Gold analysis for September 30, 2016

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Since our previous analysis, gold has been trading upwards. The price tested the level of $1,327.58 in a high volume. According the M30 time frame and market profile, I found a strong point of control at the price of $1,327.00 and the price successfully rejected from that level. I found a potential bearish flag. So, watch for a potential breakout to confirm downward movements. A downward target is set at the price of $1,315.90-$1,314.60.

Daily Fibonacci pivot points:

Resistance levels:

R1: 1,324.40

R2: 1,326.85

R3: 1,333.80

Support levels:

S1: 1,316.50

S2: 1,314.10

S3: 1,310.20

Trading recommendations for today: Intraday downward trend. Watch for selling opportunities if the price breaks the potential bearish flag.

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EUR/NZD analysis for September 30, 2016

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Recently, EUR/NZD has been moving downwrads. The price tested the level of 1.5341 in a high volume. The price reached my yesterday's target at 1.5500 and rejected strongly. According to the M30 time frame, I found a broken bearish flag and I expect further downward movement. If the price breaks the level of 1.5335, we may see further downward continuation. I have placed Fibonacci expansion to find potential downward targets. I got the Fibonacci expansion 100% at the price of 1.5280 and FIbonacci expansion 161.8% at the price of 1.5165.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5480

R2: 1.5505

R3: 1.5545

Support levels:

S1: 1.5400

S2: 1.5375

S3: 1.5335

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

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NZD/USD intraday technical levels and trading recommendations for September 30, 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 three 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 30, 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 30, 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 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 NZD/USD for September 30, 2016

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Overview:

  • On the H1 chart, the NZD/USD continued its bearish momentum having bottomed at 0.7230 yesterday. There are no changes to my technical outlook. The bias remains bearish in the nearest term testing 0.7161 or lower. Immediate resistance is seen around 0.7323. A clear break above that area may lead the price to the 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, as it is moving 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 in passing through the level of 0.7220, the market will indicate a bearish opportunity below the level of 0.7161. On the other hand, stop loss is to be placed above the level of 0.7410.
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Technical analysis of USD/CHF for September 30, 2016

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Overview:

  • The USD/CHF pair continues to move downwards from the level of 0.9728. Yesterday, the pair dropped from the level of 0.9728 to the bottom around 0.969. But the pair has rebounded from the bottom of 0.969 to reach the price of 0.9705. Today, the first support level is seen at 0.9681, the price is moving in a bullish channel now. Furthermore, the price has been set above the strong support at the level of 0.9681, which coincides with the 23.6% Fibonacci retracement level. This resistance has been rejected several times confirming the validity of an uptrend. Additionally, the RSI starts signaling an uptrend trend. As a result, if the USD/CHF pair is able to break out the first resistance at 0.9707, the market will rise further to 0.9750 in order to test the weekly resistance 2. Consequently, the market is likely to show signs of a bullish trend. So, it will be good to buy above the level of 0.9707 with the first target at 0.9750, 0.9780 and further to 0.9818 in order to test the double top. However, stop loss is to be placed above the level of 0.9639.
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EUR/JPY profit target reached, remain bearish

The price has reached our profit target again. We remain bearish looking to sell at the major resistance at 114.00 (Fibonacci retracement, horizontal pullback resistance) for a continued drop to 112.25.

RSI (21) is below 71% resistance. We expect some fluctuation, and RSI is likely to continue to drop along with the price.

Sell below 114.00. Place stop loss at 114.75 and take profit at 112.25.

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NZD/USD profit target almost reached, remain bearish

The price dropped perfectly towards our profit target. We remain bearish below 0.7300 major resistance (horizontal resistance, Fibonacci retracement) for a drop to 0.7220. The key strategy today is to sell when price makes a bounce up towards 0.7300 level as we are clearly in a triangle formation and the opportunity lies in playing the ranges.

RSI (21) is below resistance.

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

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AUD/USD profit target reached, keep short positions

The price has dropped rapidly and reached our profit target yesterday. Today we remain bearish continuing to sell with the 0.7575 level lying ahead as the price has broken its ascending support-turned-resistance line.

RSI (34) has been breached below 48% level triggering a bearish move.

Sell below 0.7650. Place stop loss at 0.7700 and take profit at 0.7575.

