Trading Plan for EUR/USD and GB/PUSD for August 11, 2017

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Technical outlook:

If you have been following us since the beginning of this month, you would be as amazed and thrilled to see the wave counts work exactly as been represented here. Today was yet another day of the EUR/USD counter trend which we discussed yesterday and it has reacted again at the convergence of the trend line resistance, Fibonacci 0.618 mark and past support turned into resistance around 1.1820/30 levels. The recommended longs should have been exited already and shorts are coming into play again. According to the wave counts, EUR/USD has produced the wave (1) (5 waves down) and the wave (2) (A-B-C counter-trend rally) till this moment and is now turning lower into the wave (3), which is again expected to sub-divide into 5 waves. In accordance with the long term bearish view, we have been capturing short-term waves on the hourly chart and shall continue to do so here.

Trading plan:

Short from 1.1820 levels now, stop at 1.1910, target is open for now.

GBPUSD chart setups:

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Technical outlook:

The GBP/USD pair is still falling in line with our expectations but has just made one more low to complete its 5 waves impulse structure, and this was counted in as a probability. Now, the pair should be setting up to continue its counter trend rally higher towards 1.3060 at least and probably towards 1.3130 levels as well. Please note that the pair was drifting sideways into a triangle wave structure during last 2 trading days. Normally the triangle structures produce a thrust break out towards the existing trend and then turn sharply. If you observe today's movement, GBP/USD dropped lower into 1.2933 levels and pulled back sharply, producing a pin bar candlestick pattern. The immediate support should be at 1.2933 levels, while resistance is at 1.3060 levels for now.

Trading plan.

Remain long now with an upside target of 1.3060 and 1.3130 levels, with stop below 1.2933 levels. Timeframe is few days.

Fundamental outlook:

There are no events left for the rest of the day.

Good luck!

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Technical analysis of NZD/USD for August 11, 2017

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NZD/USD is still under pressure and expected to trade in lower range. The pair is consolidating below its key resistance at 0.7345. The declining 50-period moving average plays a resistance role. The relative strength index is bearish and calls for a new drop.

Hence, as long as 0.7345 holds on the upside, we expect a further decline to 0.7250 and even to 0.7215 in extension.

Chart Explanation:

The black line shows the pivot point. Currently, the price is above the pivot point which indicates the bullish position. If it remains below the pivot point, it will indicate the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7370, 0.7395, and 0.7425

Support levels: 0.7250, 0.7215, and 0.7180

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Daily analysis of major pairs for August 11, 2017

EUR/USD: This pair is currently consolidating, and this may make the bias on the market turn neutral when the consolidation continues for the next few trading weeks. A movement of about 200 pips to the downside would result in a bearish bias, while a movement of about 100 pips from here would emphasize the extent bullish bias.

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USD/CHF: There is now a clean bearish signal on the USD/CHF, which has gone downwards by 150 pips, after testing the resistance line at 0.9750, going towards the support line at 0.9600. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is in the oversold area. The support line would soon be breached to the downside, as the bearish movement continues.

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GBP/USD: There is a Bearish Confirmation Pattern in the GBP/USD 4-hour chart. Price has moved lower this week and it is currently consolidating in the context of a downtrend. Following the consolidation, there would be another leg of a bearish journey, which would enable price to test the accumulation territories at 1.2950 and 1.2900.

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USD/JPY: The USD/JPY has gone more southwards in the last few days, to put more emphasis on the ongoing bearish bias. Price has lost about 500 pips in the last several weeks and that seems to just be the beginning, as the bearish journey would continue towards the demand levels at 108.50, 108.00 and 107.50 within the next several trading days.

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EUR/JPY: Since the much anticipated bearish signal has been generated on the EUR/JPY, its price has gone down by about 250 pips. There is a Bearish Confirmation Pattern in the 4-hour chart, and the price is now below the supply zone at 128.50, going towards the demand zone at 128, which would soon be breached to the downside as the market journeys further southwards.

