Gold price recaptures short-term resistance levels

Gold price has broken above $1,520-25 short-term resistance area and must stay above it in order to continue to new 2019 highs. A reversal from the $1,530 area would be a bearish sign specially if price fails to hold $1,520-15.

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Red lines - bullish channel

Yellow rectangle -short-term resistance

Black line -RSI resistance

Gold price remains inside the medium-term bullish channel. Price has recently broken the yellow rectangle area and this is a bullish sign. Bulls need to continue to show signs of strength and price to continue to make higher highs and higher lows inside the channel. Otherwise we might be in danger of a reversal. Although price has broken through the short-term resistance area, the RSI is at the resistance trend line. This makes me feel uncomfortable being too optimistic despite the break of the $1,525 resistance. Bulls need to see the RSI also break the resistance.

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In Ichimoku cloud terms price breaking above both the tenkan- and kijun-sen is a bullish. However bulls need to stay above the yellow and red lines in order for price to continue higher. Major support at recent lows where we also find the upper cloud boundary. Breaking below $1,484 will be a major blow to the medium-term trend.The material has been provided by InstaForex Company - www.instaforex.com

Hot forecast for EUR/USD on 09/25/2019 and a trading recommendation

The single European currency unexpectedly received support from data on housing prices. S&P/CaseShiller forecasts did not materialize, and housing prices did not accelerate from 2.1% to 2.2%, but slowed to 2.0%. At the same time, the previous data was revised upwards, up to 2.2%. In other words, the scale of the slowdown in housing price growth has been quite substantial. This was the reason for the weakening of the dollar on all fronts.

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Today, the dollar can get an opportunity for revenge, due to data on the real estate market. It is expected that 660 thousand new homes were sold in August. This is 25 thousand more than in the previous month. or 3.9% more. In addition, the previous time, sales collapsed as much as 12.8%. So against the background of the previous collapse, the projected growth looks very impressive. Do not forget that tomorrow the final data on the GDP of the United States for the second quarter are published, so that the market situation is becoming more and more uncertain. This means that investors will be more responsive to emerging statistics.

New Home Sales (USA):

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The EUR/USD pair in the pullback phase managed to rebound just above the psychological mark of 1.1000, where the recovery process started during the Pacific and Asian trading sessions, winning back a little more than 50% of the pullback. Considering what is happening in general terms, we see that relative to the corrective course, the recovery process is preserved, where the point of the main support is 1.0936, and the periodic support of the beginning of the week is 1.0966.

It is likely to assume that the quotation will again try to return to the area of the periodic support on Monday at 1.0966, where further actions will subsequently be considered.

Concretizing all of the above into trading signals:

• Long positions, if considered, in the event of price consolidation higher than 1.1025.

• We consider short positions as the main prospect, where an initial descent to the area of 1.0966/1.0980 is expected.

From the point of view of a comprehensive indicator analysis, we see that indicators in the short and medium term are prone to further decline. Hourly periods are neutral due to their versatile interest.

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Trading plan for EURUSD on 09/25/2019

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The negative state of the German economy and Brexit – was not enough to cause the euro to move down.

On the contrary, the euro stubbornly moved upward last Tuesday, blowing down the feet of speculators. And then moved down on early Wednesday morning.

There's not enough momentum to cause movement. Range.

We buy when breaking up 1.1077.

We sell with a break down 1.0925.

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EUR / USD: Is impeachment so terrible as it is "drawn"?

Over the past three days, the bears of the euro/dollar pair have been trying to gain a foothold in the ninth figure and each time, it is unsuccessful as buyers return the price to the 10th figure. Even so, they do not have enough strength for further growth. As a result, the pair continues to trade flat in the range of 1.0950-1.1080. The fundamental picture for the pair this week is not full of important events. Although, there are "loud" headlines in the American press today that can subsequently affect the dynamics of EUR/USD pair.

We are talking about another attempt by the Democrats to remove Donald Trump from his post in impeachment. This is far from the first attempt. In the three years of his tenure in power, the opposition has repeatedly raised this issue (for various reasons) but ultimately failed. Although the fact of previous failures does not mean that the Democrats are doomed this time to a similar result; a few facts are worth recalling.