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Technical analysis of GBP/USD for September 30, 2016

GBP/USD started to move lower as projected in the previous analysis. The pair is poised to test the first target at 161.8% Fibs (1.2930). Consider holding short positions and moving stop loss on breakeven level near 1.3000. Targets remain the same: the fist one lies at 1.2930 breaking which will lead to 1.2855 and finally to 1.2775.

Support: 1.2980, 1.2930, 1.2855, 1.2775

Resistance: 1.3060

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Technical analysis of EUR/NZD for September 30, 2016

EUR/NZD is currently consolidating between 1.5400 and 1.5500, although the trend remains bullish as 23.6% Fibs (1.5525) resistance has been broken.

As for now, EUR/NZD is trading near the 50% Fibs (1.5400) which is also a psychological support level. This price should once again attract buyer's interest which will push the pair higher.

Consider buying EUR/NZD while it is near 1.5400, targeting either 23.6% (1.5525) or 0% Fibs (1.5637). Suggested stop loss is below the 200 moving average at 1.5350.

Support: 1.5344, 1.5400

Resistance: 1.5455, 1.5525, 1.5637

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Technical analysis of USDX for September 30, 2016

The Dollar index is moving higher towards 95.80 short-term resistance. Price, however, if we look from a distance remains still inside the longer-term sideways triangle pattern.

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Red line - triangle upper resistance

Blue lines - triangle lower support

Black line - horizontal resistance and previous high

Green lines - short-term bullish channel

As we can see in the 4 hour Dollar index chart above price is trying to break out of the bullish channel and move towards the upper triangle boundary and previous high towards 96-96.30. Short-term resistance is right here at 95.80. Support is at 95.40.

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Green line - important medium-term support

The sideways action continues for one more week. Price remains above the important green trend line support and below the Ichimoku cloud. If one is bullish should buy near the Green line using it as stop. If one is bearish should sell once the support trend line is broken. I prefer to stay neutral and wait for a clear breakout signal.

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Technical analysis of gold for September 30, 2016

As we expected, the gold price has made the new lower low and is showing signs of reversal. Bulls need to break above $1,327 to confirm upward short-term reversal. However, the price remains trapped inside the long-term trading range.

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The gold price is testing Ichimoku cloud resistance on the 4 hour chart. The price has reached the area between the 61.8% and 78.6% Fibonacci retracement levels and is bouncing off it. The $1,327 level, if broken, will push price towards the next resistance at $1,337. However the most important levels for the gold traders remain $1,360 and $1,300.

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Red lines - trading range

Black line - medium-term support trend line

The gold remains trapped inside the Ichimoku cloud and inside the trading range. There is no clear trend. So far, only swing traders who buy near support and sell near resistance have been profitable. However, I expect to see a break out of this range soon.

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Technical analysis of USD/CAD for September 30, 2016

General overview for 30/09/2016:

The abc corrective pattern in the wave IV looks completed, and the market is ready for another drop towards the demand zone (a grey rectangle on the chart). 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 trades around the weekly pivot at 1.3145, and only a sustained violation of the 1.3191 level would invalidate the bearish outlook.

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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Global macro overview for 30/09/2016

Global macro overview for 30/09/2016:

Interesting set of data from the USA is scheduled for release today at 12:30 pm GMT: Personal Spending and Personal Income. Personal income growth is expected to have been lower in August, because an increase of only 0.2% is expected (0.4% was in July). Personal Spending is anticipated to be lower than a month ago as well, but the increase should be at the level of 0.2% after 0.3% rise in July. The market participants expectations for today's data release are low, because the last NFP report showed average hourly wages rising 2.4% from year ago, which was a five-month low. Besides, the August retail sales were not great either. In conclusion, the December hike probabilities will rather not move higher based on today's numbers. The futures-implied expected probability of Fed hiking in December is now 56%.

Let's now take a look at the US Dollar index technical picture on the daily time frame. The market is trading very close to the golden trend line dynamic support at the level of 95.50 and it is still trading sideways waiting for the trigger to break out either to the upside or to the downside. The next key support in this sideways market is at the level of 95.05 and the next resistance lies at the level of 96.27.

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Global macro overview for 30/09/2016

Global macro overview for 30/09/2016:

Another good news from US job market was released and this time it was Unemployment Claims. According to the US Department of Labor, the number of US citizens applying for unemployment benefits rose less than expected. The global investors anticipated quite a big 9,000 increase from 251,000 a month ago. Instead of that, the number released was only a 3,000 bigger than in the previous month. In conclusion, this is another steady number of unemployed, and as long as the average stays below 260,000 - 270,000, the FED will still have the argument to justify the interest rate increase in December 2016.

