EUR/USD Preview of the week: comments by members of the Fed and the ECB, US statistics and prospects for a trade war

The euro/dollar bears tested the ninth figure again on Friday, but the downward impulse died away before it started. In the last hours of the trading week, many traders took profits without risking leaving open positions for the weekend. The fundamental background for the dollar is still unreliable, and the events of the last week of September can affect the pair dramatically.

Not so many important macroeconomic reports are expected this trading week. The main focus of the market will be on the dynamics of the development of US-Chinese trade relations and on the comments of Fed and ECB officials. Geopolitics will also play a role in determining the growth or decline of anti-risk sentiment in the foreign exchange market. First of all, we are talking about the situation in the Middle East, where a military conflict between Saudi Arabia and Iran is not ruled out.

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If we talk about planned events that are important for EUR/USD traders, then here, we should highlight the speeches of "top officials" of the Central Banks. For example, the head of the ECB, Mario Draghi, will speak in Brussels today at 15:00 UTC. He will voice the report to the members of the Committee on Economic and Monetary Affairs of the European Parliament. Since the topic of the report is directly related to monetary policy, the market will show particular interest in it. Let me remind you that according to the results of the last meeting of the European regulator, the EUR/USD pair actually received support despite the easing of the monetary policy parameters. The euro was supported by two facts: first, the regulator did not meet investors' expectations. According to general forecasts, the Central Bank should have resorted to larger-scale actions (lowering the rate to -0.6% and QE in the amount of 40-50 billion); Second, traders drew attention to the split that occurred in the camp of the ECB as some members of the regulator opposed the resumption of the incentive program.

In this context, what's more interesting is not Mario Draghi's personal position on these circumstances (in the light of his resignation in late October), but his comments on the sentiments that are found among the members of the European Central Bank. If the essence of his rhetoric is reduced to a wait-and-see attitude, the euro will receive some support.

On Thursday, September 26, will be a rather informative day this week. Six members of the Fed will speak at once during the American session: Robert Kaplan, James Bullard, Richard Clarida, Mary Daley, Neil Kashkari, and Thomas Barkin. It is worth noting that the Federal Reserve also did not demonstrate a monolithic position regarding the September rate cut and further prospects of monetary policy; for example, such members of the Federal Reserve as the head of the Kansas Federal Reserve Bank Esther George and the head of the Boston Federal Reserve Eric Rosengrenopposed the interest rate cut again. In addition, ten members of the regulator said they did not see any reason for easing monetary policy by the end of this year, while seven of their colleagues still allowed this option. As for the prospects for 2020, eight members of the Committee stated the need to maintain a wait-and-see attitude, while the rest of the top Fed officials said that the regulator should back raise the rate by at least 25 points. Given such a divergence of opinions, each comment by the Fed representative (especially those with voting rights) is of interest.

If we talk about macroeconomic statistics, the most important releases for the pair will come from the United States. Conference Board Consumer Confidence Index will be published tomorrow, Tuesday. In July and August, it came out at fairly high values at 135.8 and 135.1, respectively, supporting the US currency. According to experts' general forecasts, the September index will reach 134.1 points. This is a good result but still worse than summer performance. The dollar will react to this release only if it comes out much worse than the forecast values, reflecting the uncertainty of American consumers.

On Wednesday, attention should be focused on the volume of home sales in the primary US market. After a significant decline, positive dynamics are expected. But on Thursday, it will shift to the final assessment of US GDP growth for the 2nd quarter. According to forecasts, this indicator will not be revised. Otherwise, this release may cause increased volatility for the pair.

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On Friday, EUR/USD traders will be interested in the main index of personal consumption spending, which measures the core level of spending and indirectly affects the dynamics of inflation in the United States. It is believed that this indicator is monitored carefully by regulator members. According to forecasts, the index will show contradictory dynamics. In monthly terms, it will decrease to 0.1% but it will rise to 1.8% in annual terms. This release may have an impact on the dynamics of the pair only with strong fluctuations when the real numbers differ significantly from the forecast values.

