Technical analysis on EU,GU and majors

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GBP/USD intraday technical levels and trading recommendations for September 16, 2014

In July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been trending-down limited by the depicted downtrend.
Two successive bearish impulses were initiated around 1.7180 and 1.6630 corresponding to the upper limit of the depicted channel.
Price level of 1.6140 constitutes a prominent weekly support to meet the pair. Temporary breakdown took place last week as depicted on the chart. However, bullish rejection was witnessed in the recent daily candlesticks ( note the bullish engulfing daily candlestick which emerged on Thursday). This led to a bullish weekly closure ( above the weekly support level around 1.6250 ).
We expect the GBP/USD pair to retrace towards the price zone of 1.6330-1.6400 where a new bearish impulse is expected to be applied offering a valid low-risk sell entry. Stop loss should be set as daily closure above 1.6410.
This price zone corresponds to the upper limit of the depicted bearish channel as well as prominent Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.
Today's daily closure should be considered. A bullish candlestick will probably allow the bulls to retest 1.6330-1.6400 again before further decline can take place.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of USD/JPY for Sep 16, 2014

Fundamental Overview:
USD/JPY is expected to consolidate with a bullish bias. It is undermined by the lower U.S. Treasury yields (10-year at 2.591% versus 2.609% late Friday), diminished investor risk appetite (U.S. stocks closed mixed overnight with S&P 500 off 0.07%, DJIA up 0.26%; VIX fear gauge rose 6.09% to 14.12) on news that China's industrial growth slowed to a six-year low in August, jitters about the Scottish independence vote on Thursday and caution before Federal Reserve's interest rate decision on Wednesday. USD/JPY is also weighed by Japanese exporter sales. But USD/JPY downside is limited by the demand from Japanese importers and the positive USD sentiment as much-stronger-than-expected rise in Empire State's business conditions index to 27.5 in September from 14.7 in August (versus forecast 16.0) outweighs surprise 0.1% drop in U.S. August industrial production (versus forecast +0.3%) and lower-than-expected capacity utilization of 78.8% (versus forecast 79.3%).
Data focus:
0535 GMT Bank of Japan Governor Haruhiko Kuroda speech
1230 GMT U.S. August PPI
1300 GMT U.S. July Treasury international capital data.
Technical comment:
Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, 5 and 15-day moving averages are advancing, although inside-day-range pattern was completed on Monday.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 107.50 and the second target at 107.85. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 106.60. A break of this target would push the pair further downwards and one may expect the second target at 106.20. The pivot point is at 106.90.
Resistance levels: 107.45 107.80 108.15
Support levels: 106.60 106.20 106

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

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Gold : analysis for September 16, 2014

Overview:
Since our last analysis, gold has been trading upwards. The price tested the level of 1,241.88 in a volume below average. Gold started a bullish corrective phase. I have place Fibonacci expansion levels. I got Fibonacci expansion 61.8% at the price of 1,240.00 (currently on the test), Fibonacci expansion 100% at the price of 1,244.00 and Fibonacci expansion 161.8% at the price of 1,252.00. Our major Fibonacci expansion 100% is broken, so we may see potential testing the level of 1,218.00 (Fibonacci expansion 161.8%, almost tested). According to the 4H time frame, we can observe very weak demand in a volume below average, which is a sign that buying still looks risky. Watch for potential selling opportuntiies after retracement.
Daily pivot Fibonacci points:
Resistance levels: R1: 1,238.46 R2: 1,241.50 R3: 1,246.43
Support levels: S1: 1,228.60 S2: 1,225.56 S3: 1,220.63
Trading recommendations:
Buying looks risky since the price has broke our Fibonacci expansion 100%.

Performed by Petar Jacimovic, Analytical expert
InstaForex Group © 2007-2014

 

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Daily analysis of Silver for September 16, 2014

Overview In today's H4 chart, we see that the metal is trading between the support level of 18.50 and below the resistance level of 19.75 after its failure to break the resistance level yesterday. It has bounced from it to take a slightly downward move. Currently, it is testing the support level of 18.50. At presently, we suggest waiting for closing above the resistance level of 18.75 in case of bouncing from the support level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 19.00. After breaking this resistance level, silver would open the way towards the resistance level of 19.20 that, which means more bullish signals.
Resistance and support levels: R3 (19.20), R2 (19.00), R1 (18.75), S1 (18.50), S2 (18.30).

