Indicator analysis. Daily review on September 17, 2019 for the GBP / USD currency pair

Trend analysis (Fig. 1).

On Tuesday, the price may continue to move down to a pullback level of 23.6% - 1.2377 (blue dotted line). If this level is broken, the continuation of the downward movement to the pullback level of 38.2% - 1.2297 (blue dashed line) is possible.

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Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - down;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger Lines - down;

- weekly schedule - up.

General conclusion:

On Tuesday, the price may continue to move down.

An unlikely scenario is to work up with the target at 1.2507 (upper fractal).

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Elliott wave analysis of GBP/JPY for September 17, 2019

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We continue to look for a deeper correction in red wave ii towards 130.78 before the next impulsive rally higher towards 137.60 in red wave iii.

On a short term basis, a break below minor support at 133.86 and more importantly a break below support at 133.28 will confirm more downside pressure towards at least 132.18 and ideally closer to 130.78 before the next impulsive rally should be ready to unfold.

R3: 137.69

R2: 136.32

R1: 135.40

Pivot: 133.86

S1: 133.28

S2: 132.18

S3: 130.78

Trading recommendation:

We continue to look for a GBP buying opportunity near 131.15

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Elliott wave analysis of EUR/JPY for September 17, 2019

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EUR/JPY moved lower to the top of our second target area between 118.41 - 118.68. This second dip to 118.68 is more than enough to make a strong base for the next impulsive rally higher towards at least 121.94 and likely even closer to 125.40 as wave iii develops.

In the short term, a break above minor resistance at 119.24 and more importantly a break above resistance at 119.48 will confirm that red wave ii has completed and red wave iii higher towards 121.94 is developing.

R3: 120.70

R2: 120.30

R1: 120.00

Pivot: 119.48

S1: 119.02

S2: 118.68

S3: 118.41

Trading recommendation:

We are long EUR from 118.25 with our stop placed at 117.50

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GBP/USD: plan for the European session on September 17. The meeting between Johnson and Juncker failed, and rumors of a new

To open long positions on GBP/USD you need:

At the end of last week, the pound rose amid speculation that the UK government had drafted changes to the Brexit agreement. However, yesterday's unsuccessful meeting of Junker and Johnson showed that this is far from the case and the prime minister has nothing new that could make it possible to reach a favorable agreement with the EU. As for the buyers, they expectedly kept the level of 1.2397, however, after a slight correction upwards, the pressure on the pound is returning again. It is best to buy from the level of 1.2397 today in the morning after the formation of a false breakdown, and I recommend postponing larger long positions to support 1.2345. The bulls' task is to break through and consolidate above the resistance of 1.2465, which will return demand for the pound and lead to an update of the weekly high of 1.2534, where I recommend taking profits. However, one can count on a larger growth only with the advent of real Brexit solutions.

To open short positions on GBP/USD you need:

Pound sellers will attempt to break through the support of 1.2397, which will only raise the pressure on the pair and lead to a return to the lateral range of the previous week to the levels of 1.2345 and 1.2287, where I recommend taking profit. In the scenario of an upward correction in the morning, you can count on sales after the formation of a false breakdown in the region of 1.2465, since the further direction of the pair will depend on this level. If the bulls manage to regain 1.2465, it is best to consider new short positions for a rebound from a high of 1.2534.

Signals of indicators:

Moving averages

Trading is slightly below 30 and 50 moving averages, which indicates the likelihood of a bearish correction.

Bollinger bands

In case the pound declines, support will be provided by the lower boundary at 1.2397, a break which will increase the pressure on the pair. A breakthrough of the upper boundary of the indicator in the area of 1.2450 may lead to a new wave of growth for the pair.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: Fast EMA 12, Slow EMA 26, SMA 9
  • Bollinger Bands 20
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Indicator analysis. Daily review on September 17, 2019 for the EUR / USD currency pair

Trend analysis (Fig. 1).

On Tuesday, it is possible to move up with the target of 1.1038 - a pullback level of 38.2% (red dashed line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - neutral;

- trend analysis - down;

- Bollinger Lines - down;

- weekly schedule - up.

General conclusion:

On Tuesday, an upward movement is possible.

The first upper target 1.1038 is a pullback level of 38.2% (red dashed line). An unlikely scenario - after lunch, moving down with the target of 1.0971 - pullback level of 76.4% (blue dashed line).

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Technical analysis of ETH/USD for 17/09/2019

Crypto Industry News:

India is observing the first signs of an expected brain drain as the government is considering stringent laws that criminalize domestic investment in cryptocurrencies. Today's press release measured industry sentiment while the proposed general ban - now still in the form of a legislative proposal - is awaiting a formal review process by lawmakers.

The draft ban on cryptocurrencies and the regulation on the official Digital Currency Act 2019 have proposed a 10-year prison sentence for anyone who 'extracts, generates, holds, sells, transfers, disposes of, or deals with cryptocurrencies.