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Firstly, a similar situation occurred in the spring of 2017. Then, the word "impeachment" in relation to Donald Trump was first spoken in the walls of the US Congress. Texas Democrat Congresswoman Al Green called for a "hindering justice" process. This is a conversation between Donald Trump and James Comey, who at that time was the head of the FBI. During this meeting, the president allegedly demanded an end to the investigation against his adviser Flynn. After lengthy proceedings, the opponents of the American president failed to prove the accusation. There was no record of this dialogue, after which the impeachment issue itself came to naught.

The current situation has a significant difference. Let me remind you that the Democrats accuse Trump of exerting pressure on the President of Ukraine Volodymyr Zelensky. According to some media reports, the US president allegedly announced the freezing of military assistance to Kiev, saying that it was ready to defrost it in exchange for the resumption of investigations in Ukraine against the son of US presidential candidate Joe Biden. Unlike a simple dialogue, this telephone conversation can be reproduced in the form of a transcript. Congress has already demanded that this transcript be provided and Ukraine has given permission to the State Department to publish a transcript of this telephone conversation. That is, the only question now is whether Trump really exercised any pressure on Zelensky and whether this dialogue will "pull" the real impeachment.

It is worth noting that this is not so simple. According to US law, any representative of the House of Representatives can initiate the issue of initiating an impeachment procedure. However, this process is multi-stage -after submitting the relevant application, it is considered by the Legal Committee of the lower house of Congress. If they consider the allegations to be justified, a simple majority of those who voted will submit them to the Senate. But at this stage, impeachment should be approved by two-thirds of the senators. It is worth noting that in the entire history of the United States, not a single president lost his position by impeachment. The Lower House approved this procedure twice (once in 1868, the second already in our time, regarding Bill Clinton) but in both cases, the Senate did not support this decision.

Thus, high-profile headlines about the beginning of the impeachment procedure can have a short-term effect on the dollar. Since the procedure itself is not yet impeachment, but rather an investigation by Congress. Following which, the parliamentarians of both houses should approve further steps in this direction. Here, it is necessary to remember that a presidential election in the United States will be held in a year. Therefore, this situation can also be considered from the point of view of political PR.

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In other words, the issue of impeachment is unlikely to be on the agenda of EUR/USD traders for a long time. The foreign exchange market is waiting for the main event of the fall, which will take place in early October. We are talking about the next round of talks between Beijing and Washington. The EUR/USD pair now ignores current macroeconomic statistics, allowing only relatively small fluctuations within the flat. Yesterday in Germany, very good IFO reports were published. However, in the United States, the indicator of consumer confidence turned out to be worse than expected, reaching 125 at a growth forecast of 131 points. Also, the Fed-Richmond manufacturing index completely collapsed into the negative area, contrary to growth forecasts. Although, these releases provoked only market noise as traders are in no hurry to draw hasty conclusions.

All of these suggest that the pair will continue to trade within the wide-range flat: the bears will still test the support level of 1.0950. In turn, buyers will return the pair to the borders of the 10th figure. It will be possible to speak about the further development of the downward trend only if the pair consolidates below 1.0950, heading to the base of the ninth figure.

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Indicator analysis. Daily review on September 25, 2019 for the GBP / USD currency pair

Trend analysis (Fig. 1).

On Wednesday, the price may move down with the first target of 1.2436 - a pullback level of 23.6% (blue dashed line). Further downward movement may continue with the target of 1.2381 - 21 average EMA (black thin line).

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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 Wednesday, the price, before the news 14.00 Universal time, may move down.

An unlikely scenario is an upper movement with the target at 1.2583 (upper fractal).

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Overview of GBP/USD on September 25th. Forecast according to the "Regression Channels". Jeremy Corbyn wants to seize power

4-hour timeframe

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Technical data:

The upper channel of linear regression: direction – down.

The lower channel of linear regression: direction – up.

The moving average (20; smoothed) – sideways.

CCI: -31.8442

Yesterday, we wrote about all the events that took place in the walls of the Supreme Court and the first comments of representatives of the conservatives, Jeremy Corbyn and other politicians. Also yesterday, information appeared that the Speaker of the House of Commons, John Bercow, had instructed the deputies to prepare for the restoration of the parliamentary session on September 25, that is, today. "I instructed the deputies to prepare for the resumption of activities, as the decision to break the Parliament was illegal and, accordingly, is invalid," said Bercow. Thus, if there are no unexpected obstacles to this, then today the parliamentarians will return to their seats and continue the war against Boris Johnson and the "hard" Brexit.