The European currency will respond to the reports of PMI (today) and IFO (on Tuesday), but their impact on the pair is usually short-term.

In general, the tone of the bidding will be set by the comments of representatives of the ECB and the Fed and macroeconomic reports. The dynamics of the development of the trade war will serve as a backdrop to the above fundamental factors. Particularly on Friday, it became known that the US authorities introduced a temporary exemption from duties for more than 400 goods that are imported from China. This is another sign of a de-escalation of the trade conflict. If this week the parties take the next steps in this direction, the dollar will receive significant support. Indeed, in this case, the probability of a further reduction in the Fed interest rate will significantly decrease.

From a technical point of view, the EUR/USD pair needs to leave the range of 1.0950 - 1.1100, which are the lower and upper lines of the Bollinger Bands indicator, respectively. Only in this case will it be possible to talk either about the continuation of the downward trend or about the signs of its fracture. In fact, the pair has been trading in the indicated price range as part of a wide-range flat since the beginning of September.

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Indicator analysis. Daily review on September 23, 2019 for the GBP / USD currency pair

Trend analysis (Fig. 1).

On Monday, the price may continue to move down to a pullback level of 23.6% - 1.2435 (blue dotted line) and in case of breaking through, further down to 1.2364 - 21 average EMA (black thin line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - down;

- Fibonacci levels - down;

- volumes - up;

- candlestick analysis - down;

- trend analysis - up;

- Bollinger Lines - up;

- weekly schedule - up.

General conclusion:

On Monday, the price may continue to move down.

An unlikely scenario is an upward movement, with the target at 1.2583 - an upper fractal.

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Technical analysis of ETH/USD for 23/09/2019

Crypto Industry News:

The US House of Representatives' Financial Services Committee has scheduled a hearing with the chairman of the Securities and Exchange Commission, Jay Clayton and four other SEC commissioners to discuss, among other things, cryptocurrencies.

In a memorandum of 19 September, the Financial Services Committee announced that a hearing would be held on 24 September. In addition to Clayton, Commissioner Hester Peirce (also known as Crypto Mom) and three other people will be present.

The Financial Services Commission has included cryptocurrencies on its list of discussion topics and points out that federal securities laws apply to securities - including shares, bonds and investment agreements - regardless of whether they are digital.

The hearing will apply to ETFs, regardless of whether digital assets are a security or are exempt from securities regulations, as well as the planned launch of Facebook Libra in 2020.

"Libra Investment Token may be security token because it is intended for sale to investors to finance initial costs and provide them with dividends. The Libra token itself may also be a security, but Facebook does not intend to pay dividends and it is unclear whether investors would have" reasonable expectations about profits "- we read in the document.

Technical Market Overview:

The ETH/USD pair has completed the wave (3) of the overall impulsive cycle and is currently developing the wave (4) of the overall correction. So far the market has made only a wave A of this correction with a low located at the level of $205.15. The next target for bears is seen at the level of $202.70 where is the low of the previous wave four of the lesser degree located. Please notice, that after the corrective cycle in wave 4 is completed, there is still wave 5 to the upside needed to complete the overall impulsive cycle up.

Weekly Pivot Points:

WR3 - $261.09

WR2 - $242.26

WR1 - $225.12

Weekly Pivot - $205.85

WS1 - $188.31

WS2 - $169.05

WS3 - $152.55

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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Indicator analysis. Daily review on September 23, 2019 for the EUR / USD currency pair

Trend analysis (Fig. 1).

On Monday, an upward movement with the first target of 1.1037 is possible - a pullback level of 38.2% (red dashed line). Further, we will wait for the market reaction to the resistance line 1.1039 (blue bold line).

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Fig. 1 (daily chart).

Comprehensive analysis:

- indicator analysis - up;

- Fibonacci levels - up;

- volumes - up;

- candlestick analysis - up;

- trend analysis - up;

- Bollinger Lines - up;

- weekly schedule - up.

General conclusion:

On Monday, the upward movement will continue.

The first upper target of 1.1037 is the pullback level of 38.2.% (red dashed line). Upon breaking through this level, we are waiting for the continuation of work upwards, with the next target of 1.1051 - a pullback level of 50.0% (red dashed line).