The severity of the proposed penalty and the extreme position reflected in the document - regardless of whether and in what form it eventually becomes national law - is already prompting local cryptographic companies to take preventive measures to protect themselves.

"As a startup from India, we've always wanted to operate from India, but the latter complication made it difficult for domestic cryptographic exchanges to operate in India. So we are a company based in Estonia and no Indian law criminalizing cryptocurrencies will affect us," said Rahul Jain, an employee former Bitbns national stock exchange.

Meanwhile, Nischal Shetty, CEO and founder of the well-known WazirX Indian Stock Exchange, argued that the proposed bill could destroy the assets of over 5 million Indians who own "cryptographic assets worth thousands of crowns."

He added that the arbitrary decision to criminalize investments in crypto-assets would destabilize existing lawful businesses and make this country an unfortunate pioneer in its role as "the first major democracy that banned innovative technologies such as crypto."

Technical Market Overview:

The ETH/USD pair has hit the next target for bulls located at the level of $196.61. The momentum is increasing as well, so the rally might continue even higher, just as Elliott Wave theory scenario proposed last week. The low for the wave Z of the wave 2 of the higher degree is in place at the level of $162.78 already, so now the market might continue with the impulsive wave 3 to the upside. The next target for bulls is seen at the level of $202.47. The nearest technical support is seen at the level of $186.70.

Weekly Pivot Points:

WR3 - $212.96

WR2 - $200.24

WR1 - $196.12

Weekly Pivot - $184.92

WS1 - $179.10

WS2 - $168.22

WS3 - $163.07

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The current cycle is wave 2 of the lower wave degree and it might have been completed, so the uptrend should resume soon. The global investors are waiting for a breakout above the level of $202.59 and $238.68 to confirm the resumption of the uptrend.

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Technical analysis of BTC/USD for 17/09/2019

Crypto Industry News:

The first cryptographic ATM in Venezuela was installed on September 10 in the city of San Antonio del Tachira, according to Coin ATM Radar, a website that makes it easy to search online for the nearest one.

Panda BTM installed a Bitcoin ATM in a small grocery store called Viajes e Inversiones HC. The machine supports cryptocurrencies such as Bitcoin, Bitcoin Cash and DASH, as well as the official currency of Venezuela and Colombia.

There were also earlier attempts to install Bitomat in Venezuela. At the end of January, the cryptographic company Cryptobuyer announced the upcoming installation and testing of a new Bitcoin ATM in the city of Caracas. However, for unknown reasons, the ATM was never started.

Neighboring Columbia currently has the most crypto ATMs from all Latin American countries. This number is expected to increase thanks to the partnership between the global Bitcoin peer-to-peer market, Paxful, and Blockchain-based in Medellin, CoinLogiq, which will introduce 20 new cryptographic ATMs to Colombia.

Technical Market Overview:

The BTC/USD pair moved out of the horizontal price range located between the levels of $10,211 - $10,381 and the direction of the movement is to the downside. So far the bulls have only managed to retrace 50% of the last move down in the wave (2) of a higher degree and the momentum is not increasing as well. The next target for them is seen at the level of $10,469 and it needs to be violated in impulsive fashion in order to continue the up move, otherwise, the whole Elliott Wave scenario will be changed and updated.

Weekly Pivot Points:

WR3 - $11,232

WR2 - $10,847

WR1 - $10,552

Weekly Pivot - $10,174

WS1 - $9,851

WS2 - $9,477

WS3 - $9,160

Trading Recommendations:

The best strategy in the current market conditions is to trade with the larger timeframe trend, which is still up. All the shorter timeframe moves are being treated as a correction inside of the uptrend. The wave 2 corrective cycles are about to be completed and the market might be ready for another impulsive wave up of a higher degree. Any violation of the level of $9,231 invalidates the bullish impulsive scenario.

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EUR/USD: plan for the European session on September 17. The risk of the introduction of new duties by the US in relation

To open long positions on EURUSD you need:

The euro fell against the US dollar yesterday after the US president seriously started talking about the introduction of trade duties on the automotive sector in relation to EU countries. Weak inflation data in Italy also put pressure on the pair. At the moment, bulls can count on the support level of 1.0985, from which divergence on the MACD indicator can form in the first half of the day, which will lead to a resumption of demand for the euro. Under the scenario of a larger decline in EUR/USD, you can count on purchases from a new low of 1.0955. The main task of the bulls is to return and consolidate above the resistance of 1.1034, but this will happen subject to good data on moods in the business environment of Germany and the eurozone. If the bulls manage to go above 1.1034, we can expect an update of the high of 1.1068, where I recommend taking profits.