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 constitutes 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 resistance lies at 1.1254.

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Technical analysis of NZD/USD for September 30, 2016

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NZD/USD is under pressure and expected to continue its downside movement. The pair remains under pressure below its key resistance at 0.7300 (Sept 29 top), which should limit the upside potential. Meanwhile, both the descending 20-period and 50-period moving averages are playing resistance roles, and maintain a bearish bias. In addition, the relative strength index is below its neutrality area at 50, and calls for further fall. To conclude, as long as 0.7300 holds on the upside, we expect continuation of the downward trend to 0.7220, and even to 0.7200.

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.7220. A break below this target will move the pair further downwards to 0.7200. The pivot point stands at 0.7300. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.7330 and the second one at 0.7350.

Resistance levels: 0.7330, 0.7350, 0.7405

Support levels: 0.7220, 0.7200, 0.7175

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Technical analysis of GBP/JPY for September 30, 2016

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GBP/JPY is under pressure. The pair is trading below its descending 20-period and 50-period moving averages, and is likely to test its next support at 130.20. At the same time, 131.55 represents a strong resistance and the upside attempts should be limited by this level. Besides, the relative strength index is bearish below its neutrality area at 50, and lacks upward momentum. To sum up, as long as the resistance at 131.55 is not surpassed, the pair is likely to drop to 130.20 at first, and even to 129.75 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 129.75. The pivot point stands at 131.55. 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 131.95 and the second one, at 132.45.

Resistance levels: 131.95, 132.45, 133.20

Support levels: 130.20, 129.65, 129.10

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Technical analysis of EUR/JPY for September 30, 2016

General overview for 30/09/2016:

The top for the wave (iii) had been established at the level of 114.20 and market has failed to rally any higher. Currently, an alternative count has been produced that indicated a more impulsive wave progression to the upside. The invalidation of this count is at the level of 112.25, so this is the most important level for day traders to keep an eye on.

Support/Resistance:

112.25 - Intraday Support |Invalidation Level|

112.19 - WS1

113.30 - Weekly Pivot

113.61 - Intraday Resistance

114.54 - WR1

115.63 - WR2

Trading recommendations:

All buy orders should now be closed with profit and day traders should refrain from trading and wait for a next clear trading setup to occur shortly.

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Technical analysis of USD/JPY for September 30, 2016

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USD/JPY is expected to continue to trade with bullish bias. The pair stands firmly above its horizontal support at 100.45, and is holding on the upside. Meanwhile, the 20-period and 50-period moving averages are heading upward, and maintain the bullish bias. Besides, the relative strength index stays above its neutrality area at 50, and lacks downward momentum. On Thursday, the US stock indexes dropped about 1% as the broader financial sector was weighed by reports that hedge funds had withdrawn some excess cash and positions held at Deutsche Bank raised concerns of counterparty risk. Healthcare and utilities shares were also heavy. The Dow Jones Industrial Average fell 195 points (-1.1%) to 18,143, the S&P 500 declined 20 points (-0.9%) to 2,151, and the Nasdaq Composite was down 49 points (-0.9%) to 5,269.

Therefore, as long as 100.45 is not broken, look for a new rise to 101.45 at first. A break above this level would open the path to further advance toward 102.05.

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 101.50 and the second one at 102.05. In the alternative scenario, short positions are recommended with the first target at 100.20 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 99.90. The pivot point lies at 100.45.

Resistance levels: 101.50, 102.05, 102.35

Support levels: 100.20, 99.60, 99.15

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Elliott wave analysis of EUR/NZD for September 30 - 2016

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Wave summary:

Only a break above 1.5553 will confirm the next impulsive rally higher to 1.5969 and higher. As long as resistance at 1.5553 is able to act as cap more corrective behavior between 1.5300 and 1.5510 can't be excluded. We even can not exclude a final break below 1.5300 for a move closer to 1.5255 before the correction in wave [ii] finally is complete and wave [iii] towards 1.5969 can take over.

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 1.5255 or upon a break above 1.5553 and use the same stop at 1.5120.

