BITCOIN Analysis for September 29, 2017

Bitcoin has been reacting quite maturely after breaking above the $4,000.00 resistance level recently. The price has retested off the $4,000 support area recently before launching up higher again with a recent target towards $4,386.80 and later towards $4,500. Recently, South Korean Regulators have banned the issuing of Initial Coin Offerings like China which lead to certain retracement today towards $4,000 today but now the bullish pressure is quite strong in comparison. Moreover, there are also news about Bitcoin splits in November which might lead to further bearish pressure in the future but that would not be a concern for current gains of the Cryptocurrency. Currently the price has already launched off the retest of support level with impulsive bullish pressure which has been supported by the dynamic level of 20 EMA, Tenkan and Kijun lines. As the price remains above $4,000 level and dynamic levels, the bullish bias is expected to continue further.

analytics59ce5f92a05b0.jpg

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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

Fundamental Analysis of EUR/CAD for September 29, 2017

EUR/CAD has been trading with a bullish bias recently that enables it to reach the edge of the resistance level of 1.4750. Recently, EUR has been quite strong in light of fresh economic reports. Besides, ECB President Draghi has been quite hawkish with the statements. Today, French Consumer Spending report was published with a decreased negative value at -0.3% from the previous positive value of 0.6% which was expected to be at 0.2%, French Prelim CPI was published with a decreased figure but better than expected at -0.1% from the previous value of 0.5% which was expected to be at -0.2%, German Unemployment Rate was published at -23k from the previous figure of -6k which was expected to show less deficit at -5k, CPI Flash Estimate was published unchanged at 1.5% which was expected to increase to 1.6%, and Core CPI Flash Estimate was published with a decrease to 1.1% which was expected to be unchanged at 1.2%. On the CAD side, today Canada's GDP showed a decrease to 0.0% from the previous value of 0.3% which was expected to be at 0.1% and RMPI report was published with an increase to 1.0% from the previous value of -0.9% which was expected to be at 0.4%. As for the current scenario, EUR and CAD have been quite mixed amid the economic reports but a decrease in Canada's GDP helped EUR to gain momentum and facilitate further gains in the upside.

Now let us look at the technical chart. The price is currently residing at the edge of resistance 1.4750 which is expected to break above. If the price remains above the dynamic level of 20 EMA, a pre-breakout of 20 EMA carry is likely to help the price to break exactly towards the nearest resistance at 1.4865 and later towards 1.50.

analytics59ce5c25048f1.jpg

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

Analysis of Gold for September 29, 2017

analytics59ce3c855455b.png

Recently, Gold has been trading sideways at the price of $1,286.50. According to the 4H time frame, I found testing of resistance at the price of $1,289.00 (last week low), which is a sign that buying looks risky. There is a fake breakout of downward channel in the background, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of $1,277.55 and $1,271.35.

Resistance levels:

R1: $1,293.45

R2: $1,295.75

R3: $1,299.00

Support levels:

S1: $1,287.85

S2: $1,284.50

S3: $1,282.15

Trading recommendations for today: watch for potential selling opportunities.

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

EUR/USD analysis for September 29, 2017

analytics59ce3abf9ccd3.png

Recently, the EUR/USD has been trading upwards. The price tested the level of 1.1818. Anyway, according to the 30M time frame, I found double doji candle and fake breakout of yesterday's high at the price of 1.1804, which is a sign that buying looks risky. The RSI oscillator is in an intraday overbought zone, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.1773 and 1.1725.

Resistance levels:

R1: 1.1820

R2: 1.1855

R3: 1.1905

Support levels:

S1: 1.1740

S2: 1.1690

S3: 1.1650

Trading recommendations for today: watch for potential selling opportunities.

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

Bitcoin analysis for September 29, 2017

analytics59ce3815e9d78.png

The Bitcoin (BTC) has been trading sideways at the price of $4.178. The news about Korea are still big threat for buyers. South Korea's Financial Services Commission has announced that all initial coin offerings (ICOs) will be banned in the country. Korea's move follows China's which banned ICOs on September 4, a decision subsequently followed by the closing down of several bitcoin exchanges. However, Korea is not extending the ban to cryptocurrency exchanges. The Korean government will continue to monitor cryptocurrency markets to see if additional regulations are needed, Friday's announcement detailed. Tehnical picture looks bearish.