To open short positions on EURUSD you need:

Sellers stopped selling, and, in my opinion, it is best to consider short positions after an upward correction to the resistance area of 1.1034 and only if a false breakdown is formed there. We should not forget that tomorrow the Federal Reserve could lower interest rates, which will put pressure on the US dollar. If the resistance breaks at 1.1034, it is best to sell EUR/USD by rebounding from a high of 1.1068. However, the main task of the bears in the first half of the day will be to go down to a support of 1.0985 and consolidate below it, which will cause the euro to sharply fall to a low of 1.0955, where I recommend taking profits.

Signals of indicators:

Moving averages

Trading is conducted below 30 and 50 moving averages, which indicates an attempt to return sellers to the market.

Bollinger bands

Breakthrough of the lower boundary of the indicator in the region of 1.0985 will only increase pressure on the euro, while the upper boundary in the area of 1.1034 will limit the upward potential.

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Description of indicators

  • MA (moving average) 50 days - yellow
  • MA (moving average) 30 days - green
  • MACD: Fast EMA 12, Slow EMA 26, SMA 9
  • Bollinger Bands 20
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/USD for 17/09/2019

Technical Market Overview:

After making another swing high at the level of 1.2504 (this level is very important from the weekly timeframe point of view as well because it is a weekly technical resistance that the market has hit after a strong bounce from this year's low at the level of 1.1957), the GBP/USD pair is now doing a local pull-back towards the trendline support around the level of 1.2419. Please keep an eye on how this key level will be played by the market participants, because of the overbought conditions. The momentum remains strong and positive, so the bulls can still make pressure on higher price levels. The nearest technical support is seen at the level of 1.2381.

Weekly Pivot Points:

WR3 - 1.2885

WR2 - 1.268

WR1 - 1.2601

Weekly Pivot - 1.2422

WS1 - 1.2331

WS2 - 1.2133

WS3 - 1.2067

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. In order to reverse the trend from down to up, the key level for bulls is seen at 1.2505 and it must be clearly violated. As long as the price is trading below this level, the downtrend continues towards the level of 1.2000 and below.

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Technical analysis of EUR/USD for 17/09/2019

Technical Market Overview:

After making a new local high in the overbought market conditions at the level of 1.1109, the EUR/USD pair has retraced 61% of the move up and so far hit the level of 1.0997. The nearest support is seen at the level of 1.0978 and if violated, the move down might accelerate towards the key technical support located at the level of 1.0926. In order to continue the move up, the bulls must break through the technical resistance at the level of 1.1027 - 1.1034 and head towards the level of 1.1091 again.

Weekly Pivot Points:

WR3 - 1.1336

WR2 - 1.1226

WR1 - 1.1152

Weekly Pivot - 1.1040

WS1 - 1.0980

WS2 - 1.0859

WS3 - 1.0789

Trading Recommendations:

The best strategy for current market conditions is to trade with the larger timeframe trend, which is down. All upward moves will be treated as local corrections in the downtrend. The downtrend is valid as long as it is terminated or the level of 1.1445 clearly violated. There is an Ending Diagonal price pattern visible on the larget timeframes that indicate a possible downtrend termination soon. The key short-term levels are technical support at the level of 1.0926 and the technical resistance at the level of 1.1267.

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EUR / USD: "Tomorrow was a war", euro declines on EU-US trade conflict fears

Last week, the European currency received support from the European Central Bank. On the one hand, it softened the parameters of monetary policy. But on the other hand, it showed indecision in this matter, minimally applying an accessible arsenal of actions. Simply put, the market expected more from the ECB, however, the existing split of opinions among regulator members did not allow them to satisfy the needs of the EUR/USD bears. Against this background, the pair tested the 11th figure on Friday, while maintaining the potential for further corrective growth. But this week, the euro has new problems and more precisely, the "well-forgotten old." We are talking about the prospects of exacerbating the trade conflict between the US and the EU. Judging by the rhetoric of the European Commissioner for Trade, Cecilia Malmstrom, Donald Trump will soon "open the second front" of the trade war - now with Brussels.

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Let me remind you that Washington voiced its claims back in April of this year. According to the White House, some European countries (namely France, Italy, Spain, and Germany) illegally subsidized the European aircraft manufacturer, Airbus, concerned in causing the US worth $11 billion in annual damage. n response, the States threatened to introduce additional duties that would be imposed on helicopters, motorcycles, aircraft, food and alcohol products from the above European countries.

Trade negotiations on this issue were postponed for a long time. Brussels could not agree on the candidacy of a negotiator. After numerous disputes, which lasted many months, the representatives of the Alliance countries agreed to give a mandate for negotiations to the European Commissioner for Trade Cecilia Malmstrom. Negotiations were supposed to begin in January this year, but some countries (such as Spain, France, and Italy) opposed the candidacy of Malmstrom as a negotiator. After months of negotiations, Brussels decided to abandon the principle of unanimous approval and replaced it with "majority consent."