An unlikely scenario is a downward movement with the target at 1.0991 (lower fractal).

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GBP/USD: plan for the European session on September 23. Junker's promises are different from reality. Breakthrough of support

To open long positions on GBP/USD you need:

Bears quickly returned the market to its place after the euphoria from Juncker's statements about the possible conclusion of an agreement had dried up. At the moment, the bulls need to form a false breakdown in the support area of 1.2460, and this will be the first signal to open long positions. However, it is more likely that sellers will give way to this support, therefore it is best to count on long positions for a rebound near last week's low in the area of 1.2393. The main goal of buyers will be a breakthrough and consolidation above the resistance of 1.2522, which will lead to an update of the upper boundary of the current side channel in the region of 1.2586, where I recommend taking profits.

To open short positions on GBP/USD you need:

Bears will be active after an upward correction to the resistance area of 1.2522, where the formation of a false breakdown will be the first signal to open short positions in the expectation of a further decline in the pair and a break of the low of 1.2460. After consolidating below this resistance, we can expect GBP/USD to return to a larger support of the previous week - 1.2393, where I recommend taking profits. If the bears do not have enough strength to keep the pair below 1.2522, it is best to consider new short positions from the upper boundary of the side channel of 1.2586.

Signals of indicators:

Moving averages

Trading is below 30 and 50 moving averages, indicating a slight advantage to pound sellers.

Bollinger bands

A break of the lower boundary of the indicator at 1.2460 will increase pressure on the pound.

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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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Technical analysis of BTC/USD for 23/09/2019

Crypto Industry News:

The cryptocurrency investment app, Abra, begins selling cryptocurrency for cash in all 7-Eleven stores in the Philippines thanks to a new cooperation with ECPay.

Abra has announced that the partnership will provide cryptocurrency access to 6,000 retail outlets in the Philippines, including all 7-Eleven stores. The company claims that the purpose of the partnership is to facilitate the acquisition of cryptocurrencies:

"Using new digital tools that open access to financial resources should not be difficult. And they should not be complicated. The conversion of cash into crypto and other digital resources should be simple and fast. That is why we are really happy to announce our new partnership "- we read.

As a result of cooperation with ECPay, consumers in the Philippines will be able to find Abra on the list in the "Bill Payments" option at any CLIQQ ECPay financial services kiosk or in a dedicated mobile application. Then they can deposit money into Abra's wallet. The minimum deposit is PHP 500 ($ 9.59) and the daily limit is PHP 100,000 ($ 1,917).

Technical Market Overview:

The BC/USD pair has turned to the south again as the bears make more pressure on the higher prices and the top of the wave (b) at the level of $10,407 has not been violated yet. The recent local high was made at the level of $10,317 after a bounce from the level of $9,539, but since then the beard are pushing the market lower again. The nearest technical support is located at $9,795 and $9,704. No important breakout occurs so far and the larger time-frame trend remains up.

Weekly Pivot Points:

WR3 - $11,109

WR2 - $10,706

WR1 - $10,333

Weekly Pivot - $9,939

WS1 - $9,560

WS2 - $9,159

WS3 - $8,757

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 23. Manufacturing activity data may put pressure on the euro and lead

To open long positions on EURUSD you need:

Euro buyers managed to pull the market off the low of the week on Friday amid a report on investor confidence, which slightly increased, but the general background remains negative. Today's report on activity in the manufacturing sector of the eurozone countries may continue to pull down the pair. Therefore, it is best to consider long positions after correction and the formation of a false breakdown in the support area of 1.0997, and buy EUR/USD immediately for a rebound from a low of 1.0960. The main goal will be to return and consolidate above the resistance of 1.1034, which will allow the bulls to update a larger range of last week's resistance in the area of 1.1067-1.1074, where I recommend taking profits.