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GBP/USD analysis for August 11, 2017

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Recently, the GBP/USD has been sideways at the price of 1.2975. Anyway, according to the 30M time frame, I found that price is testing a supply trendline, which is a sign that buying looks risky. I also found a downward channel and my advice is to watch for potential selling opportuntiies. The downward targets are set at the price of 1.2950 and 1.2910. The short term trend is bearish.

Resistance levels:

R1: 1.3010

R2: 1.3050

R3: 1.3080

Support levels:

S1: 1.2945

S2: 1.2915

S3: 1.2880

Trading recommendations for today: watch for potential selling opportunities.

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EUR/USD analysis for August 11, 2017

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Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1785. According to the 30M time frame, I found fake breakout of resistance, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities. The downward target is set at the price of 1.1715.

Resistance levels:

R1: 1.1805

R2: 1.1840

R3: 1.1890

Support levels:

S1: 1.1720

S2: 1.1670

S3: 1.1640

Trading recommendations for today: watch for potential selling opportunities.

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NZD/USD Intraday technical levels and trading recommendations for August 11, 2017

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Daily Outlook

The NZD/USD pair has been trending up within the depicted bullish channel since January 2016.

In November 2016, early signs of bullish weakness were expressed on the chart when the pair failed to record a new high above 0.7400.

A bearish breakout of the lower limit of the channel took place in December 2016.

In February 2017, the depicted short-term downtrend was initiated in the depicted supply zone (0.7310-0.7380).

However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

The price zone of 0.7150-0.7230 (Key-Zone) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.

This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was temporarily breached to the upside.

The recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.

Re-consolidation below the price level of 0.7300 enhances the bearish side of the market. This brings the EUR/USD pair again towards 0.7230-0.7150 (Key-Zone) where price action should be watched for a possible BUY entry.

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Intraday technical levels and trading recommendations for EUR/USD for August 11, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair was trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.

The current bullish breakout above 1.1450 allows a quick bullish advance towards 1.1850 and 1.2000-1.2100 where price action should be watched for evident bearish rejection and a valid SELL Entry.

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Daily Outlook

In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Daily Supply-Zone).

The daily supply zone failed to pause the ongoing bullish momentum. Instead, an evident bullish breakout is being witnessed on the chart. The nearest supply level to meet the pair is located around 1.2080 (Level of previous multiple bottoms) where bearish rejection can be anticipated.

On the other hand, the price zone of 1.1415-1.1520 stands as a prominent DEMAND zone to be watched during the current bearish pullback.

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Fundamental Analysis of USD/CHF for August 11, 2017

USD/CHF is currently residing inside the corrective range of 0.9450 to 0.9770. Currently USD/CHF is below last week's low which does signal further weakness of USD against CHF in the coming days. Recently CHF Foreign Currency Reserve report showed increase to 714B from the previous figure of 694B but CPI report show more deficit as expected at -0.3% which previously was at -0.1%. On the other hand, USD has been providing mixed economic reports combining both positive and negative reports showing no dominant bias of positive or negative outcomes recently which did stop the further gains of USD against CHF. Today USD CPI report is going to be published which is expected to rise to 0.2% from the previous value of 0.0% and Core CPI report is also expected to rise to 0.2% from the previous value of 0.1%. Due to recent worse reports of USD the CHF has gained some momentum over USD which is expected to continue further until USD publishes any high impact positive economic reports in the coming days.

Now let us look at the technical view, price is currently residing inside the corrective range of 0.9450-0.9770 and the price is now below the resistance level of 0.9770 and dynamic level of 20 EMA as well which indicates that the strength of the bears is still intact and they are ready to push the price much lower towards upcoming support level of 0.9450. As the price remains below 0.9770 and dynamic level of 20 EMA the bearish bias is expected to continue further.

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Trading plan 08/11/2017

Trading plan August 11, 2017

The overall picture: Trump and Korea, as well as the U.S. inflation

There is no important economic news and the foreign exchange market is in a state of correction. A new round of tension because of Trump and North Korea. Trump issued a new strong statement that promises a powerful blow to the North Korea if they only dare to really threaten Guam (the US base). Thus, Tillerson's attempts to lower tension are rejected. The US market experienced a strong decline of -1.5% on the S&P500 and it should be said that the correction is long overdue for impartiality as the gold approached the key 1300 mark. Even though the US market declined and passed above the average (+ 6 + 13% on various exchanges), this is not a failure yet. On the other hand, the 50-day average moved downward easily.