Trading recommendations:

According to the 15M time frame, I found broken upward channel in the background, which is sign that sellers are in control. There is also a strong resistance cluster on the test at the price of $4.200, which is another sign of potential weakness. My advice is to watch for potential selling opportuntiies. The downward targets are set at the price of $4.117 and $3.880.

Support/Resistance

$4.200 – Intraday resistance cluster (price action)

$4.017 – First target (price action)

$3.880 – Pattern objective target (price action)

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

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

NZD/USD Intraday technical levels and trading recommendations for September 29, 2017

analytics59ce3721595bf.png

Daily Outlook

In February 2017, the depicted short-term downtrend was initiated around 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.

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 NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery was manifested earlier in September.

An atypical Head and Shoulders pattern is being expressed on the depicted chart indicating high probability of bearish reversal.

The current price levels of 0.7320-0.7350 can be watched for a valid SELL entry if enough bearish rejection is expressed.

Breakdown of the neckline 0.7150 confirms the reversal pattern. Expected bearish targets are located around 0.7050, 0.6925 and eventually 0.6800.

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

Intraday technical levels and trading recommendations for EUR/USD for September 29, 2017

analytics59ce35c497708.png

Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (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 has been 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 1.2100 where price action should be watched for evident bearish rejection and a valid SELL Entry.

analytics59ce35d8c8581.png

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 (Previous 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 next Supply level to meet the pair is located around 1.2100 (Level of previous multiple bottoms) where bearish rejection and a valid SELL entry can be anticipated.

On the other hand, If the current bearish breakout below 1.1800 (the depicted uptrend line) and 1.1700, a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 where BUY entries can be offered.

Trade Recommendations

Bullish pullback towards the price zone of 1.1835-1.1850 (the backside of the broken uptrend line) should be considered for a valid SELL entry. S/L should be placed above 1.1950.

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

Trading Plan for Gold and Silver for September 29, 2017

analytics59ce28ea4992e.jpg

Technical outlook:

Gold seems to have setup for a counter trend rally as discussed yesterday. The yellow metal has held on to its lows at $1,277.69 levels and managed to rally through $1,289.00/90.00 levels until now, and a continued push towards $1,308.00 levels seems most likely. Looking at the wave structure, the yellow metal had dropped lower in an impulse from $1,357.00 through $1,277.00 levels earlier. The most likely and probable wave count is towards the north side upto $1,330.00 levels in an a-b-c wave form. Furthermore, the overall structure also indicates that Gold has not yet completed its drop and is preparing for a much deeper correction. Please take this counter trend rally as an opportunity to go short again. Resistance remains strong at $1,357.00 levels and ideally prices should stay lower.

Trading plan:

Aggressive: Look to remain long with stop below $1,277.00 levels, target $1,308.00 and $1,330.00

Conservative: Please look to sell higher through $1,330.00 levels, stop above $1,357.00 target below $1,277.00

Silver chart setups:

analytics59ce2bf852991.jpg

Technical outlook:

Silver pretty much remains unchanged from yesterday, preparing to resume its counter trend rally. Looking into the resent wave count, the metal had dropped lower from $18.20 levels into 5 waves forming an impulse. With the lows formed at $16.70 levels, it looks like an intermediary bottom has been formed and a counter trend rally should materialize from here. On the flip side, yet another low is also possible towards $16.50/60 levels, before Silver begins to rally higher towards $17.30 and $17.60 levels respectively. The metal is expected to rally towards $17.60 into 3 waves forming an a-b-c, as depicted on charts here. Also note that immediate resistance is seen at $17.30 levels while support is seen at $16.60 levels respectively.

Trading plan:

Aggressive: Remain long for now with stop around $16.40 levels, targeting $17.30 and $17.60 levels.

Conservative: Please look to sell higher at $17.60, stop above $18.20 targeting lower.

Fundamental outlook:

Please watch for CAD GDP figures and USD Consumption Expenditure Deflator at 0830 AM EST today.

Good luck!

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

Trading Plan for EUR/USD and GBP/USD for September 29, 2017

analytics59ce20b178b65.jpg

Technical outlook:

The EUR/USD pair might be producing a potential leading diagonal as presented here on the hourly chart. Initial fibonacci resistance comes in at 1.1820 levels and a pullback is expected from here. Besides, the diagonal structure would be complete around 1.1820 which calls for a pullback lower towards 1.1775 levels before continuing the rally. Please note that this could still be considered as a counter trend rally which should face resistance higher. On the other hand if this wave counts fails then EUR/USD could drop lower one more time towards 1.1670/80 levels before continuing higher. In any case, it is strongly advised to look to sell at higher levels rather than attempting counter trends. Resistance begins from the 1.1895 levels and extends through 1.1950 respectively.