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Technical analysis of USD/CHF for September 30, 2016

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USD/CHF is expected to trade in lower range as the key resistance lies at 0.9690. The pair has confirmed its bearish trend after the recent downside breakout of the previous support at 0.9690 (Sept 28 bottom), which now acts as a resistance. The downward momentum is further reinforced by its descending 50-period moving average which should continue to push the prices lower. Besides, the relative strength index lacks upward momentum.

Hence, as long as the resistance at 0.9690 is not surpassed, the pair is likely to drop to 0.9635 (Sept 29 bottom) at first, and even to 0.9605 in extension.

Resistance levels: 0.9730, 0.9750, 0.9775

Support levels: 0.9660, 0.9635, 0.9610

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Elliott wave analysis of EUR/JPY for September 30 - 2016

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Wave summary:

The correction in wave [ii] could be complete with the test of 114.13 and the next impulsive decline closer to the ideal downside target at 104.15 could be developing. To indicate that wave [iii] lower has taken over a break below support at 113.03 should be seen. A break below support at 113.03 will call for a decline to 109.49 on the way lower to 104.15 to complete the long term corrective decline from 149.56.

Trading recommendation:

We are short EUR from 112.85 with stop placed at 115.45 upon a break below 113.00 we will move the stop lower to 114.25. If you are not short EUR yet, then sell a break below 113.03 and use the same stop at 114.25.

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Technical analysis of EUR/USD for Sept 30, 2016

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When the European market opens, some economic data will be released such as Unemployment Rate, Italian Prelim CPI m/m, Core CPI Flash Estimate y/y, CPI Flash Estimate y/y, Italian Monthly Unemployment Rate, French Prelim CPI m/m, French Consumer Spending m/m, German Retail Sales m/m.The US will release the economic data too such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, so amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1273.

Strong Resistance:1.1267

Original Resistance: 1.1256.

Inner Sell Area: 1.1245.

Target Inner Area: 1.1219.

Inner Buy Area: 1.1193.

Original Support: 1.1182.

Strong Support: 1.1171.

Breakout SELL Level: 1.1165.

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 30, 2016

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In Asia, Japan will release the Housing Starts y/y, BOJ Core CPI y/y, Prelim Industrial Production m/m, BOJ Summary of Opinions, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, Household Spending y/y and the US will release some economic data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m.So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 101.66.

Resistance. 2: 101.46.

Resistance. 1: 101.26.

Support. 1: 101.02.

Support. 2: 100.82.

Support. 3: 100.62.

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 30, 2016

EUR/USD: Contrary to what the USD/CHF is doing, the EUR/USD has remained flat throughout this week. This flat movement would continue until price goes out of balance. There must be a break above the resistance line at 1.1300 or below the support line at 1.1150, before there would be an end to the current flat market phase.

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USD/CHF: This currency trading instrument experienced a large pullback yesterday, corroborating the ongoing Bearish Confirmation Pattern in the market. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is almost in the oversold territory. This shows a strong bearishness in the market, and price could drop further.

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GBP/USD: The GBP/USD has continued to showcase the possibility of further southwards movement. The bias on both 4-hour and daily charts is bearish. The next target for bears are located at the accumulation territories of 1.2950, 1.2900 and 1.2850 this week or next week.

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USD/JPY: This pair made a serious bullish effort yesterday, but bears came in to push price lower. In the near-term, there are uncertainties in the market, and price has been hesitant for so long. It is better to stay away from this market until there is a breakout, which may take price upwards or downwards by at least, 200 pips.

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EUR/JPY: The situation on this cross is quite similar to that of the USD/JPY. This market made a serious bullish effort yesterday, but bears came in to push price lower. It is better to stay away from this market until there is a breakout, which may take price upwards or downwards by at least, 200 pips.

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Daily analysis of USDX for September 30, 2016

USDX is still hovering in sideways and waiting for a major catalyst to define a clear trend on a short-term basis. If the index manages to break the resistance level of 95.49, then it can rally towards the 95.79 level, but still, will remain trapped in that narrow range mentioned. To strengthen the bearish bias, the index should break the support level of 95.00.

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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 30, 2016

GBP/USD had a bearish session during Thursday, as the market moved into a downside bias across the board and the Sterling was one of the most affected. That wave allowed the pair to test zone near to 1.2948 level, where is located a key support area. If manages to break it, then we can expect another decline towards the 1.2901 level.

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H1 chart's resistance levels: 1.3037 / 1.3116

H1 chart's support levels: 1.2948 / 1.2901

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2948, take profit is at 1.2901 and stop loss is at 1.2998.

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