Today, The U.S. inflation be the only important news for the week at 12.30 London Time where inflation is expected to be low that signals growth of the euro.

EURUSD

The purchase price of the pairs stands at 1.1770 with the target of 1.1910 which is the current entry point that is better than the 1.1764 mark. When the price point turns down at 1.1685, selling is expected.

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Fundamental Analysis of NZD/USD for August 11, 2017

After a long impulsive non-volatile bullish trend NZD/USD has recently countered with bearish impulsive pressure after bouncing off the 0.7550 resistance level. Due to decreased in Inflation Expectations report of NZD published this week at 2.1% which previously was at 2.2%, the currency has lost its grounds significantly which gained further momentum yesterday after NZD Official Cash Rate was unchanged at 1.75% which was quite against the current market sentiment of the global economic boom. RBNZ Monetary Policy Statement was also dovish in nature which leads to further weakness of the currency against USD recently. On the USD side, recently PPI report was published negative at -0.1% which was expected to be unchanged 0.1% and Unemployment Claims report was published with an increased figure at 244k from the previous value of 241k which was expected to decrease to 240k, which could not quite affect the gains of USD against NZD Yesterday. Today USD CPI report is going to be published which is expected to show a rise to 0.2% from the previous value of 0.0% and Core CPI report is expected to increase to 0.2% from the previous value of 0.1%. To sum up, NZD is currently quite bearish in nature which is expected to continue further as of the Inflation and Rate hike decisions could not prove to show some gains for the currency against USD whereas USD recent economic reports were hawkish in nature to back up the USD gains.

Now let us look at the technical view, the price is currently residing below the resistance area of 0.7370 to 0.7460 which indicates further bearish pressure in this pair with a target towards 0.7050 but we can see some correction along the way before the price proceeds with its impulsive bearish move. The pair has recently retested the 0.7370 resistance level and dynamic level 20 EMA before showing some bearish impulsive move. As the price remains below the 0.7370-0.7460 resistance area the bearish bias is expected to continue further in the coming days.

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Fundamental Analysis of EUR/GBP for August 11, 2017

EUR/GBP has been in a non-volatile bullish move after breaking above 0.8850. Recently the price has also broken above the resistance level of 0.9050 which signal further bullish pressure in this pair for the coming days. GBP has been quite struggling with the economic reports for past few days for which EUR has been quite stronger in comparison and currently have steady gains over GBP. Recently GBP Manufacturing Production report was published as expected at 0.0% from the previous value of -0.1% which was not much of a change for the currency and Goods Trade Balance showed greater deficit at -12.7B from the previous figure of -11.3B which was expected to be lower to -11.0B but the increased negative outcome has affected the GBP badly and for which GBP lost some more grounds against EUR. Today EUR German Final CPI reports was published with an unchanged value at 0.4%, German WPI showed negative outcome at -0.1% from the previous value of 0.0% which was expected to increase to 0.3%, French Final CPI report was also published with unchanged value at -0.3% and French Prelim Non-Farm Payrolls report published with an increased figure at 0.5% which was expected to be unchanged at 0.4%. To sum up, today EUR had mixed economic reports which have already lead to corrective structure in the market but still, EUR is expected to gain further over GBP in the coming days as Rate hike sentiment of ECB is still in place.

Now let us look at the technical view, the price is currently residing above the 0.9050 level which indicates further bullish move with a target towards 0.9270. As the trend is non-volatile and the price has been respecting the dynamic level of 20 EMA quite well so the bullish bias is expected to continue further in this pair as the price remains above the 20 EMA and 0.9050 level with a daily close.