Trading plan:

Please look to sell higher towards 1.1900/50 and 1.2000 levels, stop at 1.2200 and higher, target lower towards 1.1500 at least.

GBP/USD chart setups:

analytics59ce2341dc8e7.jpg

Technical outlook:

A short term wave count and setup looks to be on the higher side in GBPUSD as presented on the hourly chart here. The pair has dropped lower towards 1.3351 levels today before pulling back higher and a push above 1.3420 levels would confirm and accelerate higher. Please also note that GBP/USD had broken above its immediate resistance trend line yesterday forming a tiny impulse wave between 1.3341 and 1.3455 levels. Today it has retraced lower and has tested the backside of the same trend line which is acting as support now. By all probabilities if this wave count holds true, then prices should stay above 1.3341 levels and this rally should continue higher towards 1.3525/35 levels at least. Also note that potential remains for a push towards 1.3630 and higher levels as well.

Trading plan:

Aggressive: Remain long low, stop below 1.3341, target 1.3525

Conservative: Please look to sell higher towards 1.3535 levels, stop above 1.3700 and target lower.

Fundamental outlook:

Watch out for Canada's GDP figures and US Personal Consumption Expenditure figures at 08:30 AM EST today.

Good luck!

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

Daily analysis of USD/JPY for September 29, 2017

USDJPYH4.png

Overview

The USD/JPY pair is still fluctuating inside the sideways range between the 111.75 support and 112.80 resistance. Our outlook for the pair is a further sideways trading on the intraday basis until the price makes a successful breach of one of the mentioned levels to detect further targets clearly. Stochastic and the EMA50 positivity might push the price to breach the mentioned resistance followed by rallying towards 114.49 as the next main station, while breaking 111.75 support will push the price to return to the main bearish trend and visit 110.90 followed by 110.06 levels initially. The expected trading range for today is between 111.75 support and 113.70 resistance.

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

Daily analysis of GBP/JPY for September 29, 2017

GBPJPYH4.png

Overview

Despite the lack of the bullish momentum with GBP/USD, we notice frequent positive closings above the initial support at 150.00. On the other hand, leaning on 50% Fibonacci correction level at 149.11 creates the main factor to block the price within the bullish range and form a solid barrier against any attempt to build a correctional bearish bias. Therefore, we will keep waiting until the pair gains momentum to surpass the previously recorded top at 152.80. Then, the pair could start recording new targets at 155.20 and 156.90. The expected trading range for today is between 150.00 and 152.80

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

Daily analysis of Gold for September 29, 2017

GOLD-12.17H4.png

Overview

Gold is trading with a bullish bias now, ready to breach the correctional bearish channel's resistance. The metal might head to test the key resistance at $1,299.20 before turning back to decline again. In general, we will keep our bearish outlook for today unless we witness a clear breach and gold holds above $1,299.20. Let me remind you that breaking $1,281.17 will confirm a further correctional bearish wave to reach $1,263.15. The expected trading range for today is between $1,270.00 support and $1,295.00 resistance.

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

Daily analysis of Silver for September 29, 2017

SILV-12.17H4.png

Overview:

Silver is trading around $16.80 level, falling under continuous negative pressure provided by the EMA50. We are still keeping the bearish scenario for the short term. So we are waiting until the metal tests $16.56 level mainly. Let me remind you that breaking this level will push the price to head towards 76.4% Fibonacci level at $15.49. On the other hand, we should note that breaching $17.43 will stop the current decline and push the price to regain its main bullish track again. The expected trading range for today is between $16.56 support and $16.90 resistance.

