical outlook and chart setups:

Gold has print yet another low at $1,317.00 levels as expected and discussed earlier. The yellow metal has pulled back higher and is seen to be trading at $1,324.00 levels at the moment, looking to drop one last time before producing a meaningful retracement higher. Please note that the wave structure indicates that the yellow metal is expected to print yet another low below $1,317.00 levels and complete an impulse drop that begun from $1,343.00 levels earlier. It would also confirm that the yellow metal is setting up for a much larger correction lower. 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 $1,308.00 levels respectively.

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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Daily analysis of major pairs for September 29, 2016

EUR/USD: The EUR/USD did not do anything significantly on Wednesday. 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: The USD/JPY is consolidating right now, but a breakout would soon occur, which would most probably be in favor of bears, owing to the bearish outlook on the market. There is a Bearish Confirmation Pattern in the 4-hour chart and any rallies that are seen here should be taken as opportunities to sell short.

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EUR/JPY: This currency trading instrument is in an equilibrium phase in the short-term. A breakout would soon occur, which would most probably be in favor of bears, owing to the bearish outlook on the market. Some fundamental figures are expected today and they would have impact on the markets.

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Technical analysis of USD/JPY for September 29, 2016

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USD/JPY is expected to trade with bullish bias. The pair is bullish above its rising trend line since September 26, and is heading upward with strong bullish momentum. Meanwhile, the 20-period moving average crossed above the 50-period one (a bullish signal). Besides, the relative strength index is positive, and calls for further upsides. On Wednesday, U.S. stock indexes posted gains as energy shares were boosted by a late surge in oil prices, which was triggered by reports that members of the Organization of the Petroleum Exporting Countries agreed to cut crude production starting in November. The Dow Jones Industrial Average increased 110 points (+0.6%) to 18339, the S&P 500 rose 11 points (+0.5%) to 2171, and the Nasdaq Composite was up 12 points (+0.2%) to 5318.

Hence, as long as 101.10 and the rising trend line hold on the downside, we expect further advance to 101.60 and even to 102.05 as possible.

Trading Recommendation: 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 101.60 and the second one at 102.05. In the alternative scenario, short positions are recommended with the first target at 100.40 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 100.05. The pivot point lies at 101.10.

Resistance levels: 101.60, 102.05, 102.35

Support levels: 100.40, 100.05, 99.60

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Technical analysis of USD/CHF for September 29, 2016

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USD/CHF is expected to trade with bullish bias above 0.9675. Despite the recent consolidations, the pair is still in an uptrend. Meanwhile, a support base at 0.9675 has formed, and the downside room should be limited by this level. Additionally, the relative strength index lacks downward momentum. U.S. government bonds pulled back as rising oil prices fueled a rally in riskier assets and dampened demand for haven debt. The benchmark 10-year Treasury yield climbed to 1.567% from 1.556% Tuesday. Gold declined 0.5% to $1,321 an ounce, while silver managed to end 0.2% higher at $19.18 an ounce after marking a day-low at $18.89.

To sum up, as long as 0.9675 is not broken, expect a new rise to 0.9730, if breakout, the next up target would be 0.9750.

Resistance levels: 0.9730, 0.9750, 0.9775

Support levels: 0.9660, 0.9635, 0.9610

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Technical analysis of NZD/USD for September 29, 2016

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NZD/USD is expected to prevail its upside movement. The pair is trading on the upside, and is likely to challenge the nearest resistance at 0.7330. Meanwhile, the rising 20-period moving average crossed above the 50-period one, both of which are turning up now. Besides, the relative strength index is rebounding above its neutrality area at 50, calling for further upside. Additionally, a support base at 0.7265 has formed, and should limit the downside potential. To sum up, as long as 0.7265 is not broken, look for further advance to 0.7330 and even to 0.7350 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 0.7330 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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Technical analysis of GBP/JPY for September 29, 2016

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GBP/JPY is expected to trade with bullish bias as pair is trading above the support 130.50. The pair is trading above its rising 20-period and 50-period moving averages, which act as support roles and maintain the upside bias. The relative strength index is bullish above its neutrality level at 50 and is heading upward. Additionally, the pair broke above the upper boundary of the Bollinger Band, which could signal the continuation of bullish acceleration. As long as the key support at 130.50 is not broken, look for a further upside toward 132.30 and 132.80 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 132.30 and the second one at 132.80. In the alternative scenario, short positions are recommended with the first target at 130.20 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 129.65. The pivot point lies at 130.50.