Meanwhile, against the backdrop of five iconic defeats of Boris Johnson, as well as overt calls to resign, Labor leader Jeremy Corbyn became more active. If earlier he occupied the role of the opposition leader, now he is marking the prime minister in the chair. Corbyn said that if his party succeeds in taking power, a second referendum on Brexit will be held within six months, in which citizens can refuse to leave the country from the EU. "The Labor Party must put an end to the lawlessness and chaos for three and a half years, during which the conservatives divided the country. The only way to resolve this issue is to allow the people to speak out again and decide whether they want to leave the EU on good terms or not at all. Within three months of coming to power, Labor will get an agreement from Brussels on reasonable terms, which we have repeatedly called trade unions and business: a new customs union, relations within the single market and guarantees of protection of rights," Corbyn promised. It sounds beautiful, of course, but there are no guarantees that the country will be able to reconsider the terms of the agreement with the European Union, that the European Union will generally start new negotiations and unexpectedly refuse the "backstop", which is the cornerstone of the negotiations. Moreover, the opinion "to leave the EU" can win the referendum, but it will be possible to agree on a new "deal". So even with Prime Minister Jeremy Corbyn, there is no guarantee that the "Brexit" epic will end quickly and positively for the UK. However, we recognize that this is indeed the best time for Labor to try to seize power in the country. Still, for more than three years, conservatives have not been able to remove the Kingdom from the jurisdiction of Brussels; moreover, many more failures and defeats are associated with their current leader Johnson than victories.

Well, the pound returned yesterday to the area above the moving average line, so at the moment, we can state the resumption of the upward trend. However, the new consolidation below the moving average will again change the market mood to bearish.

Nearest support levels:

S1 – 1.2451

S2 – 1.2421

S3 – 1.2390

Nearest resistance levels:

R1 – 1.2482

R2 – 1.2512

R3 – 1.2543

Trading recommendations:

The GBP/USD currency pair has fixed above the moving average. Thus, traders are now encouraged to consider buying the pound/dollar pair with targets of 1.2512 and 1.2573. However, the Heiken Ashi indicator has already painted one bar blue, which signals a possible turn of the downward movement with a new fixation below the moving average.

In addition to the technical picture, fundamental data and the time of their release should also be taken into account.

Explanation of illustrations:

The upper linear regression channel – the blue line of the unidirectional movement.

The lower linear regression channel – the purple line of the unidirectional movement.

CCI – the blue line in the indicator regression window.

The moving average (20; smoothed) – the blue line on the price chart.

Support and resistance – red horizontal lines.

Heiken Ashi – an indicator that colors bars in blue or purple.

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

Indicator analysis. Daily review on September 25, 2019 for the EUR / USD currency pair

Trend analysis (Fig. 1).

On Wednesday, a downward movement is possible with the target of 1.0970 - a pullback level of 76.4% (red dashed line), but for this, the price should overcome a strong pullback level of 61.8% - 1,0997 (red dashed line). Work down, after completing the rollback from the level of 1.0997, or place a pending Sell Stop order from the level of 1.0997.

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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 - up;

- weekly schedule - up.

General conclusion:

On Wednesday, a downward movement is expected.

An unlikely scenario is an upward movement with the first target, with an upward movement of 1.1039 - a resistance line (blue bold line).

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

Overview of EUR/USD on September 25th. Forecast according to the "Regression Channels". Impeachment proceedings have begun

4-hour timeframe

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Technical data:

The upper channel of linear regression: direction – down.

The lower channel of linear regression: direction – sideways.

The moving average (20; smoothed) – down.

CCI: -61.1028

After the disastrous Monday, the euro managed to recover and adjust to the moving average line, but it failed to consolidate above, so a rebound followed and now the chances of resuming the downward movement of the EUR/USD pair are quite high. Yesterday, there were no important macroeconomic publications either in the eurozone or in the States. Today, the situation is no better. The calendar of macroeconomic events is empty, except for one or two secondary reports. Today, we can see firsthand the mood of the bears on the new sales of the pair. Since the fundamental background will not interfere today, the pair's decline during the day will show that traders are ready to continue forming a downward trend. From a technical point of view, the rebound from the moving average is a signal to open sales of the euro/dollar pair. Thus, today we can witness a decline in the area of two-year lows, around which the pattern of "double bottom" was formed, which remains more formal. In general, today, we expect another decline in the European currency.