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Global macro overview for 11/08/2017

Global macro overview for 11/08/2017:

The UK Industrial Production data beat the expectations. According to the UK government agency, the Industrial Production for the month of June has been released at the level of 0.5% after a revised reading of no change for May and was above consensus expectations of a 0.1% increase for the month. Moreover, on a yearly basis, the Industrial Production increased from -0.2% to 0.3%. Manufacturing output was unchanged in June which was in line with consensus forecast to give a year-on-year increase of 0.6%. The biggest weakness was noted in the transport section and it was at the level of 2.2% m/m. Every 0.4% contraction in production for a quarter will result in 0.3% GDP decrease, but this time the impact on the revised GDP reading will be minimal.

Other UK data releases were disappointing with a 0.1% decline in construction output compared with an expected increase of 1.2% and the trade deficit was higher than expected as exports fell sharply. This situation might increase concerns surrounding the overall outlook, especially as the industrial sector has been supported by British Pound overall weakness.In the age of the global competitiveness, the UK industrial sector should be experiencing a robust growth if it wants to stay in a top performers league, especially after the Brexit negotiations will end. The British Prime Minister Theresa May reiterated yesterday, that the overall negotiations with the EU, including the process of soft or hard Brexit, will take at least two years, so the UK economy still has the time to improve.

Let's now take a look at the GBP/USD technical picture at the H4 timeframe. After the failure at the level of 1.3270, the British Pound is clearly weakening and currently is approaching important technical support at the level of 1.2932. Despite the oversold market conditions, the momentum indicator can not move above its fifty level, which supports the bearish outlook.

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Global macro overview for 11/08/2017

Global macro overview for 11/08/2017:

The recent data confirm the US job market is still doing good. The US Initial Jobless Claims increased to 244k in the week ending August 5th from a revised 241k the previous week. The data was slightly above consensus forecasts of 240k, although there has been little overall change over the past few weeks. The four-week moving average in claims declined from 242k to 241k. On the other hand, the Continuing Claims (unemployed workers that qualify for benefits under unemployment insurance) in the week ending July 29th declined significantly to 1951k from a revised 1968k in the previous week. The reading has remained below 2000k for 15 successive weeks.

Last week NFP data were all better than anticipated: the headline NFP number was released at the level of 209k while market participants expected 183k jobs, the unemployment rate decreased to 4.3% from 4.4% and the average wages rose by 0.3%. The strong payrolls growth, persistently low initial jobless claims, falling unemployment, and firmer wages growth are good news and with the PPI and CPI scheduled for release today, we could see growing support within the Fed officials for additional rate hikes. Any US CPI data above 0.2% on monthly basis would increase the chances of Fed interest rate hike and could trigger more bullish approach towards the US Dollar across the board.

Let's now take a look at the US Dollar Index technical picture at the H4 timeframe. So far the bulls weren't strong enough to break out above the important technical resistance zone at the level of 94.11 - 94.47, but this might change is the data will beat the expectations. Please notice the price respected the short-term navy trend line support around the level of 93.35, which supports the near-term bullish bias.

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Ichimoku indicator analysis of USDX for August 11, 2017

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Ichimoku indicator analysis of USDX for August 11, 2017

Trading plan for 11/08/2017

Trading plan for 11/08/2017:

The risk-off sentiment prevails on financial markets as the session on Wall Street ended with a large sell-off. The Nasdaq 100 plunged -2.22%, the SP500 slid -1.45% and the Dow Jones decreased -0.93%. The Asian stock market took over a negative sentiment: Hang Seng lost -2.1%, Shanghai Composite lost -1.5%. Risk-off is also visible in the currency market, where the flight to safety continues: CHF gains 0.22% and JPY gains 0.21%, while risk currencies are AUD (-0.32%) and NOK (- 0.21%).

On Friday 11th of August, the event calendar will be busy with important economic releases. During the London session, the CPI data will be released from Germany, France, Spain, and Italy. During the US session, the CPI and Core CPI data will be released from the US. Later during the session, two FOMC members will give a speech: Neel Kashkari and Robert Kaplan.