Resistance levels: 132.30, 132.80, 133.25

Support levels: 130.20, 129.65, 129.10

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Technical analysis of EUR/USD for Sept 29, 2016

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When the European market opens, some economic data will be released such as Italian 10-y Bond Auction, German Unemployment Change, Spanish Flash CPI y/y, German Prelim CPI m/m.The US will release the economic data too such as Natural Gas Storage, Pending Home Sales m/m, Goods Trade Balance, Final GDP Price Index q/q, Unemployment Claims, Final GDP q/q, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1276.

Strong Resistance:1.1270

Original Resistance: 1.1259.

Inner Sell Area: 1.1248.

Target Inner Area: 1.1222.

Inner Buy Area: 1.1196.

Original Support: 1.1185.

Strong Support: 1.1174.

Breakout SELL Level: 1.1168.

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 29, 2016

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In Asia, Japan will release the Retail Sales y/y and the US will release some economic data such as Natural Gas Storage, Pending Home Sales m/m, Goods Trade Balance, Final GDP Price Index q/q, Unemployment Claims, Final GDP q/q. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 101.79.

Resistance. 2: 101.59.

Resistance. 1: 101.39.

Support. 1: 101.15.

Support. 2: 100.95.

Support. 3: 100.75.

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

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

Daily analysis of USDX for September 29, 2016

The US dollar index is still hovering around the 200 SMA zone at H1 chart and it's trying to consolidate higher, in order to reach the resistance level of 95.79. If USDX manages to break it, then it can cling towards the highs from September 21st session. On another hand, if we see a breakout below the 95.01 level, then we can expect testing of the 94.61 level.

USDXH1.png

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 29, 2016

The pair is still struggling to break the 200 SMA zone and it could do a pullback towards the support level of 1.2948 as soon as possible. Above it, GBP/USD can attempt a breakout higher in order to rally to the 1.3116 level, where the highs from September 22nd session are located. MACD indicator is supporting that bullish idea.

GBPUSDH1.png

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.

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

Daily analysis of USD/JPY for September 28, 2016

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Overview

The USD/JPY pair keeps trading below 100.70 levels, which keeps the negative pressure valid until now. The EMA50 keeps pushing the price downwards, keeping the bearish trend valid and active on the short- and mid-term bases inside the bearish channel shown on the chart. Our awaited targets begin at 98.00 and extend to 94.76 that represent the 61.8% Fibonacci level for the entire rise measured from 75.55 to 125.84. Holding below 101.80 represents the most important factor for the suggested decline continuation. The expected trading range for today is between the 99.50 support and the 101.30 resistance.

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Daily analysis of EUR/JPY for September 28, 2016

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Overview

There is no news for the EUR/JPY pair and it is trading steadily within the tight range represented by the 114.20 resistance and the 112.30 support until this moment. Stochastic attempts to form a new bearish wave to support negative momentum and to renew pressure on the support level until the required break. This will open the way towards the awaited targets at 111.30 and 110.00. Therefore, we expect negativity to dominate in the upcoming trading. Stability of 114.20 levels confirms its confinement within the negative range, avoiding any unexpected positive correction. The expected trading range for today is between 114.20 and 111.30.

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

Daily analysis of Gold for September 28, 2016

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Overview

The gold price traded downwards after testing the main bullish trend line at $1,316.25 shown on the chart. The price is forming the first protecting factor for the bullish trend continuation besides the $1,297.75 level, and as long as the price is above these levels, we will continue to suggest the bullish bias on the intraday and short-term bases. This is supported by stochastic movements inside the oversold areas. Therefore, we are waiting for a rise in the upcoming sessions, and the targets begin by surpassing the $1,344.00 level that will open the way to $1,375.00 followed by $1,400.00 mainly. A break above these support levels will push the price to target the next correctional level at $1,249.94 before any new attempt to rise. The expected trading range for today is between the $1,310.00 support and the $1,350.00 resistance.

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Daily analysis of Silver for September 28, 2016

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Overview

The silver price broke the $19.38 level and settled below it testing the bullish trend line located at $18.95. As we mentioned in our recent reports, the achieved break will lead the price to test the 38.2% Fibonacci level at $18.30 before turning back to rise. Therefore, the bearish bias is temporarily expected in the upcoming sessions, and a break of $18.95 levels will confirm the bias. A breach of $19.38 levels will stop the current negative pressure and lead the price to resume the main bullish trend again, while a break of $18.30 levels will extend the correctional bearish wave to 17.43 as the next main station. The expected trading range for today is between the $18.30 support and the $19.38 resistance.

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