As for the fundamental events, we can only wait for them. Mario Draghi once again shared his vision of the state of the EU economy with traders on Monday, the prospects for the euro currency did not get any better. Over the remainder of the week, the United States will report on GDP, durable goods orders, personal spending and income, and consumer confidence from the University of Michigan. All news – from the USA. Is it possible to expect a failure from them to save the euro from the next update of the lows? It is possible, for example, a rather important indicator of orders for durable goods is expected with a reduction of 3.1% in August. For other reports – forecasts are neutral. Thus, of course, there are certain chances for the euro not to fall below 1.0930 this week, but the euro is waiting, as usual, not from the European Union (strong news), but from overseas (weak news).

Meanwhile, in America, the impeachment procedure of Donald Trump quite unexpectedly begins. Very unexpected. Although the behavior and actions of the odious leader very often raised questions in Congress and among citizens, impeachment will not be imposed because of this. The US President is accused of violating his oath and betraying national interests. This was stated by House Speaker Nancy Pelosi. She reports that Donald Trump has admitted that he asked the President of Ukraine Vladimir Zelensky to perform actions beneficial to him in a political context, and the Chamber begins an official investigation as part of the impeachment procedure. "The president must be held accountable. No one can be above the law," Pelosi said. Trump himself reacted with restraint, writing on Twitter: "They didn't even see the transcript of the call. Total witch hunt!".

Nearest support levels:

S1 – 1.0986

S2 – 1.0956

S3 – 1.0925

Nearest resistance levels:

R1 – 1.1017

R2 – 1.1047

R3 – 1.1078

Trading recommendations:

The euro/dollar currency pair rebounded from the moving average and can now resume its downward movement. Thus, it is recommended to sell the euro with the targets of 1.0986 and 1.0956 before the next reversal of the Heiken Ashi indicator upwards, which will signal a new round of correction.

In addition to the technical picture, fundamental data and the time of their release should also be taken into account.

Explanation of illustrations:

The upper linear regression channel – the blue line of the unidirectional movement.

The lower linear regression channel – the purple line of the unidirectional movement.

CCI – the blue line in the indicator window.

The moving average (20; smoothed) – the blue line on the price chart.

Support and resistance – red horizontal lines.

Heiken Ashi – an indicator that colors bars in blue or purple.

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

Technical analysis of ETH/USD for 25/09/2019

Crypto Industry News:

An IT company in Armenia has been accused of illegal electricity consumption and using it to mine cryptocurrencies.

On September 21, in an announcement by the Armenian National Security Service, the organization accused an IT company of illegal mining of cryptocurrencies at a hydroelectric power plant. A state agency has reported that an IT company has installed cryptocurrency mining equipment at one of the hydroelectric power plants operating in Armenia, resulting in illegally consuming 1.5 kilowatt-hours of electricity - worth over $ 150,000 - in 1.5 years.

Earlier in September, information appeared that regulators in the Autonomous Province of Inner Mongolia issued a notice demanding the closure of companies mining cryptocurrencies in the province.

Several departments in Inner Mongolia have identified the need to rectify the mining industry in the province. The listed organizations were the Committee on Development and Reform, the Department of Public Security, the Office of the Ministry of Industry, the Financial Office and the Big Data Office.

Technical Market Overview:

The ETH/USD pair has invalidated the bullish impulsive scenario after the level of $162.78 has been broken. This price action means the corrective cycle in wave 2 is still developing and the market participants should be ready for lower prices. The current Elliott wave scenario is still bearish because the wave (C) of the wave Z of the higher degree has not been completed yet. The nearest technical support is seen at the level of $162.78 and the key technical support is seen at the level of $151.85. On the other hand, the nearest technical resistance is seen at the level of $174.90.

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:

Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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

Technical analysis of BTC/USD for 25/09/201

Crypto Industry News:

According to the job offer at LinkedIn, NASA has a vacant position at the Jet Propulsion Laboratory in California, whose primary function is the construction and operation of unmanned planetary spacecraft and conducting orbiting missions.