EUR/USD analysis for 11/08/2017:

The CPI data from across the Eurozone is scheduled for release during the early London session. The German CPI data were in line with the expectations as the monthly CPI was released at the level of 0.4% and the yearly CPI was released at the level of 1.7%. Global investors needed this kind of data to keep the positive and optimistic sentiment towards the German economy as the last set of data from the last week wasn't that good. Germany's trade surplus increased to EUR 21.2bn after June 2017, against expectations of EUR 21bn and EUR 21.3bn a month ago. However, the monthly growth rate of exports and imports was disappointing. Exports fell by 2.8% and imports by 4.5% on the monthly basis, while the expectations of economists indicated levels - respectively -0.1% and 0.2%. The industrial output fell in June by 1.1% and this was the first decline this year, which - again - has disappointed market participants who expected a 0.2% increase. On the other hand, PMI or Ifo Index (business mood indicator) rose this year to levels not available for years. The Ifo reading for July was the highest since the early 1990s. When it comes to moods, the global investors often overreact, therefore market expectations should be gradually corrected down. The question remains whether the hard data in form of the CPI readings with help of the sentiment indicators reassure the European Central Bank to consider to start tightening the monetary policy in form of a small interest rate hike or reducing the balance sheet, just as announced by Federal Reserve Bank in the US. The recent rally in the EUR/USD is the result of global investors elevated expectations regarding that kind of ECB decision.

Let's now take a look at the EUR/USD technical picture at the H4 timeframe. The good data from the Germany did not help the bulls to violate the next technical resistance at the level of 1.1822 and now the price is sliding down in oversold market conditions. The next support is seen at the level of 1.1728 and 1.1686. The inability of momentum indicator to move above its fifty level supports the bearish bias.

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Market Snapshot: Crude Oil breaks out of consolidation

After a failure at the level of $50.29, the price reversed sharply and broke below the technical support at the level of $48.39. The negative sentiment after yesterday's worse than expected data might cause a further sell-off towards the next technical support at the level of $47.53.

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Market Snapshot: German DAX30 below 12000 points

The failure to break out above the golden trend line around the level of 12,302 resulted in another leg down, this time below the 12,000 points. The bears have managed to break out below the technical support at the level of 12,093 and now are heading towards the next important technical support at the level of 11,886. Breakout below this support will indicate a trend change as the first lower low would be in place below 11,886.

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Ichimoku indicator analysis of USDX for August 11, 2017

The Dollar index has not made any upside progress so far this week but remains in a short-term bullish mode and can give higher price levels next week.

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The price is mainly moving sideways this week. Price remains above the 4hour cloud helping bulls being optimistic for a move higher. Resistance is at 93.80-94. Support is at 93.20.

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On a weekly basis, the price is below both the tenkan- and kijun-sen. The trend is bearish. A bounce has started and is expected to push price towards at least the 95-96 level where we find the tenkan-sen (Red line indicator). The weekly close of this week is important regarding the validity of the bullish reversal hammer candle pattern we saw last week.The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku indicator analysis of gold for August 11, 2017

Gold is in a bullish short- and medium-term trend. Gold is breaking above important weekly resistance from its all time highs. We remain long-term bullish Gold.

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Red lines - bearish channel

Gold price is trading above the 4hour Kumo (cloud) Trend is bullish in the short-term once again after breaking the $1,273 resistance and moving above and out of the bearish channel. We said before that the decline was only a corrective move before the next leg up. So it did happen.

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Black line - long-term resistance

Blue line- long-term support

The weekly candle is trying to break above the black long-term trend line resistance from Gold's all time highs. Weekly trend is bullish as the price is above the Kumo. The back test of the daily Kumo around $1,250 came highly close but support at $1,250 was not broken. The trend is clearly bullish. Looking for a move above $1,310 and then a pull back to back test the long-term trend line.

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Technical analysis of EUR/USD for Aug 11, 2017

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When the European market opens, some Economic Data will be released, such as French Prelim Non-Farm Payrolls q/q, French Final CPI m/m, German WPI m/m, and German Final CPI m/m. The US will release the Economic Data, too, such as Core CPI m/m and CPI 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: 1.1825.

Strong Resistance:1.1818.

Original Resistance: 1.1807.

Inner Sell Area: 1.1796.

Target Inner Area: 1.1768.

Inner Buy Area: 1.1740.

Original Support: 1.1729.

Strong Support: 1.1718.

Breakout SELL Level: 1.1711.