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

Fundamental Analysis of USD/CHF for September 29, 2017

USD/CHF is still residing inside the corrective structure of 0.9440-0.9750 area. Recently, USD has shown a good amount of bullish pressure against CHF which has led the price towards the edge of resistance level of 0.9750. Yesterday, we saw bullish rejection which indicates further bearish pressure. Today, KOF Economic Barometer report was published with better than expected figure at 105.8 from the previous figure of 104.2 which was expected to be at 105.5. The positive report helped CHF to hold the gains against USD today. On the USD side, today Core PCE Price Index report is going to be published which is expected to increase to 0.2% from the previous value of 0.1%, Personal Spending report is expected to show a decrease to 0.1% from the previous value of 0.3%, Personal Income is also expected to decrease to 0.2% from the previous value of 0.4%, Chicago PMI report is expected to show a decrease to 58.6 from the previous figure of 58.9 and Revised UoM Consumer Sentiment is expected to be unchanged at 95.3. The economic reports from the US are expected to be mixed today. So, a series of negative report is expected to lead to further CHF gains over USD in the coming days. A new rate hike will hardly be announced until December 2017, thus USD seemed quite neutral with the recent gains which may lead to further bearish pressure in the pair in future.

Now let us look at the technical chart. The price is currently residing below the resistance level of 0.9750 after being rejected by bulls off the level yesterday. Currently, the price is expected to show some bearish pressure towards 0.9440 in the coming days as the price remains below 0.9750. As of the trend, there are good chances of a bearish trend continuation in the coming days.

analytics59ce1dd3c8962.jpg

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

Technical analysis of USD/CHF for September 29, 2017

USDCHFH1.png

Overview:

  • The USD/CHF pair movement was calling in an uptrend channel for a while. The trend showed signs of a bullish market. Amid the previous events, the price is still moving between the levels of 0.9691 and 0.9769. The daily resistance and support are seen at the levels of 0.9769 and 0.9691 respectively. Hence, the USD/CHF pair is continuing to trade in a bullish trend from the new support level of 0.9691 to form a bullish channel. Besides, the major resistance is seen at 0.9814, while the immediate resistance is found at 0.9769. Then, we may anticipate potential testing of 0.9769 to take place soon. Moreover, if the pair succeeds in passing through the level of 0.9769, the market will indicate a bullish opportunity above the level of 0.9769. A breakout of that target will move the pair further upwards to 0.7283. Buy orders are recommended above the area of 0.9691 with the first target at the level of 0.9769; and continue towards 0.9814. On contrary, if the USD/CHF pair fails to break out through the resistance level of 0.9769; the market will decline further to the level of 0.9691 to set around it for a while.
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 29/09/2017

Global macro overview for 29/09/2017:

Catalonia's separatist government has called a referendum on leaving Spain for 1 October, which might create an increased volatility in financial markets over the weekend.

With a population of 7.5 million, its capital is the proud city of Barcelona, Catalonia is one of Spain's wealthiest and most productive regions and has a distinct history dating back almost 1,000 years. In November 2014, after having their autonomy watered down as well as by years of recession and cuts in public spending, Catalans held an unofficial vote on independence. The Spanish leadership has rejected the vote as illegal and the courts have ordered a halt. Nevertheless, after the Separatists won Catalonia's election in 2015 and set to work on holding a binding referendum, defying Spain's constitution, which states that Spain is indivisible. The confusion reigns before Sunday's vote provided that the Spanish government is trying to block the referendum claiming that it is illegal.

A Catalan referendum is an event risk that many market participants may want to avoid before the weekly closing bell. If the referendum is held as planned, the outcome could trigger some extreme price volatility in the Euro pairs on Monday open. If the majority of Catalan people decide to vote in favour of Catalan independence, the European integrity sentiment could be seriously affected, because some other countries might start to prepare for the same activity. The other important thing is the government's reaction, as violent mass protests, an armed police intervention, and overall political unrest could affect the positive Euro currency sentiment in the aftermath of the Sunday's referendum. On the other hand, a vote against the autonomy should lift the positive sentiment towards European integrity.

So far the financial markets reaction is limited as Spanish stock, bond and sovereign markets volatility did not increase. The reason might be quite simple: the market participants are not pricing in the risk yet and patiently waiting for the referendum outcome, which, in turn, means the referendum vote in underpriced.