Among a large number of qualifications required, NASA exchanged knowledge in at least one related field, including Big Data, machine learning, Internet of Things, analysis, statistics and cloud computing. The agency also sought experience in the field of cryptocurrencies and Blockchain technology, stating that such qualifications would be considered a plus.

These qualifications are to be implemented by a data scientist when designing and implementing a program to analyze complex, large data sets used for research, modeling, data mining and predictive analysis at NASA, the agency wrote.

Technical Market Overview:

The BTC/USD pair has invalidated the bullish impulsive scenario after the level of $9,232 has been violated. The current Elliott wave count has been invalidated as well and the alternative count is now in charge. In this count, the recent spike down is a part of the wave (C) development but it has not been completed yet, so there might be another low blow the level of $7,935. The nearest technical support is located at the level of $8,102 and $8,379. The nearest technical resistance is located at the level of $9,046.

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:

Due to the short-term impulsive scenario invalidation, 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 still being treated as a counter-trend correction inside of the uptrend. When the wave 2 corrective cycles are completed, the market might will ready for another impulsive wave up of a higher degree and uptrend continuation.

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

Technical analysis of GBPUSD for 25/09/2019

Technical Market Overview:

The GBP/USD pair failed to break through the technical resistance located at the level of 1.2504. The bears might soon start to push the prices lower again 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 25/09/2019

Technical Market Overview:

Despite the big Bullish Engulfing candlestick pattern in the background of the short-term EUR/USD timeframe chart, the bulls are so far unwilling to continue the rally. The last important Fibonacci retracement has been violated and the price has made another lower low at the level of 1.0965, just above the technical support located at the level of 1.0963. The corrective cycle continues with RSI indicator below its fifty levels. The key technical support is located at the level of 1.0926 and if violated, then the impulsive wave scenario will be invalidated.

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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GBP/USD: plan for the European session on September 25. The pound loses ground again after a slight growth due to UK Supreme

To open long positions on GBP/USD you need:

As I noted in yesterday's review, the UK Supreme Court ruled that the suspension of Parliament is unlawful, which provided temporary support to the pound. Weak data on consumer confidence in the US pushed the pair even higher in the afternoon, but a larger upward trend was not formed. At the moment, the bulls need to protect the support of 1.2442, and the formation of a false breakdown there will be a signal to open long positions in the expectation of a repeat test of yesterday's resistance of 1.2499. Going beyond this level will allow GBP/USD to update weekly highs in the region of 1.2570, where I recommend taking profits. If the pressure on the pound persists, and the bulls fail to maintain the support of 1.2442, then it is best to count on new long positions from a low of 1.2385.

To open short positions on GBP/USD you need:

Despite a slight upward correction, trading is carried out in a short-term downward channel. Another unsuccessful attempt of the bulls to cling to the resistance of 1.2499, and the formation of a false breakdown there will be a signal to open short positions with a break of the level of 1.2442. Consolidating below this range will increase the sellers' chances of a further fall in GBP/USD to a low of 1.2385 and to a larger support level of 1.2323, where I recommend taking profits. Given that important fundamental statistics are not published today, the focus will again be shifted to political differences and Brexit news. In the scenario of a pound growth above the resistance of 1.2499, you can open short positions immediately on the rebound from a high of 1.2569.

Signals of indicators:

Moving averages

Trade in the region of 30 and 50 moving averages, indicating another uncertainty with the direction.

Bollinger bands

In case of a breakthrough of the lower boundary of the indicator in the region of 1.2450, pressure on the pound will return. Growth will be limited by the upper level of the indicator in the area of 1.2500.

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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

Trading plan for Gold for September 25, 2019

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Technical outlook:

Gold has reached our minimum expectations of $1530 levels. The metal has printed $1535 highs yesterday and could push through $1540 levels as well before giving in to bears again. Looking at the wave structure, the drop from $1557/58 through $1482 earlier was an impulse. It has been followed by a complex correction (3 waves), A-B-C (3-3-5), towards recent highs. Also note that gold faces Fibonacci 0.618 resistance of the previous drop as well. Ideally, we should see a bearish reversal that could extend itself towards $1450 levels. Resistance remains at $1560 levels for now and until prices remain below that, a bearish reversal should be expected. Also note that Fibonacci convergence is seen at $1540 levels. Hence, a last push towards $1540 cannot be ruled out. An attached video should explain the A-B-C counter trend rally that has been met. Watch out for another update soon.