But in the end, the dialogue with Washington never began (neither at the beginning of Summer nor at the beginning of September), which was announced yesterday by Malmstrom adding that the States did not show a desire to negotiate. In her opinion, Trump will follow the same strategy as with China. At first, he introduces duties or announces them with the exact date of introduction, and then sits at the negotiating table. The European Commissioner acknowledged that, apparently, new fees are "expected soon."

This phrase crippled the European currency. After all, Trump will most likely not limit himself to duties on alcoholic beverages. The issue of introducing duties on European cars and spare parts is on the agenda. This "Damocles Sword" hangs over Europe for a long time since last year. The automotive industry is under attack not only in Germany but also in France and Italy. According to preliminary estimates, the total cost of the indicated duties is $300 billion.

According to experts, the "domino effect" will follow in the case of the introduction of US duties. The business climate in the eurozone countries will significantly deteriorate, thereby slowing the growth of key indicators and the economy as a whole.

In the summer of 2018, Jean-Claude Juncker, following his visit to Washington, prevented the onset of a trade war as the parties agreed to create a working group to resolve the problem. At the beginning of this year, Trump again announced that he is ready to introduce 20 percent duties on cars and auto parts imported from EU countries if the Alliance does not reduce or eliminate trade barriers against companies from the United States. But after much deliberation, the American president postponed the matter until the end of the year. Not the last role (albeit indirect) in this was played by China, another escalation of the trade war turned the attention of the White House to Beijing.

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Will Donald Trump decide to open a "second front" of the trade war? Opinions of experts on this subject vary. According to some analysts, the US president will not resort to real action (although it may increase verbal pressure) until the US-Chinese conflict ends. After all, in this case, Brussels will impose retaliatory duties on American goods for a total amount of 20 to 40 billion euros. Other experts nevertheless admit this scenario, considering the situation from a political point of view.

On the eve of the election campaign, Trump needs a victory in a trade war, but China suddenly turned out to be a "tough nut" and the conflict got stuck in long and futile negotiations. All this is reflected in the ranking of the American president, who promised his voters a military offense. In the light of these events, Trump may decide on yet another adventure by announcing the introduction of duties on European cars. Nevertheless, he will agree to negotiations with Brussels, hoping for a quick conclusion of the transaction. Given yesterday's rhetoric by Malmstrom, a similar scenario is very likely. On the other hand, this Trump scheme is already well known to market participants. Therefore, if the American president nevertheless agrees to trade negotiations with Europe, this topic will leave the agenda for some time and EUR/USD traders will switch to other fundamental factors.

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EUR/USD approaching resistance, big drop coming up!

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EURUSD is approaching our first resistance.

Entry: 1.10146

Why it's good : 23.6% fibonacci retracement, breakout level

Stop Loss : 1.10450

Why it's good : 50% fibonacci retracement

Take Profit : 1.09508

Why it's good: 100% fibonacci extension, horizontal swing low support

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USD/CAD bounce in progress above support

USDCAD bounce in progress above support for push towards key resistance

Entry: 1.32350

Why it's good : Horizontal graphical resistance, 50% Fibonacci retracement

Take Profit : 1.3290

Why it's good: 61.8% Fibonacci retracement, 100% Fibonacci extension, Horizontal graphical support and Elliot Wave 5 target.Stop Loss: 1.32120Why it's good:

50% Fibonacci retracement, Horizontal graphical overlap

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USD/CHF approaching upside confirmation, potential to rise further!

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USDCHF is approaching upside confirmation at 0.9945 and could bounce from here!

Entry :0.9945

horizontal swing high resistance

61.8% Fibonacci extension

Take Profit : 1.0003

Why it's good :horizontal swing high resistance

100% Fibonacci extension

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Forecast for AUD / USD pair on September 17, 2019

AUD / USD pair

The Australian dollar did not react to the hype due to the drone attack on the oil facilities of Saudi Arabia, continuing to correct after rising since September 3. On the daily chart, the price is located in the zone of strong technical lines - two price channels and the MACDindicator line. The departure of the price under the MACD line with fixing below 0.6828 opens simply to the "Australian" falling to support the red price channel around 0.6678, which coincides with the August 7 low. The Marlin oscillator turned downward.

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On the four-hour chart, the readings of all indicators are decreasing but you should wait until they are fixed below the signal level of an older scale, confirming the observed price drop below the MACD line.

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Tomorrow, the Fed will announce a decision on monetary policy. Lowering rates in soft rhetoric can once again provoke an increase in AUD/USD pair to 0.6912 or slightly higher to 0.6950 as the upper border of the blue price channel. A tougher position of the regulator will reveal a declining scenario.