To open short positions on EURUSD you need:

Weak production activity and the formation of a false breakdown in the resistance area of 1.1034, where the moving averages are concentrated, can lead to the formation of a new downward wave in EUR/USD, which will lead to a test of last week's low at 1.0997 and its breakthrough. Only such a scenario will increase pressure on the euro and pull down the pair to a support of 1.0960 and 1.0927, where I recommend taking profits. If the data on the eurozone does not come out as bad as expected, then the bulls can return to their resistance at 1.1034. In this case, it is best to consider new short positions in EUR/USD for a rebound from last week's resistance range in the region of 1.1067-1.1074.

Signals of indicators:

Moving averages

Trading is conducted below 30 and 50 moving averages, which indicates a slight superiority of euro sellers.

Bollinger bands

A break of the lower boundary of the indicator at 1.1005 will increase pressure on the euro, while the upper boundary at 1.1040 will limit the upward potential in the morning.

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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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Technical analysis of GBPUSD for 23/09/2019

Technical Market Overview:

The GBP/USD pair is still moving up despite the fact, that the market is in overbought conditions and momentum is barely positive. The bears might soon start to push the prices lower and the key level for them is the technical support located at 1.2381. Any violation of this level will be a clear sign that the correction has started. Please notice the Bearish Engulfing pattern at the top of the recent move up as it might be the first clue that the correction has started already.

Weekly Pivot Points:

WR3 - 1.2753

WR2 - 1.2662

WR1 - 1.2561

Weekly Pivot - 1.2479

WS1 - 1.2378

WS2 - 1.2291

WS3 - 1.2188

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 23/09/2019

Technical Market Overview:

The EUR/USD pair is not moving in any particular direction as is got stuck in a narrow range between the levels of 1.1075 - 1.0997. The big Bullish Engulfing candlestick pattern made after the ECB decision to cut the interest rates has is still in the background and this is a powerful trend reversal pattern. Nevertheless, bulls can not find the strength to impulsively move up and are visiting the 61% Fibonacci retracement for the second time now. Any clear breakout below the level of 1.0997 will open the road towards the levels of 1.0978 and 1.0965 which are technical support levels. The key technical support is located at the level of 1.0926.

Weekly Pivot Points:

WR3 - 1.1151

WR2 - 1.1121

WR1 - 1.1056

Weekly Pivot - 1.1026

WS1 - 1.0965

WS2 - 1.0930

WS3 - 1.0867

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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Elliott wave analysis of EUR/JPY for September 23 - 2019

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EUR/JPY failed to break clearly above the trend-line resistance near 120.00 and instead moved lower towards the 118.41 corrective target (the low has been seen at 118.43). This should be enough to complete red wave ii and set the stage for a new impulsive rally higher through 120.00 towards at least 121.97 and likely higher.

In the short-term, a break above minor resistance at 119.16 will be a strong indication that red wave ii is indeed complete and red wave iii higher is developing.

R3: 119.40

R2: 119.19

R1: 118.95

Pivot 118.81

S1: 118.69

S2: 118.55

S3: 118.41

Trading recommendation

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

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Trading plan for EURUSD for September 23, 2019

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Bottom line: Bullish until prices stay above 1.0927.

Technical outlook:

EURUSD is potentially developing into wave 3 towards 1.1145/1.1183 levels. Waves 1 and 2 terminated at 1.1110 and 1.0927 levels respectively as labelled here. Ideally, until prices stay above 1.0927 levels bullish scenario prevails in EURUSD. Immediate price support stays at 1.0927 with interim at 1.0990, while resistance is seen at 1.1110 respectively. The current price action is around 1.1015/20 and yet another dip lower towards 1.0965 cannot be ruled out. In short wave 2 of 3 is either terminated at 1.1000 or it is under way to terminate at 1.0965/70. The the structure is clear, another 5 waves rally towards 1.1183 can be expected. Trading point of view, please remain long from here and look to add further around 1.0965 levels, risk remains at 1.0927.

Trading plan:

Remain long now, stop at 1.0927, target is 1.1145 and 1.1183

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Elliott wave analysis of GBP/JPY for September 23 - 2019

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GBP/JPY has finally begun its decent towards 130.78. We should expect support at 133.81. The pair is likely to try to reject the attempt to break lower but ultimately it should give away for a decline to 133.12 and then lower towards the ideal downside target at 130.78.