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of EUR/USD for September 17, 2014

Overview:
Due to the previous events, the price is still between the levels of 1.3009 and 1.2933, so it is recommended to be careful while making deals in this area. Also, It should be noted that the market showed the signs of instability because the trend movement was controversial as it took place in the narrow sideways channel. So, the market was in an uptrend for a short term. Moreover, it might be noticed that the price of EUR/USD pair has been rebounding higher towards the level of 1.2973. Also, note that we expect a range of 70 pips today and the level of 1.2933 will act as a key level to confirm the bullish market. Therefore, buy above the level of 1.2933 (1.2929: 23.6% of Fibonacci retracement levels), with the first target of 1.2983, it might resume to the 1.3009 price in order to form a double top in H1 chart. Conversely, the price may close below 1.3009 (50% of Fibonacci retracement levels) in H1 chart. Consequently, the price will call for a bearish market to go further towards the level of 1.3009. However, it should be always noted that the stop loss should never exceed your maximum exposure amounts.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

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Intraday technical levels and trading recommendations on GBP/USD for September 17, 20

The GBP/USD pair has been down-trending for almost one month. Moreover, evident bearish momentum keeps pushing lower without significant bullish correction.
Any bullish fixation above price level of 1.6150 ( Tuesday's highest level ) and 1.6275 (neckline of the 123 reversal pattern) hinders the current steep down-trend allowing a bullish corrective move to take place towards 1.6350 and 1.6410 ( 61.8% Fibonacci Levels ).
A valid SELL entry would be expected at retesting of the previously mentioned price zone (1.6370 - 1.6410 ).
On the other hand, re-fixation below 1.6135 ( depicted on the chart ) hinders the current corrective move. Another bearish impulse towards 1.5910 would be expected then ( low probability ).

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

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Technical analysis of USD/JPY for Sep 17, 2014

Fundamental Overview: USD/JPY is expected to consolidate as markets await 1800 GMT Federal Reserve's interest rate decision. Market participants are watching out for subtle adjustments in the way the Fed describes its outlook on policy that could signal earlier hikes to the Fed's key policy rate than the widely-expected mid-2015. USD/JPY is underpinned by yen-funded carry trades amid improved investor risk sentiment (VIX fear gauge eased 9.84% to 12.73; S&P 500 rose 0.75% to close at 1,998.98 overnight) after a report by Goldman Sachs economists and comments by Wall Street Journal chief economics correspondent Jon Hilsenrath both suggest the Fed may continue to use the words "considerable time" to describe when it may raise rates after the bond-buying program is over in October, Chinese media report that the People's Bank of China had stepped up its efforts to stimulate the economy by providing some $81 billion of liquidity to the country's five biggest banks. USD/JPY is also supported by the demand from Japan importers. But USD/JPY gains are tempered by the Japan exporter sales and broadly weaker USD undertone (ICE spot dollar index last 84.09 versus 84.25 early Tuesday and jitters about the Scottish independence vote on Thursday.
Technical comment:
Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, 5 and 15-day moving averages advancing.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 106.85. A break of this target will move the pair further downwards to 106.60. The pivot point stands at 107.60. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 107.80 and the second target at 108.10.
Resistance levels: 107.80 108.10 108.35
Support levels: 106.85 106.60 106.20

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for September 17, 2014

Gold price is holding above short-term support but also below short-term resistance. This sideways action is expected to end soon and tonight after the FOMC the latest we should know the direction of the new move we soon expect to start in Gold.

The daily chart above continues to favor bears. Trend is clearly bearish as Gold price makes lower lows and lower highs but also in Ichimoku cloud terms. Daily resistance is found at $1,250 while our next important support is at $1,223 and $1,180. I remain bearish targeting at least a move towards previous lows at $1,180.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Daily analysis of Silver for September 17, 2014

Overview
In today's H4 chart, we see that the metal is trading between the Support level of 18.50 and below the Resistance level of 18.75 after its failure to break the Resistance level yesterday. It bounced from it to take a slightly downward move. Currently, it is testing the Support level of 18.50. Presently, we suggest waiting for closing above the Resistance level of 18.75 in case of bouncing from the Support level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 19.00. After breaking this Resistance level, silver would open the way towards the Resistance level of 19.20 that, which means more bullish signals.
Resistance and support levels: R3 (19.20), R2 (19.00), R1 (18.75), S1 (18.50), S2 (18.30).