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Technical analysis: Important Intraday Levels For EUR/USD, September 17, 2019

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When the European market opens, some economic data will be released such as ZEW Economic Sentiment and German ZEW Economic Sentiment. The US will also publish the economic data such as TIC Long-Term Purchases, NAHB Housing Market Index, Industrial Production m/m, and Capacity Utilization Rate, so amid the reports, the EUR/USD pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Breakout BUY Level: 1.1056. Strong Resistance: 1.1050. Original Resistance: 1.1039. Inner Sell Area: 1.1028. Target Inner Area: 1.1003. Inner Buy Area: 1.0978. Original Support: 1.0967. Strong Support: 1.0956. Breakout SELL Level: 1.0950. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis: Important Intraday Levels for USD/JPY, September 17, 2019

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In Asia, Japan will not release any economic data today, while the US will publish some economic data such as TIC Long-Term Purchases, NAHB Housing Market Index, Industrial Production m/m, and Capacity Utilization Rate. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY'S TECHNICAL LEVELS: Resistance. 3: 108.83. Resistance. 2: 108.62. Resistance. 1: 108.41. Support. 1: 108.14. Support. 2: 107.93. Support. 3: 107.72. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Forecast for GBP/USD on September 17, 2019

GBP/USD

On Monday, the British pound corrected down after outstanding growth on Friday. On the daily chart, nothing threatens the continuation of growth after the completion of the current correction, the growth target is 1.2540 – the area where the Fibonacci level crosses 161.8% in the price channel line. The signal line of the Marlin oscillator bent down, which could indicate a continuation of the correction today.

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On the four-hour chart, the signal line of the Marlin oscillator went into the negative zone, we are waiting for the completion of the correction in the range of the MACD line and the low of July 17: 1.2355/81. Consolidating the price under the indicated range can send the price down to 1.2230 and 1.2160, and the price drift even lower, at 1.2160 will open a new chapter in the medium-term decline of the pound. Tomorrow, the Fed will announce a decision on monetary policy, today is a day of expectation, even the indicators are generally in a neutral position.

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Forecast for EUR/USD on September 17, 2019

EUR/USD

The euro fell by 72 points on Monday, as we wrote, "under the growth scenario", and noted that a price drop below the MACD line on a four-hour scale could cancel the rising scenario. And so it happened - the H4 price consolidated below the MACD line, but today in the Asian session it began to rise with the risk of going back over it, which suggests the Marlin oscillator in both the daily and four-hour charts.

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On H4, the price is critically close to the MACD line (1.1017), the exit above the line will mean the falsity of the previous consolidation under it and a further increase in price with the Marlin oscillator moving into the growth zone.

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On the daily chart, Marlin is also turning up and is already close to crossing the boundary of the bull territory. The purpose of the growing movement persists - the area of conjugation of the price channel line with the Fibonacci level of 110.0% on the daily chart at the price of 1.1155.

Today, good economic data are expected, both in the eurozone and in the US, which may delay the price in the range of current levels, especially before tomorrow's Fed decision on the rate. The ZEW eurozone business sentiment index for September is expected to rise from -43.6 to -37.4, US industrial production in August is projected to increase by 0.2% with growth in capacity utilization from 77.5% to 77.6%.

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Fractal analysis of the main currency pairs for September 17

Forecast for September 17 :

Analytical review of currency pairs on the scale of H1:

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For the euro / dollar pair, the key levels on the H1 scale are: 1.1188, 1.1135, 1.1114, 1.1067, 1.1037, 1.0987 and 1.0932. Here, the price is close to the cancellation of the ascending structure of September 12, which requires a breakdown of the level of 1.0987. In this case, the potential target is 1.0932. Short-term upward movement is possibly in the range of 1.1037 - 1.1067. The breakdown of the last value will begin the development of the upward structure from September 12. In this case, the first target is 1.1114. Price consolidation is in the range 1.1114 - 1.1135. For the potential value for the top, we consider the level of 1.1188. Upon reaching this value, we expect a pullback to the bottom.

The main trend is the local structure for the top of September 12.

Trading recommendations:

Buy: 1.1038 Take profit: 1.1065

Buy 1.1069 Take profit: 1.1114

Sell: 1.0985 Take profit: 1.0935

Sell: Take profit:

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For the pound / dollar pair, the key levels on the H1 scale are: 1.2738, 1.2673, 1.2622, 1.2549, 1.2460, 1.2403, 1.2338 and 1.2281. Here, we are following the local ascending structure of September 12. At the moment, the price is in correction. The continuation of the movement to the top is expected after the breakdown of the level of 1.2549. In this case, the target is 1.2622. Price consolidation is in the range of 1.2622 - 1.2673. For the potential value for the top, we consider the level of 1.2738. Upon reaching which, we expect a pullback to the bottom.

We expect consolidated movement in the range 1.2460 - 1.2403. The breakdown of the latter value will lead to an in-depth correction. Here, the target is 1.2338. This level is a key support for the top. Its passage at the price will lead to the development of a downward structure. In this case, the first goal is 1.2281.