At this point, only an unexpected break back above 135.38 will indicate that a sub-normal correction has been seen and a new rally higher to 137.77 is developing.

R3: 135.14

R2: 134.94

R1: 134.80

Pivot: 134.57

S1: 134.33

S2: 134.06

S3: 133.81

Trading recommendation:

We are looking for a buying opportunity near 131.15

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EUR/USD testing resistance, big drop coming up!

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EURUSD is testing our first resistance at 1.10263 where we are expecting a reversal below this level.

Entry: 1.10263

Why it's good : 38.2% fibonacci retracement, horizontal pullback resistance

Stop Loss : 1.10441

Why it's good : 61.8% Fibonacci retracement, horizontal pullback resistance

Take Profit : 1.09989

Why it's good: 61.8% Fibonacci extension, horizontal swing low support, 61.8% fibonacci retracement

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NZD/USD Drop in progress

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NZDUSD further drop expected

Entry: 0.62730

Why it's good : 23.6% Fibonacci retracement, EMA resistance

Take Profit : 0.62333

Why it's good: 100% Fibonacci extensionStop Loss: 0.628Why it's good: 23.6% Fibonacci retracement and 100% Fibonacci Extension

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USD/JPY approaching 1st support, potential to rise further!

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USDJPY is approaching 1st support at 107.46 and could bounce from there

Entry :38.2% Fibonacci retracement

23.6% Fibonacci retracement

Horizontal overlap support

Take Profit : 108.48

Why it's good : 61.8% Fibonacci extension

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Technical analysis: Important Intraday Levels For EUR/USD, September 23, 2019

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When the European market opens, some economic data will be released such as Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Manufacturing PMI, and French Flash Services PMI. The US will also publish the economic data such as Flash Services PMI and Flash Manufacturing PMI, 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: 1.1073. Strong Resistance: 1.1067. Original Resistance: 1.1056. Inner Sell Area: 1.1045. Target Inner Area: 1.1020. Inner Buy Area: 1.0995. Original Support: 1.0984. Strong Support: 1.10973. Breakout SELL Level: 1.0967. (Disclaimer)

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Technical analysis: Important Intraday Levels for USD/JPY, September 23, 2019

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In Asia, Japan will release the Flash Manufacturing PMI and the US will piblish some economic data such as Flash Services PMI and Flash Manufacturing PMI. 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 : 108.29.

Resistance. 2: 108.08.

Resistance. 1: 107.87.

Support. 1: 107.60.

Support. 2: 107.39.

Support. 3: 107.18.

(Disclaimer)

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Forecast for AUD / USD pair on September 23, 2019

AUD / USD pair

Last Friday, the Australian dollar tried to go below the balance line (red indicator), but it is slightly correcting upwards from this line this morning. Apparently, the market does not yet have the strength to continue the strong downward movement set in the second half of last week. Hence, the signal line of the Marlin Oscillator had turned around for a little from the border with the territory of the "bears".

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On a four-hour chart, the Marlin oscillator managed to form convergence and supports the price intention to take a break before moving on to support the price channel 0.6672 that is visible on the daily TF. Consolidation is possible in the range of 0.6759-0.6809.

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Control zones EURUSD 09/23/19

In the second half of last week, there was a natural movement towards a weakening euro. This became possible after the formation of the "false breakdown" pattern and the WCZ 1/2 test 1.1078-1.1070, which acts as a determining resistance. The target decline zone is the weekly control zone 1.0950-1.0934.

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Work in the downward direction remains a priority, although the pair is trading within the medium-term flat. Today's plan should include a continuation pattern for the fall.

A deeper correction model will be developed if today's close of trading occurs above Friday's opening. This will make it possible to use the WCZ 1/2 again for entering the sale. The purpose of the fall does not change.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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Control zones AUDUSD 09/23/19

The downward movement is a strong medium-term structure. The probability of continuing to fall is above 70%, which makes it possible to find favorable prices for selling the instrument. Purchases opened on Friday should be transferred to breakeven after testing the nearest resistance zone. The first obstacle to growth will be WCZ 1/4 0.6798-0.6794.