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Group © 2007-2014

 

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Intraday technical levels and trading recommendations on EUR/USD for September 18, 20

Recent bullish recovery is witnessed on the chart. A possible bullish Head and Shoulders pattern was established with projection target located at 1.3075. No successful confirmation took place so far.
Four-Hour fixation above 1.2985-1.3000 ( neckline of the reversal pattern ) is essential to acquire enough momentum to initiate a bullish corrective move towards 1.3100 and 1.3150.
The nearest bullish destination is located at 1.3180 where the upper limit of the ongoing bearish channel and 38.2% Fibonacci Level are located. A good SELL entry can be taken there.
The current short-term bearish trend remains intact as long as bears keep defending the price zone around 1.2995 ( the recent weekly high ).
On the other hand, bearish slide below 1.2855 invalidates the mentioned bullish reversal pattern. Thus, bearish decline towards 1.2745 would be expected then.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for September 18, 2014

In July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending limited by the depicted pattern.
Two successive bearish impulses were initiated around 1.7180 and 1.6630 corresponding to the upper limit of the depicted channel.
Price level of 1.6140 constitutes a prominent weekly support to meet the pair. Bullish rejection was witnessed in the recent daily candlesticks ( note the bullish engulfing daily candlestick which emerged on Thursday). This led to a bullish weekly closure ( above the weekly support level around 1.6250 ).
Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse is expected to be applied offering a valid low-risk sell entry. Stop loss should be set as daily closure above 1.6410.
This price zone corresponds to the upper limit of the depicted channels as well as prominent Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.
This probably offers a valid SELL opportunity as long as the bears keep defending price level of 1.6400.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for Sep 18, 2014

Fundamental Overview:
USD/JPY is expected to consolidate with bullish bias after hitting six-year high at 108.69 this morning. Spotlight is on Thursday on U.K.'s referendum on Scottish independence. USD/JPY is underpinned by the positive dollar sentiment (ICE spot dollar index last 84.78 versus 84.09 early on Wednesday) after the Federal Reserve reduced its monthly bond purchases by another $10 billion to $15 billion and retained its guidance that short-term interest rates will remain near zero for a "considerable time" after the bond-buying program is expected to end next month, but forecast a faster pace of rate increases in 2015 and 2016--the median forecast from Fed officials sees the fed-funds rate at 1.375% by the end of 2015, compared with a 1.125% forecast in June. USD/JPY is also supported by the rise in U.S. NAHB housing market index to 59 in September--its highest since 2005--from 55 in August, demand from Japan importers and higher U.S. Treasury yields (10-year at 2.622% versus 2.589% late Tuesday) and yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 0.63% to 12.65, S&P 500 closed up 0.13% at 2,001.57) as investors embrace the steady-as-she-goes message the Fed is delivering on the economy and interest rates. But USD/JPY gains are tempered by the Japan exporter sales and caution ahead of Scottish independence vote.
Technical comment:
Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, 5 and 15-day moving averages are advancing.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 109.20 and the second target at 109.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.65. A break of this target would push the pair further downwards and one may expect the second target at 107.10. The pivot point is at 108.15.
Resistance levels: 109.20 109.70 110
Support levels: 107.65 107.10 106.85

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Technical analysis for September 18, 2014

Gold price has broken to new lows yesterday as support at $1,230 was broken. Gold price moved below $1,220 as the trend remains bearish as I have been pointing out in the previous analysis. The intermediate-term target is $1,200-$1,180. The longer-term target is $1,000.

Red line = resistance
Blue line = support
Green line = channel
Gold price remains inside the green downward sloping channel. It has broken the short-term support at $1,230 and is making a lower low. The trend remains bearish. The ichimoku cloud indicators as yeterday remain bearish pointing lower towards $1,200.