Let's now take a look at the EUR/JPY technical picture at the H4 time frame before the Catalan referendum vote. The price is trading in a narrow range between the levels of 131.70 - 133.24 after a sudden drop from the local high at the level of 134.40. The most important technical support zone is between the levels of 132.01 - 131.39. Any violation of this area would immediately lead to further decrease towards the level of 130.61 and even 129.35.

analytics59ce0f8ac5770.jpg

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

Technical analysis of NZD/USD for September 29, 2017

NZDUSDDaily.png

Overview:

  • Pivot 0.7247.
  • The NZD/USD pair has faced strong support at the level of 0.7131. So, the strong resistance has been already faced at the level of 0.7131 and the pair is likely to try to approach it in order to test it again. The level of 0.7131 represents a double bottom for that it is acting as minor support this week. Furthermore, the NZD/USD pair is continuing to trade in a bullish trend from the new support level of 0.7131. Currently, the price is in a bullish channel. According to the previous events, we expect the NZD/USD pair to move between 0.7131 and 0.7167. Additionally, the RSI is still signaling that the trend is upward as it remains strong above the moving average (100). This suggests the pair will probably go up in coming hours. Accordingly, the market is likely to show signs of a bullish trend. Buy orders are recommended above the area of 0.7167/ 0.7131 with the first target at the level of 0.7247. If the trend is be able to break the first resistance at the level of 0.7247, then the market will continue rising towards the weekly resistance 2 at 0.7319 (note that the double top is set at 0.7435). However, stop loss should be set at the level 0.7100 because the last bearish wave is seen at the price of 0.7131.

NZDUSDH4.png

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

Breaking Forecast 09.29.2017

Breaking Forecast 09.29.2017

EURUSD - the range.

Strong data on the US - perplexingly, stopped the decline in the euro.

New data came out on GDP - the latest update showed GDP growth of + 3.1%.

Inflation is still low at + 1%.

Corporate profits are growing + 7.1% per year.

Thus, the EURUSD rate goes into the range.

Today, 09.29.2017, important data on inflation: within the data on income/expenditure - an inflation index for the consumer basket of the Fed.

Buy from 1.1710.

Buy from 1.1840.

EURUSD - the range.

Sell from 1.1840

analytics59cd3d055aebd.jpg

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

Bitcoin analysis for 29/09/2017

Forex analysis review
Bitcoin analysis for 29/09/2017

Global macro overview for 29/09/2017

Global macro overview for 29/09/2017:

Japanese Consumer Price Index rises for eight consecutive months. According to the government agency, Japan's core inflation accelerated in August to the level of 0.7% from 0.4% (which includes oil products but excludes volatile fresh food prices), beating the market expectations for a 0.6% increase. The Industrial Production increased as well to the level of 2.1% from -0.8% a month ago, beating the market expectations for a 1.8% increase. Prices are rising gradually. Exports are supporting output and domestic demand doesn't look weak either. Demand for labour remains at the strongest level since 1974 with data showing the jobs-applicants ratio held steady at 1.52 in August and unemployment rate is still at the level of 2.8%

The better than expected data should bolster optimism about the outlook for growth, though Prime Minister Shinzo Abe's decision to call a snap election raised some uncertainty over economic policy. The other concern is the recent Bank of Japan Monetary Policy Minutes report, that revealed one board member wanted an expansion of stimulus as consumer prices remain distant from the central bank's 2.0% inflation target. The summary of the BOJ's rate review this month did not identify who spoke or what specific measures were proposed.

Let's now take a look at the USD/JPY technical picture on the H4 time frame. The market is still moving away from the local swing high at the level of 113.25, but the short-term trend line has not been tested yet. The next immediate support is seen at the level of 112.19 and the next technical support is seen at the level of 111.45.

analytics59ce03e09fb3a.jpg

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

Daily analysis of major pairs for September 29, 2017

EUR/USD: This pair lost 200 pips this week, went below the support line at 1.1750 and then went upwards to test the resistance line at 1.1800. The resistance line could even be breached to the upside, but as long as price does not go above the resistance line at 1.1900, the bearish bias cannot be jeopardized. Price could go southwards from here.

1506670903_1.png

USD/CHF: There is a bullish bias on the USD/CHF pair. The resistance level at 0.9750 has been tested and it could be tested again. Once the resistance level is breached to the upside, other resistance levels at 0.9800 and 0.9850 could be tested.

1506671016_2.png

GBP/USD: The protracted bearish correction which has been witnessed this week has resulted in a bearish signal on the GBP/USD pair. Price has gone down by 140 pips, and further downwards movement is expected as price goes towards the accumulation territories at 1.3350, 1.3300, and 1.3250 (which could be reached within the next several days).

3.png

USD/JPY: There is still some bullishness on the USD/JPY pair (as evidenced by the Bullish Confirmation Pattern in the market). The EMA 11 is above the EMA 56, and the RSI period 14 is above the level 50. As long as the Greenback is strong versus the Yen, further continual bullishness would be anticipated.