The main trend is the local ascending structure of September 12.

Trading recommendations:

Buy: 1.2550 Take profit: 1.2620

Buy: 1.2674 Take profit: 1.2736

Sell: 1.2401 Take profit: 1.2340

Sell: 1.2336 Take profit: 1.2282

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For the dollar / franc pair, the key levels on the H1 scale are: 1.0027, 1.0004, 0.9970, 0.9945, 0.9914, 0.9894, 0.9873 and 0.9852. Here, the price has canceled the development of the downward structure and at the moment, we are following the formation of the upward potential of September 13. The continuation of the movement to the top is expected after the breakdown of the level of 0.9945. In this case, the target is 0.9970. Price consolidation is near this level. The breakdown of the level of 0.9970 should be accompanied by a pronounced upward movement to the level of 1.0004. Price consolidation is near this value. For the potential value for the top, we consider the level 1.0027. Upon reaching which, we expect a pullback to the bottom.

Short-term downward movement is expected in the range of 0.9914 - 0.9894. The breakdown of the last value will lead to an in-depth correction. Here, the target is 0.9873. This level is a key support for the upward structure.

The main trend is capacity building for the top of September 13.

Trading recommendations:

Buy : 0.9945 Take profit: 0.9968

Buy : 0.9972 Take profit: 1.0004

Sell: 0.9914 Take profit: 0.9896

Sell: 0.9892 Take profit: 0.9875

analytics5d802b772a2a6.png

For the dollar / yen pair, the key levels on the scale are : 108.76, 108.33, 108.12, 107.70, 107.49 and 107.12. Here, we are following the development of the ascending structure of September 3. Short-term upward movement is expected in the range of 108.12 - 108.33. The breakdown of the last value will lead to movement to a potential target - 108.76, when this level is reached, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range 107.70 - 107.49. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 107.12. This level is a key support for the top.

Main trend: local upward structure from September 3.

Trading recommendations:

Buy: 108.12 Take profit: 108.30

Buy : 108.35 Take profit: 108.76

Sell: 107.70 Take profit: 107.50

Sell: 107.46 Take profit: 107.12

analytics5d802ba37e773.png

For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3379, 1.3343, 1.3326, 1.3297, 1.3275, 1.3208, 1.3192, 1.3172 and 1.3131. Here, we are following the development of the ascending structure of September 10. Short-term upward movement is expected in the range of 1.3275 - 1.3297. The breakdown of the last value will lead to a pronounced movement. Here, the target is 1.3326. Price consolidation is in the range of 1.3326 - 1.3343. For the potential value for the top, we consider the level of 1.3379. Upon reaching this level, we expect a pullback to the bottom.

A short-term downward movement is possibly in the range of 1.3208 - 1.3192. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3172. This level is a key support for the top. Its breakdown will have the downward structure. In this case, the potential target is 1.3131.

The main trend is the ascending structure of September 10.

Trading recommendations:

Buy: 1.3275 Take profit: 1.3295

Buy : 1.3299 Take profit: 1.3226

Sell: 1.3208 Take profit: 1.3193

Sell: 1.3190 Take profit: 1.3172

analytics5d802bc238e24.png

For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6967, 0.6918, 0.6884, 0.6867, 0.6841, 0.6822 and 0.6793. Here, we are following the development of the ascending structure of September 3. Short-term upward movement is expected in the range of 0.6867 - 0.6884. The breakdown of the latter value will lead to a movement to the level of 0.6918. Price consolidation is near this value. For the potential value for the top, we consider the level of 0.6967. Upon reaching this level, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range 0.6841 - 0.6822. The breakdown of the last value will lead to a long correction. Here, the potential target is 0.6793. This level is a key support for the top.

The main trend is the upward structure of September 3.

Trading recommendations:

Buy: 0.6886 Take profit: 0.6918

Buy: 0.6920 Take profit: 0.6965

Sell : 0.6840 Take profit : 0.6822

Sell: 0.6820 Take profit: 0.6795

analytics5d802be100ab4.png

For the euro / yen pair, the key levels on the H1 scale are: 121.95, 121.39, 120.36, 119.95, 119.50, 118.99, 118.50 and 117.73. Here, the price is close to the cancellation of the upward structure from September 12, which requires a breakdown of the level of 118.50. In this case, the first potential target for the downward movement is 117.73. The continuation of the movement to the top is expected after the breakdown of the level of 119.50. In this case, the first goal is 119.95. Short-term upward movement, as well as consolidation is in the range of 119.95 - 120.36 . The breakdown of the level of 120.36 should be accompanied by a pronounced upward movement. Here, the potential target is 121.39.

The main trend is the local structure for the top of September 12, the stage of deep correction.