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Keeping the price below the specified zone will indicate the continuation of the downward movement without forming a deep correction zone. Work towards the weakening of the Australian dollar can be continued, as the repayable debt to the average course of the last week has already occurred.

An alternative model of deeper correction will be developed if the pair can grow to WCZ 1/2 0.6835-0.6828. This will open deals at the best prices. It is important to understand that the movement to the WCZ 1/2 will allow the formation of a local accumulation zone, where Friday extremes will become the main levels of support/resistance.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.

Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.

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Forecast for GBP/USD on September 23, 2019

GBP/USD

On Friday, the pound made a second attempt to go above the resistance at the Fibonacci level of 161.8% (1.2544, the first attempt was on Thursday), but pulled back and it closed the day with a black candle at 44 points. A divergence has formed on the Marlin oscillator. After receiving a signal from smaller TFs, a further decrease in the price is likely below the signal level of 1.2381 and a decrease to the Fibonacci level of 223.6% at the price of 1.2228.

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On a smaller four-hour chart, the price is held by the red balance indicator line. Departure of the price under the MACD line (1.2442) will create a reserve for an attack on 1.2381, after which we wait for the development of events according to a declining scenario. The signal line of the Marlin oscillator moved into the zone of negative values.

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Forecast for EUR/USD on September 23, 2019

EUR/USD

On Friday, the euro closed the day with a decline of 24 points, overcoming a number of technical support, which strengthened the bearish sentiment of the market. On the daily chart, the price at the top of the Friday candlestick reversed from the balance indicator line (red), at the bottom it did not reach the target Fibonacci level of 138.2% (1.0987). The signal line of the Marlin oscillator is balancing on the border with the territory of the "bears".

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On the four-hour chart, the price was consolidated with the indicator lines of the balance and MACD, Marlin in the declining trend zone. Now we expect the euro to consolidate below the target level of 1.0987 and further decline to the support level of 1.0926 on September 3 and 12.

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The upper target of 1.1115 - the resistance of the MACD line on the daily scale chart can be reached after a preliminary price exit above the Fibonacci level of 123.6% (1.1072).

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Fractal analysis of the main currency pairs for September 23

Forecast for September 23:

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: 1.1227, 1.1188, 1.1135, 1.1114, 1.1079, 1.1019, 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 first potential target is 1.0932. The continuation of the movement to the top is expected after the breakdown of the level of 1.1080. In this case, the first goal is 1.1114. The passage at the price of the noise range 1.1114 - 1.1135 should be accompanied by a pronounced upward movement. Here, the goal is 1.1188. For the potential value for the top, we consider the level of 1.1227. 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: 1.1080 Take profit: 1.1114

Buy 1.1135 Take profit: 1.1188

Sell: 1.1019 Take profit: 1.0990

Sell: 1.0985 Take profit: 1.0935

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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 continue to monitor the local ascendant structure from September 12. 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 of 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: 0.9983, 0.9962, 0.9941, 0.9927, 0.9893, 0.9868, 0.9835, 0.9813 and 0.9783. Here, we expect the development of the downward structure of September 19. The continuation of the movement to the bottom is expected after the breakdown of the level of 0.9893. In this case, the target is 0.9868. Price consolidation is near this level. The breakdown of the level of 0.9868 should be accompanied by a pronounced downward movement. Here, the target is 0.9835, Short-term downward movement, as well as consolidation is in the range of 0.9835 - 0.9813. For the potential value for the bottom, we consider the level of 0.9783. Upon reaching this level, we expect a pullback in correction.

Short-term upward movement is possibly in the range of 0.9927 - 0.9941. The breakdown of the latter value will lead to an in-depth correction. Here, the goal is 0.9962. This level is a key support for the descending structure of September 19.

The main trend is the formation of the downward potential of September 19.