Trading plan:

Remain short against $1560, add further at $1540, target below $1450.

Good luck!

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

EUR/USD: plan for the European session on September 25. Demand for the US dollar is back, but a breakout of support at 1.0988

To open long positions on EURUSD you need:

Yesterday's weak report on the US Consumer Confidence Index, which fell, only temporarily put pressure on the US dollar, but the news that the US president was being prepared for an impeachment, on the contrary, returned the demand for the US currency today. Currently, buyers need to protect the support level of 1.0988, which was formed yesterday. Only the formation of a false breakdown there will make it possible for us to count on another wave of EUR/USD growth with an update of yesterday's resistance in the area of 1.1022. However, a more important task is to break through this range, which will provide the pair with a new rising wave to the area of a high of 1.1067, where I recommend taking profits. In case the euro further declines and bulls are absent at 1.0988, it is best to consider new long positions at the rebound from support at 1.0955, or at the month's low -1.0925.

To open short positions on EURUSD you need:

Given that no important fundamental statistics are planned for today, the market is likely to return to a bearish scenario. A number of representatives of the European Central Bank and the Federal Reserve are speaking today, which may lead to some surge in the pair's volatility. An unsuccessful consolidation in the morning above the resistance of 1.1022 will put pressure on the euro, and a break below the support of 1.0988 will be a clear signal to open short positions in order to further pull down EUR/USD to the low of 1.0955 and the low of 0.09925, where I recommend taking profit. If the bulls find the strength in themselves and return the level of 1.1022 at the European session, then it is best to consider selling the ruo by rebounding from a high of 1.1067.

Signals of indicators:

Moving averages

Trade is conducted in the region of 30 and 50 moving averages, which indicates another market uncertainty with the direction.

Bollinger bands

A break of the lower boundary of the indicator in the region of 1.0988 will increase pressure on the euro, while going beyond the upper boundary in the region of 1.1022 will lead to the pair's growth.

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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

Trading plan for EURUSD for September 25, 2019

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Technical Outlook:

The EUR/USD pair seems to have bottomed at 1.0966 levels. The subsequent rally has to break above 1.1025 resistance but it could be on its way. It is possible that the euro could print another low below 1.0966 before turning higher again. We would be watching price action unfold and update accordingly. The key for bulls to remain in control is 1.0927 as support. If EURUSD stays above 1.0927 levels, this scenarios is likely to occur. That being said, wave (iii) should push towards 1.1185 levels at least. A push above 1.1025 levels and subsequently above 1.1067 would confirm that a meaningful low is in place at 1.0966 levels. A video below explains the scenario which remains still valid on the bullish side.

Trading point:

Remain long against 1.0927, targeting 1.1185.

Good luck!

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Elliott wave analysis of GBP/JPY for September 25 - 2019

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We continue to look for more downside pressure through minor resistance at 133.30 towards 132.36 and ideally closer to 130.78 as the ideal downside target for red wave ii.

Short-term resistance is found at 134.53 which we expect will be able to cap the upside for the expected break below 133.30. Once the correction in red wave ii is complete and new impulsive rally higher to 139.2.

R3: 134.53

R2: 134.28

R1: 134.04

Pivot: 133.56

S1: 133.30

S2: 133.16

S3: 132.89

Trading recommendation:

We will buy GBP near 131.25

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Elliott wave analysis of EUR/JPY for September 25 - 2019

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As long as short-term key support at 117.54 is able to protect the downside, we will look for a break above minor resistance at 118.56 and more importantly a break above resistance at 118.79 confirming that the correction in red wave ii has completed and that red wave iii higher towards at least 121.97 is developing.

An unexpected break below 117.54 will open for a dip to 117.15 before tuning higher again.