Trading recommendations:

Buy: 119.50 Take profit: 119.95

Buy: 119.98 Take profit: 120.34

Sell: 118.50 Take profit: 117.91

Sell: Take profit:

analytics5d802c003e86b.png

For the pound / yen pair, the key levels on the H1 scale are : 137.21, 136.13, 135.37, 134.10, 133.39 and 132.23. Here, we continue to monitor the development of the upward cycle of September 3. Short-term upward movement is expected in the range of 135.37 - 136.13. The breakdown of the last value will lead to movement to a potential target - 137.21, when this level is reached, we expect a pullback to the bottom.

Short-term downward movement is possibly in the range 134.10 - 133.39. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 132.23. This level is a key support for the upward structure.

The main trend is the upward structure of September 3.

Trading recommendations:

Buy: 135.38 Take profit: 136.10

Buy: 136.15 Take profit: 137.20

Sell: 134.10 Take profit: 133.42

Sell: 133.35 Take profit: 132.30

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

#USDX vs EUR / USD vs GBP / USD vs USD / JPY. Comprehensive analysis of movement options in the second half of September

Let me bring to your attention a comprehensive analysis of the movement options #USDX, EUR / USD, GBP / USD and USD / JPY (the share of these instruments in the calculation of the dollar index is 83.1%) during the second half of September 2019.

Minor (Daily time frame)

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US dollar Index

In the second half of September 2019, the development of the movement of the dollar index #USDX will continue to be determined by working out and the direction of breakdown of the boundaries of the 1/2 Median Line channel (98.80 - 98.05 - 97.75) Minuette operational scale fork. We look in the animated chart for the movement details inside this channel.

In case of breakdown of the lower boundary of the 1/2 Median Line Minuette channel (support level of 97.75), the development of the movement of the dollar index will continue to the boundaries of the equilibrium zone (97.55 - 97.00 - 96.50) of the Minuette operational scale fork.

On the other hand, if the breakdown of the upper boundary of the 1/2 Median Line channel (resistance level of 98.40) of the Minuette operational scale fork takes place, then the upward movement #USD will be directed to the targets - control line UTL (99.00) of the Minor operational scale fork - the initial SSL Minuette line (99.20) -maximum 99.36- control line UTL Minuette (99.55) - warning line UWL38.2 Minuette (99.95).

The markup of #USDX motion options on September 16, 2019 is shown in the animated chart.

analytics5d7fac63eaae6.jpg

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Euro vs US dollar

The development of the movement of the single European currency EUR / USD on September 2019 will also be determined by working out the boundaries of the 1/2 Median Line channel (1.1125 - 1.1085 - 1.1040) of the Minuette operational scale fork. The movement details inside this zone are shown in the animated chart.

The breakdown of the upper boundary of the 1/2 Median Line Minuette channel (resistance level of 1.1125) will make it relevant to continue the development of the upward movement of EUR / USD to the equilibrium zone (1.1160 - 1.1215 - 1.1280) of the Minuette operational scale fork.

If EUR / USD will break through the lower boundary of the 1/2 Median Line channel (support level of 1.1040) of the Minuette operational scale fork, then the downward movement can be continued to the targets - SSL Minuette start line (1.0940) - local minimum 1.0925 - LTL Minuette control line (1.0895) - the lower limit of ISL61.8 (1.0875) of the equilibrium zone of the Minor operational scale fork.

The details of the EUR / USD movement options from September 16, 2019 are shown in the animated chart.

analytics5d7fac8ac9bb6.jpg

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Great Britain pound vs US dollar

Meanwhile, the development of Her Majesty's GBP / USD currency movement on September 2019 will be determined by the direction of the breakdown of the range :

  • resistance level of 1.2580 (1/2 Median Line of the Minuette operational scale fork);
  • support level of 1.2485 (1/2 Median Line of the Minor operational scale fork).

The breakdown of the 1/2 Median Line of the Minuette operational scale fork (resistance level of 1.2580) together with the breakdown of the upper boundary of the 1/2 Median Line Minor channel (1.2610) will determine the development of Her Majesty's currency movement to the boundaries of the equilibrium zone (1.2665 - 1.2854 - 1.3045) Minor operating scale fork.

In case of breakdown of the support level of 1.2485 by 1/2 Median Line Minor, the GBP / USD movement will be directed to the targets - the lower boundary of ISL38.2 (1.2430) of the equilibrium zone of the Minuette operational scale fork - 1/2 Median Line Minuette channel (1.2330 - 1.2245 - 1.2156) with the prospect of reaching the initial SSL line (1.2075) of the Minor operational scale forks.

The details of the GBP / USD movement from September 16, 2019 can be seen on the animated chart.

analytics5d7facad6b821.jpg

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US dollar vs Japanese yen

The development of the USD / JPY currency movement of the "country of the rising sun" in the second half of September 2019 will depend on the development and direction of the breakdown of the boundaries of 1/2 Median Line channel (109.15 - 108.20 - 107.30) Minuette operational scale fork. The movements details inside this channel are presented on the animated chart.