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 Aug 11, 2017

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In Asia, Japan today will not release any Economic Data but the US will release some Economic Data, such as Core CPI m/m and CPI 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: 109.63.

Resistance. 2: 109.41.

Resistance. 1: 109.19.

Support. 1: 108.95.

Support. 2: 108.73.

Support. 3: 108.51.

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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EUR/USD testing major support, prepare to sell

The price has started to show the first signs of a major bearish reversal by breaking out of our ascending channel and testing our major support level. We remain bearish looking to below 1.1750 support (Fibonacci retracement, horizontal overlap support) for a drop to at least 1.1500 support (Fibonacci retracement, horizontal overlap support, big figure).

RSI (34) needs to break our intermediate support at 50% once again to trigger a bearish move from here.

Sell below 1.1750. Stop loss is at 1.1854. Take profit is at 1.1500.

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AUD/USD approaching profit target, prepare to buy

The price has dropped perfectly towards our profit target and is fast approaching it. We prepare to buy above major support at 0.7854 (Fibonacci extension, horizontal swing low support) for a push up to at least 0.7897 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing nice support above 8.5% where we expect a bounce from.

Buy above 0.7854. Stop loss is at 0.7834. Take profit is at 0.7897.

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NZD/USD testing major support, remain bullish for a bounce

The price is testing major support at 0.7258 (Fibonacci extension, horizontal swing low support, channel support, bullish divergence) and we expect to see a nice bounce above this level for a rise to at least 0.7337 resistance (Fibonacci retracement, horizontal pullback resistance, potential channel resistance).

Stochastic (34,5,3) is bouncing nicely off our 8% support and also displays bullish divergence vs price signaling that a bounce is impending.

Buy above 0.7258. Stop loss is 0.7236. Take profit is at 0.7337.

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EUR/JPY forming a nice reversal pattern, prepare to buy

The price is forming a nice reversal pattern and we expect to see a bounce soon. The plan is to buy above 128.22 support (Fibonacci extension, bullish divergence, bullish price action) for a push up to at least 129.51 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (34,5,3) is seeing strong support above 6% and also displays bullish divergence vs price signaling that a bounce is impending.

Correlation analysis: We're seeing bounces both on AUD/JPY and EUR/JPY.

Buy above 128.22. Stop loss is at 127.91. Take profit is at 129.51.

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USD/CHF approaching major support, prepare to buy

The price is approaching major support at 0.9593 (Fibonacci retracement, Fibonacci extension, horizontal swing low support) and we intend to see a nice bounce above this level for a push up to at least 0.9671 resistance (Fibonacci retracement, horizontal overlap resistance).

Stochastic (21,5,3) is seeing strong support above 12% where we expect a bounce from.

Buy above 0.9593. Stop loss is at 0.9560. Take profit is at 0.9671.

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AUD/JPY approaching strong support, prepare to buy for a corrective bounce

The price is approaching major support at 85.68 (Fibonacci retracement, horizontal swing low support, Fibonacci extension) and we expect to see a bounce above this level for a corrective move up to at least 86.33 resistance (Fibonacci retracement, horizontal pullback resistance).

Stochastic (34,5,3) is approaching major support at 1.2% where we expect a bounce from.

Correlation analysis: We're seeing bounces both on AUD/JPY and EUR/JPY.

Buy above 85.68. Stop loss is at 85.29. Take profit is at 86.33.

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Technical analysis of NZD/USD for August 11, 2017

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Overview:

  • The NZD/USD pair continues to move downwards strongly from the price of 0.7421 this week. The pair fell from the level of 0.7421 to the price of 0.7337, and it keeps moving in a downtrend to set around the spot of 0.7270 - 0.7337. Moreover, we expect a range between the levels of 0.7337 and 0.7201 (the double bottom). Right now, there are no changes in my technical outlook. The bias remains bearish in nearest term testing 0.7201 or lower. Today, the first resistance level is seen at 0.7337 followed by 0.7421, while daily support 1 is seen at 0.7285. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7201 and 0.7285. If the NZD/USD pair fails to break through the resistance level of 0.7421, the market will decline further to 0.7285. This would suggest a bearish market because the RSI indicator is still in a positive area and does not show any trend-reversal signs. The pair is expected to drop lower towards at least 0.7201 with a view to testing the weekly bottom. If the trend is able to break the double bottom at the point of 0.7201, then it will continue to next target at the weekly support 2 of 0.7109. On the contrary, if a breakout takes place at the resistance level of 0.7421 (major resistance), then this scenario may become invalidated.
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Technical analysis of USD/CHF for August 11, 2017