R3: 118.79

R2: 118.56

R3: 118.35

Pivot: 118.21

S1: 118.07

S2: 117.72

S3: 117.54

Trading recommendation:

We are long EUR from 118.25 with our stop placed at 117.50. If the stop is hit, we will re-buy EUR at 117.25

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Technical analysis: Important intraday Level For EUR/USD, September 25,2019

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When the European market opens, some economic data such as German 10-y Bond Auction and German GfK Consumer Climate will be released. The US will release such economic data as Crude Oil Inventories and New Home Sales. So, amid the reports, EUR/USD will move in a low to medium volatility during this day.TODAY'S TECHNICAL LEVEL: Breakout BUY Level: 1.1066. Strong Resistance:1.1060. Original Resistance: 1.1049. Inner Sell Area: 1.1038. Target Inner Area: 1.1013.Inner Buy Area: 1.0988. Original Support: 1.0977. Strong Support: 1.10966. Breakout SELL Level: 1.0960. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Forecast for EUR/USD on September 25, 2019

EUR/USD

Yesterday was very unfortunate for two heads of state - Boris Johnson and Donald Trump; the Supreme Court of Great Britain declared the sending of Parliament on forced leave as unlawful and today it will return to work, and the House of Representatives of the US Congress began the impeachment procedure of Donald Trump for "betrayal of his oath of office, betrayal of our national security and betrayal of the integrity of our elections." The reason was allegedly his demand for the President of Ukraine Volodymyr Zelensky to launch an anti-corruption investigation against John Biden's son Hunter, the head of the gas company in Ukraine Burisma Group.

At the same time, the Ifo index of business sentiment in Germany rose from 94.3 to 94.6 in September, while the US consumer confidence index from the Conference Board dropped from 134.2 to 125.1 in the same month. The euro has grown by 26 points.

We do not believe that Trump is facing real impeachment, he just once again makes it clear that there is nothing for that "upstart" in the second presidential term. Earlier (at the end of April), we wrote that the Democratic Party successfully promoted its people to leading posts in many countries, now they need to restore "order" in the country.

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From a technical point of view, the situation returned to normal over the day. On the daily chart, the signal line of the Marlin Oscillator is moving down from the boundary with the growth territory.

On a four-hour chart, the price turned around, not reaching the resistance of the indicator lines, Marlin returned to the decline zone. The main scenario with a decrease in the euro remains, the target of 1.0926 is a low of September 12 and 3.

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Technical analysis: Important Intraday Levels for USD/JPY, September 25, 2019

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In Asia, Japan will release the BOJ Core CPI y/y and SPPI y/y. The US will also publish some economic data such as Crude Oil Inventories and New Home Sales. 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: 107.72. Resistance. 2: 107.51. Resistance. 1: 107.30. Support. 1: 107.03. Support. 2: 106.82. Support. 3: 106.61. (Disclaimer)The material has been provided by InstaForex Company - www.instaforex.com

Forecast for AUD / USD pair on September 25, 2019

AUD / USD pair

On Tuesday, the Australian dollar performed the expected correction in the range of 0.6759-0.6809 that we expect. The price received support from the red indicator line of balance, the Marlin oscillator slowed down a bit on the border with the territory of the bears on the daily chart. Nevertheless, the price remains below the MACD line and the trend continues to decline. We are still waiting for the price at the nested line of the red price channel in the region of 0.6668. If the price goes above the resistance of the red line of the price channel above 0.6830, growth is possible to the line of the blue price channel to the area of 0.6937.

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On a four-hour chart, the price is held below both indicator lines and the Marlin Oscillator is in the growth zone. We look forward to a weakening market in the current range of 0.6759-0.6809, possibly through consolidation in this area. The price movement to the MACD line of 0.6826 will coincide with an attempt to overcome the daily scale resistance. It is unlikely that the market will succeed right away, even if subsequent growth takes place.

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Forecast for GBP/USD on September 25, 2019

GBP/USD

On Tuesday, the pound grew by 58 points due to the decision of the Supreme Court of England to return work to the Parliament. But the price retreated today during the Asian session. It is not yet clear how much Brexit's risk will be reduced without a deal, but in order to confidently pull down the British pound, it is necessary to overcome two signal levels: 1.2437 - September 19 low - this will signal an attack on the second signal level 1.2381 - July 17 low, and only after overcoming it will the target of 1.2230 open as the Fibonacci level of 223.6% on the daily chart.

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The growth scenario will open after the price consolidates above the Fibonacci level of 161.8% (1.2548). Here, the first target will be 1.2668, then 1.2744.

On a four-hour chart, the price stopped on the MACD line, the Marlin oscillator is trying to go below the zero line, into the zone of negative numbers. It remains to wait for the development of the situation. Formally, the probability of growth is 60%, but at the breaking of trends it is always like that ...

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