The breakdown of the support level of 107.30 on the lower boundary of the 1/2 Median Line channel of the Minuette operational scale fork will make the development of the downward movement of the currency of the country of the rising sun to the goals - the LTL control line (105.65) of the Minor operational scale fork - warning line LWL100.0 Minor (105.25) - initial SSL Minuette line (104.95) with the prospect of updating the local minimum 104.47.

In the event of a breakdown of the upper boundary of the 1/2 channel, the Median Line Minuette (resistance level of 109.15) will confirm the development of the USD / JPY movement in the equilibrium zone (108.80 - 110.10 - 111.40) of the Minuette operational scale fork.

We look at the animated chart for the details of the USD / JPY movement on September 16, 2019.

analytics5d7facce35d42.jpg

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The review is made without taking into account the news background. Thus, the opening of trading sessions of the main financial centers does not serve as a guide to action (placing orders "sell" or "buy").

The formula for calculating the dollar index :

USDX = 50.14348112 * USDEUR0.576 * USDJPY0.136 * USDGBP0.119 * USDCAD0.091 * USDSEK0.042 * USDCHF0.036.

where the power coefficients correspond to the weights of the currencies in the basket:

Euro - 57.6% ;

Yen - 13.6% ;

Pound Sterling - 11.9% ;

Canadian dollar - 9.1%;

Swedish Krona - 4.2%;

Swiss franc - 3.6%.

The first coefficient in the formula leads the index to 100 at the start date of the countdown - March 1973, when the main currencies began to be freely quoted relative to each other.

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

GBP/USD: the pound still hopes that the fog around Brexit will clear up

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Over the past week, the pound has strengthened against the US dollar by almost 1.2% amid expectations that London and Brussels may soften their position on Brexit.

On Sunday, the Prime Minister of the United Kingdom, Boris Johnson, said that he was still focused on concluding a deal with the European Union under the terms of the country's withdrawal from the bloc.

"If we can make enough progress over the next few days, I intend to go to the EU summit on October 17 and conclude an agreement that will protect the interests of business and citizens both on both sides of the English channel and on both sides of the border in Ireland. I believe that we can do this, and I believe that such an agreement meets the interests of not only the UK, but also our European partners," said B. Johnson.

At the same time, he continues to insist that he will not ask the EU to provide another delay for Brexit.

In turn, EU negotiator Michel Barnier said that there are no reasons for optimism about Brexit.

"The UK has not provided any alternative proposals on the Irish border for a month and a half of the functioning of the new government and half a year from the moment when the bill, agreed with the 27 EU members, entered the British Parliament, but was never ratified by it. In the coming weeks, we should see whether the government of B. Johnson is able to make any proposals that have legal force," M. Barnier said.

Recall that in Britain the law adopted by the country's Parliament came into force, according to which the government is obliged to ask the EU for a new deferral of Brexit if London and Brussels do not agree on a new agreement on withdrawal by October 19.

B. Johnson intends to ignore the new law and is ready to fight for it in the British courts.

Today, the British Prime Minister met with the President of the European Commission, Jean-Claude Juncker, in Luxembourg.

"The leaders agreed on the need to negotiate more intensively on Brexit and start holding daily meetings of representatives of the parties. An agreement was also reached on political negotiations between EU chief negotiator Michel Barnier and Brexit Minister Stephen Barclay. The dialogue between president Juncker and Prime Minister Johnson will also continue," the office of the head of the British government said in a statement.

It is assumed that if the parties manage to reach a compromise, then the GBP/USD pair may well rise to the level of 1.2700.

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

The chances of reaching the 108.50 level for the USD/JPY pair have significantly decreased

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Given a number of important factors, there is every reason to believe that further growth of the USD/JPY pair to the level of 108.50 so far seems unlikely. According to the results of Friday's trading, it was possible to conclude that the dollar could advance further last Friday, while any upward movement is considered as a transition to a higher trading range of 107.80/108.30. Subsequently, the dollar did trade between 107.90 and 108.26, but the dollar weakened at the opening of trade. The price movement on the chart suggests that the level of 108.26 is probably a temporary peak, and the dollar will trade below this level for a couple of days. At the moment, a weak opening this morning may lead to a fall below the level of 107.50, the next support level is 107, .20, and resistance at 108.0 and 108.25, respectively.

analytics5d80220b4d348.jpg

As for the longer-term forecast, the dollar will remain under pressure amid news of a drone attack on oil facilities in Saudi Arabia. While the strong support level of 107.20 has not yet been overcome, but overall the price movement has lost an upward momentum, and the prospect of a rebound (starting September 6 from 107.00) to 108.50 has significantly decreased. In order to revive the upward movement, the dollar must move and stay above the level of 108.25 during these several days, otherwise a breakthrough of resistance at 107.20 is inevitable.

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