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Overview:

  • Pivot: 0.9600.
  • The USD/CHF pair continues moving upwards from the of spot 0.9693 and 0.9600. The bias remains bullish in nearest term testing 0.9763 or 9800. The market has been trading around the area of 0.9693/0.9600 this week. The pair rose from the levels of 0.9693 and 0.9600 (the level of 0.9693 and 0.9600 coincide with the ratios of 78.6% Fibonacci retracement and 50%) to a top around 0.9733. The first support level is seen at 0.9639 followed by 0.9600, while daily resistance 1 is seen at 0.9763. According to the previous events, the USD/CHF pair is still moving between the levels of 0.9600 and 0.9763 in coming hours.
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    On the one-hour chart, immediate resistance is seen at 0.9763 which coincides with the double top. Currently, the price is moving in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. The price is still above the moving average (100). Therefore, if the trend is able to break out through the first resistance level of 0.9763, we should see the pair climbing towards the second daily resistance at 0.9800 to test it. However, it would also be wise to consider where to place stop loss; this should be set below the last support 0.9600. Overall, the trend is still calling for a strong bullish market as long as the trend is still above the spot of 0.9693, 0.9639 or 0.9600.
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Daily analysis of USDX for August 11, 2017

The index has been hovering around the 200 SMA zone at H1 chart and waits for a catalyst that helps to find a clear direction for the short-term. That moving average is expected to provide dynamic support across the board and next target should be the resistance and psychological level of 94.00 to the upside. MACD indicator remains in the negative territory, favoring to the bears.

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H1 chart's resistance levels: 94.00 / 94.47

H1 chart's support levels: 93.25 / 92.80

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 94.00, take profit is at 94.47 and stop loss is at 93.55.

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Daily analysis of GBP/USD for August 11, 2017

The pair is ending the week with a sideways tone favored by the bears and with a support found at the 1.2955 level. If that zone gives up, bears could strengthen and could target the next support area of 1.2897. The 200 SMA still is setting the tone and one could expect further declines below 1.2900 anytime. MACD indicator is entering the negative territory, favoring the bearish idea.

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H1 chart's resistance levels: 1.3021 / 1.3080

H1 chart's support levels: 1.2955 / 1.2897

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 1.2955, take profit is at 1.2867 and stop loss is at 1.3011.

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Technical analysis of USD/JPY for August 10, 2017

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Our target which we predicted yesterday has been hit. USD/JPY is under pressure and is still expected to move downward. Despite the recent rebound, the pair is trading below the key resistance at 110.20, which should maintain the selling pressure. The relative strength index lacks upward momentum.

Hence, as long as 110.20 is not surpassed, look for a return to 109.05 and even to 108.80 in extension.

Alternatively, if the price moves in the opposite direction, a long position is recommended above 110.25 with a target at 110.80.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 110.20, Take Profit: 109.05

Resistance levels: 110.50, 110.80, and 111.25

Support Levels: 109.05, 108.80, 108.45

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Technical analysis of USD/CHF for August 10, 2017

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USD/CHF is under pressure and expected to continue its downside movement. The pair retreated from the key resistance at 0.9670 (the previous high). The downward momentum is further reinforced by the declining 50-period moving average. The relative strength index is below its neutrality level at 50 and lacks upward momentum.

Therefore, as long as 0.9670 holds on the upside, look for a new decline to 0.9605 and even to 0.9565 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates the bullish position and the price below the pivot points indicates the short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: SELL, Stop Loss: 0.9670, Take Profit: 0.9605

Resistance levels: 0.9705, 0.9735, and 0.9770

Support levels: 0.9605, 0.9565, and 0.9525

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