4.png

EUR/JPY: Following the bearish run that was seen at the beginning of this week, the EUR/JPY pair has moved sideways so far. The sideways movement could continue for a few more days; then it would be followed by a rise in momentum, which could push price upwards or downwards.

5.png

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

Ichimoku indicator analysis of USDX for September 29, 2017

The Dollar index made a pullback yesterday after being rejected at the daily cloud resistance of 93.70 as we expected. Short-term trend remains bullish and the current downward move is still considered a pullback. However I believe that this downward move will soon accelerate.

analytics59cdf71627180.png

Red lines - bullish channel

The Dollar index has broken down and out of the bullish channel. This at least will bring a corrective pullback towards the 38% Fibonacci retracement. The 38% Fibonacci retracement at 92.95 is the first important short-term support. Next support is at 92.50 (61.8% Fibonacci retracement).

analytics59cdf76379660.png

The rejection at the daily Kumo (cloud) implies that we should expect a test of the tenkan- and kijun-sen support levels between 92.60 and 92.30. A daily close below these two indicators will be a bearish sign. If price falls below 92.30 we will have confirmation of a new downward leg towards 90.The material has been provided by InstaForex Company - www.instaforex.com

Ichimoku indicator analysis of gold for September 29, 2017

Gold price downside potential is limited as we explained in our previous posts. Gold price should soon start a strong bounce at least towards $1,320. Short-term trend remains bearish but there are signs of a reversal.

analytics59cdf60d0c3ec.jpg

Red lines - bearish channel

Blue lines - bullish divegence

Short-term resistance is at $1,295. Support is at $1,280-77. Price got rejected at cloud resistance and pulled back for a back test of the broken channel. The divergence in both RSI indicators is a bullish sign and we should soon see a strong bounce above $1,300.

analytics59cdf6627817e.jpg

On a weekly basis Gold price is holding above the kijun-sen indicator (yellow line). Gold price could bounce from current levels at least towards the tenkan-sen (Red line indicator). A close above it will be a very bullish sign specially if it happens today. Not many chances of this happening but if it does, it will be a very good sign.

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

Bitcoin analysis for 29/09/2017

Bitcoin analysis for 29/09/2017:

We recently heard about how Jamie Dimon, CEO of JPMorgan, who sharply criticized Bitcoin calling the whole system a great scam. Although his comments aroused response from investors and public opinion, he provoked other Wall Street financiers to submit their own opinion. This time, Jordan Belfort, the famous "Wall Street Wolf" follows JPMorgan CEO and criticizes Bitcoin.

Most importantly, "Wall Street Wolf" assumed the same position as Jamie Dimon and called Bitcoin a scam. Although on the other hand, he deeply believes in the concept of cryptocurrency. In his opinion, at present, cryptocurrencies are not a good financial instrument, as it is commonly believed. It is crucial for digital currency to have some "support" from central banks. For the moment, the whole structure is backed by artificial noise, similar to gambling. The scheme is not something that could be supported by, according to the Federal Reserve. Central banks will sooner or later have to create their own stable cryptocurrency. However, his biggest complaint against Bitcoin is a lack of security. Belfort is concerned about the lack of Bitcoin protection against hacker attacks. During the interview, he said: "The biggest problem I see in Bitcoin - personally I would never decide to buy it since it can easily be stolen when I hijack my phone. I know people who have lost all their money in this way." This attitude seems rather strange given that he is the person responsible for financial fraud.

The security issue had been raised many times in various interviews, articles, and comments made by various people from the financial world and it is not a new topic to talk about. This seems to be the number one problem that all of the enthusiasts of cryptocurrencies and blockchain technology must be aware of and one that is currently limiting the possibilities of this new technology.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The market is about to complete the fifth wave up. The projected target level is $4,342 or, in a case of extension, $4,661. Any breakout below the level of $3,805 will invalidate the bullish impulsive scenario. Please notice, the current market conditions are overbought which supports the overall bearish bias.

With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.

analytics59cdf5f5e634f.jpg

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

Trading plan for 29/09/2017

Trading plan for 29/09/2017:

A quiet overnight Asian session in the currency market with a partial recovery of yesterday's US Dollar weakness. NZD, GBP and JPY are the weakest, EUR/USD is trading flat. Small changes in the stock market. Crude Oil does not rise after Thursday's decline.