Red line = resistance
The short-term chart remains bearish. However, we could see a back test of the previous support at $1,230. If Gold price breaks above $1,225 it could push towards $1,230 for the back test of the broken support. The trend is however still bearish as long as price is below $1,243.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Daily analysis of Silver for September 18, 2014

Overview:
As shown in the today's H4 chart, the metal failed to break the Support level of 18.30 to bounce again and trade between the Support level and below the Resistance level of 18.50, and currently it is bouncing from the Support level and starting a bullish move. So we still suggest waiting for closing above the Resistance level of 18.50 to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 18.75, then after breaking this Resistance level, silver would open the way towards the Resistance level of 19.00, which means more bullish signals, but as long as the metal trades below the Resistance level of 18.50 this cancels the bullish scenario.
Resistance and support levels: R3 (19.00), R2 (18.75), R1 (18.50), S1 (18.30), S2 (18.00), S3(17.75)

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for September 19, 20

Recent bullish recovery is witnessed on the chart. A possible bullish Head and Shoulders pattern was established with projection target located at 1.3075. However, manifestations of bearish domination of the short-term market is manifest on the chart.
The current short-term bearish trend remains intact as long as bears keep defending the price zone around 1.2995 (the recent weekly high). Moreover, another descending high was established Today around 1.2920.
Bearish slide below 1.2850 invalidates the possibility of a bullish reversal. Thus, bearish decline towards 1.2750 and 1.2680 would be expected then ( A bearish Flag pattern ).

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for September 19, 20

The GBP/USD pair has been down-trending for almost one month. Moreover, evident bearish momentum keeps pushing lower without significant bullish correction.
As expected, bullish fixation above price level of 1.6150 ( Tuesday's highest level ) and 1.6275 (neckline of the 123 reversal pattern) allowed a bullish corrective move to take place towards 1.6350 and 1.6410 ( 61.8% Fibonacci Levels ).
This bullish movement was enhanced by the updates in the independence of Scotland voting, which showed the superiority of the votes that said "no" and therefore Scotland will remain in the United Kingdom.
Technically, a valid SELL entry is suggested at retesting of price levels around 1.6410. 4H fixation below 1.6330 is essential to pursue the current bearish movement.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for September 19, 2014

In Asia, Japan will release the All Industries Activity m/m, and the US will release some economic data such as CB Leading Index m/m. So there is a big probability the USD/JPY will move with low volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 109.67.
Resistance. 2: 109.45.
Resistance. 1: 109.24.
Support. 1: 108.98.
Support. 2: 108.77.
Support. 3: 108.55


Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Wave analysis for September 19, 2014

The bounce in Gold price from $1,215 is clearly corrective. The form of the rise in not impulsive and that is why I expect more downside pressures to push Gold price towards $1,200-$1,180. The trend remains downward according to the Ichimoku cloud 4-hour chart.

Red line = resistance
Blue line = support
In the 30-minute chart above, we can see a bearish flag being formed. The form of this sideways movement is clearly corrective relative to the impulsive decline. Breaking below support at $1,219 will give me a sell signal and I will expect Gold price to move towards $1,200.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Daily analysis of Silver for September 19, 2014

Overview
According to our last week expections, the prices close below the Resistance level of 18.50 would give new opportunities for sell signals. As shown in the attached H4 chart, the metal has failed to break the Resistance level of 18.50 and bounced from it. Currently, the metal is trying to break the Support level of 18.30 which is tested now in order to continue its bearish move. On the otherhand, the metal's rebound from the Support level of 18.30 cancels the bearish scenario.
Resistance and support levels: R3 (19.00), R2 (18.75), R1 (18.50), S1 (18.30), S2 (18.00), S3(17.75)

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Weekly technical levels of EUR/USD for September 22-26, 2014

Overview: In brief, the support will set at the level of 1.2773 but the double bottom is going to set at 1.2827. According to preview of events, the EUR/USD pair has called for the bearish market from the price of 1.2940 because the price of 1.2940 represents strong resistance this week. Moreover, the weekly pivot point at 1.2983 could hit the moving average (50). Preference is to sell below the weekly pivot point at 1.2883 with the first target at 1.2827 in order to test the double bottom. Additionally, if the pair will be able to break the price of 1.2827, then it is going to continue towards 1.2777.
However, the stop loss has always been in consideration, thus it will be useful to set it above the resistance at the level of 1.2940. Also, it should be noted that stop loss should never exceed your maximum exposure amounts.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014