Trading recommendations:

Buy : 0.9927 Take profit: 0.9940

Buy : 0.9942 Take profit: 0.9960

Sell: 0.9893 Take profit: 0.9870

Sell: 0.9866 Take profit: 0.9835

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For the dollar / yen pair, the key levels on the scale are : 108.21, 107.95, 107.77, 107.50, 107.25, 107.06 and 106.82. Here, we are following the development of the descending structure of September 19. The continuation of the movement to the bottom is expected after the breakdown of the level of 107.50. In this case, the target is 107.25. Short-term downward movement, as well as consolidation is in the range of 107.25 - 107.06. For the potential value for the bottom, we consider the level of 106.82. Upon reaching this level, we expect a pullback to the top.

Short-term upward movement is possibly in the range 107.77 - 107.95. The breakdown of the last value will lead to an in-depth correction. Here, the goal is 108.21. This level is the key support for the downward structure from September 19.

Main trend: descending structure of September 19.

Trading recommendations:

Buy: 107.77 Take profit: 107.93

Buy : 107.97 Take profit: 108.20

Sell: 107.50 Take profit: 107.27

Sell: 107.23 Take profit: 107.08

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For the Canadian dollar / US dollar pair, the key levels on the H1 scale are: 1.3379, 1.3343, 1.3326, 1.3297, 1.3260, 1.3235, 1.3198 and 1.3172. Here, we continue to monitor the development of the ascending structure of September 10. The continuation of the movement to the top is expected after the breakdown of the level of 1.3297. 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.

Short-term downward movement and consolidation are possible in the range of 1.3260 - 1.3235. The breakdown of the last value will lead to an in-depth correction. Here, the target is 1.3198. This level is a key support for the top. Its breakdown will have the downward structure. In this case, the potential goal is 1.3172.

The main trend is the rising structure of September 10, the correction stage.

Trading recommendations:

Buy: 1.3299 Take profit: 1.3226

Buy : 1.3344 Take profit: 1.3378

Sell: 1.3260 Take profit: 1.3237

Sell: 1.3233 Take profit: 1.3200

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For the Australian dollar / US dollar pair, the key levels on the H1 scale are : 0.6822, 0.6797, 0.6782, 0.6745, 0.6732, 0.6705 and 0.6683. Here, we are following the development of the downward cycle of September 13. Short-term downward movement is expected in the range 0.6745 - 0.6732. The breakdown of the last value should be accompanied by a pronounced downward movement. Here, the target is 0.6705. Price consolidation is near this value. For the potential value for the bottom, we consider the level of 0.6683. Upon reaching which, we expect a departure in the correction.

Short-term upward movement is possibly in the range of 0.6782 - 0.6797. The breakdown of the last value will lead to a long correction. Here, the potential target is 0.6822. This level is a key support for the downward structure.

The main trend is the downward cycle of September 13.

Trading recommendations:

Buy: 0.6782 Take profit: 0.6795

Buy: 0.6800 Take profit: 0.6822

Sell : 0.6745 Take profit : 0.6734

Sell: 0.6730 Take profit: 0.6707

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For the euro / yen pair, the key levels on the H1 scale are: 119.41, 119.02, 118.74, 118.28, 118.01, 117.73, 117.51 and 117.10. Here, we are following the development of the descending structure of September 18. Short-term downward movement is expected in the range 118.28 - 118.01. The breakdown of the latter value will lead to a movement to the level of 117.73. Price consolidation is in the range of 117.73 - 117.51 . For the potential value for the bottom, we consider the level of 117.10. From this level, we expect a rollback to the top.

Short-term upward movement is possibly in the range 118.74 - 119.02. The breakdown of the latter value will lead to in-depth movement. Here, the goal is 119.41. This level is a key support for the downward structure.

The main trend is the descending structure of September 18.

Trading recommendations:

Buy: 118.75 Take profit: 119.00

Buy: 119.04 Take profit: 119.40

Sell: 118.28 Take profit: 118.03

Sell: 118.00 Take profit: 117.74

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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 are following the local ascendant structure of September 12. 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 ascending structure of September 3, the local ascending structure of September 12.

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

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