On Friday 29th of September, the event calendar is busy with important news releases. During the London session, Germany will release Retail Sales, Unemployment Rate, and Unemployment Change data. France will post Consumer Spending and Consumer Price Index data, Switzerland will reveal KOF Economic Barometer data and the UK will present Mortgage Approvals, Net Lending to Individuals, Final GDP, and Current Account data. Later on, there will be Consumer Price Index Flash Estimate and Flash Core CPI data released from the Eurozone. During the US session, Canada will present Gross Domestic Product data and Raw Materials Price Index data. The US will post Personal Spending and Personal Income data, Revised UoM Consumer Sentiment data, and Chicago Purchasing Manager Index data. During the whole day, we will have speeches from various central banks' representatives like BOE Deputy Governor for Monetary Policy Ben Broadbent, BOE Deputy Governor for Financial Stability Jon Cunliffe, BOE Governor Mark Carney, ECB President Mario Draghi, and FOMC Member Patrick T. Harker.

EUR/USD analysis for 29/09/2017:

Yesterdays, US GDP data were better than expected as the GDP was revised higher form 3.0% to 3.1% and the Unemployment Claims were released higher than expected at the level of 272k (while market participants expected 269k), with Continuing Claims falling to 1,934k (mkt: 1,993k; last: 1,979k). The advanced goods trade balance fell to -$62.9bn (mkt: -$65.1bn; last: -$63.9bn) with exports up 0.2% m/m and imports down 0.3%. The rise in claims was largely reflecting the increase in Florida after Hurricane Irma. However, this spike might be transitory and can be attributed to states affected by Hurricanes Harvey and Irma. The underlying pace of the US labor market remains strong. Today's set of data from the US might further support the US Dollar across the board.

Let's now take a look at the EUR/USD technical picture on the H4 time frame. The market bounced from the oversold conditions, but the momentum indicator remains under the fifty level. The next important technical resistance is seen at the level of 1.1821 and it looks like the price wants to test it from below. Only a clear breakout above this level opens the road towards the next technical resistance at 1.1936.

analytics59cdf061debf6.jpg

Market Snapshot: Gold bounces from support

The price of Gold has bounced from the support at the level of $1,276 and now is testing the technical resistance at the level of $1,287. Due to the oversold market conditions and a clear bullish divergence between the price and momentum oscillator, the corrective move up might target the level of $1,300 or even $1,308 before the down move resume.

analytics59cdf06dbb15b.jpg

Market Snapshot: Crude Oil rejected at channel resistance

The price of Crude Oil got rejected at the level of $52.86, just at the channel resistance level. The price broke through the technical support at the level of $51.98 and currently trades around the level of $51.47. The market conditions looks overbought and the next technical support (a possible target for a down move exptension) is seen at the level of $50.80.

analytics59cdf0767a82d.jpg

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

Trading plan 09/29/2017

Trading plan 09/29/2017

The general picture: The range of EUR/USD.

The movement down the euro is exhaled. Probably affects the correctional nature of the movement.

Additional factors: Closing the week and month, closing the fiscal year in the US. This limits the opening of large positions by major players.

Next week, the markets will receive a new portion of important news on the US economy with a culmination on Friday (non-pharma).

For the euro, the range.

We buy from 1.1710. We sell from 1.1840. Stop loss is not more than 45 points.

analytics59cdca8fe212e.jpg

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

BITCOIN Analysis for September 28, 2017

Bitcoin had a daily close above the $4,000 resistance level yesterday; and after a break above the level ,the price has bounced off the $4,250 and currently is showing some bearish move towards the $4,000. The the bullish move was supported because ECB President Draghi showed positive interest in Bitcoin and the recently Morgan Stanley CEO stated that Bitcoin can be trusted. Though certain countries like Ukraine and Brazil are against the revolution of the digital currency as they believe that the digital currency is not a match for any real currency of a country. There is a certain rumor in the market that countries will shut down cryptocurrencies if this market becomes bigger; however, currently investors are not quite concerned by this rumor. Currently, the price is expected to reach $4,000 again to retest it as a support and then launch up higher towards $4,386.80 and later towards $4,500. As the price remains above the $4,000 level, the bullish bias is expected to continue further.

analytics59cd1f9765eab.jpg

With InstaForex you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader 4.

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