Technical analysis of EUR/USD for September 16, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as ZEW Economic Sentiment. The US will release the economic data too such as the PPI m/m, Core PPI m/m, TIC Long-Term Purchases, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.3000.

Strong Resistance:1.2993.

Original Resistance: 1.2980.

Inner Sell Area: 1.2967.

Target Inner Area: 1.2937.

Inner Buy Area: 1.2907.

Original Support: 1.2894.

Strong Support: 1.2881.

Breakout SELL Level: 1.2874.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for September 16, 2014 Market Analysis Review

In Asia, Japan will release the BOJ Gov Kuroda Speech, German ZEW Economic Sentiment; the US will release some economic data such as PPI m/m, Core PPI m/m, TIC Long-Term Purchases. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.57.

Resistance. 2: 107.36.

Resistance. 1: 107.15.

Support. 1: 106.89.

Support. 2: 106.68.

Support. 3: 106.47. Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Intraday trading recommendations for USD/CAD for September 16, 2014 Market Analysis Review

The pair made a double top at 1.11 (rounded). The pair has support between 1.1030-1.1026 61.8 fib level, below these, it has support at 1.1 and 1.0950 50.0 fib level. For the short term, it has support at 1.0862 and 1.0834 levels. Until the pair closes above 1.0834, use every dip to buy. In the near term the pair has support at 1.0934, the bulls need to worry only close below this. We recommend a fresh buy above 1.11 for an upside target at 1.1150, 1.20 and 1.1225 levels. The pair has a long list of supports to save the bulls.

Support 1.1026 1.0950 1.0834

Resistance 1.11 1.1150 1.1225

For an intraday basis, the pair is trading at 1.1053 level in the Pacific session. The pair has support at 1.1036 levels. The prices closed below 35DEMA and 12EMA, representing some weakness on an hourly basis. We recommend selling only below 1.1036 for a downside target at 1.30, 1.1020, 1.1, 1.0988 and 1.0950. Safe traders can sell below 1.0930.

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Intraday trading recommendations for Gold for September 16, 2014 Market Analysis Review

Traders eye on the Fed's press conference. Expectations are rising daily that the Federal Reserve will raise the key interest rates earlier than expected, this fact puts pressure on the yellow metal. The metal drifted to 80.0 fib level in yesterday's session, managed to pull back from there. The metal is facing resistance at previous swing low in the weekly chart. On the down side, below $1,225, it will fall to $1,217 and $1,210 in the NT and again lower levels in the ST $1,185-1,150 levels. On the upside, the initial resistance is at $1,240, above this, $1,250 and $1,262-$1,265 levels. Until the metal closes above $1,265 on a daily basis, selling on up move will favor. Above $1,265, it can fly up to $1,285 in the NT, we are positive only above $1,265 in the NT.

For an intraday session, the metal prices managed to close above 35DEMA but facing strong resistance between 12ema and 21hrsma. The metal has support at $1,231, $1,227 and $1,225. Below $1,231, the metal looks weak and panic below $1,225 towards $1,217 and $1,210 immediately. On the upper side, it will face resistance at $1,238, above this, it can fly up to $1,240 and $1,243. Strong up move only above $1,243 towards $1,250 levels.

Sell below $1,230, panic below $1,225.

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Technical analysis of EUR/JPY for September 16, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair seems to be preparing for a pullback after printing highs at 139.20 levels, almost shy of 4 pips from the expected target at 139.25/25 levels. Please note that any intraday or interday pullback/retracement should be taken as an opportunity to enter long positions again. Minimum expectations for a pullback is towards 138.00 levels which is also past resistance turned support level now. Support on the daily chart view is at 135.80/136.00 while resistance is placed at 139.30/40, followed by 140.00 and higher respectively.

Trading recommendations:

Remain long, add further on dips, move stop to break even levels, target is 139.80.

Good luck!

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Technical analysis of Silver for September 16, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has been in a broad consolidation range since June 2013 as depicted on the weekly chart view here. The consolidation type has been decreasing resistance ( $25.10, $22.70, $21.60) and constant support ( $18.20/50). Normally such consolidation ranges break lower, hence it is recommended to enter long positions only after confirmed reversal signal appearance around the support levels. The metal is currently trading at $18.69 levels and might be preparing to produce bullish reversal signal. Please note that support is at $18.20/50 while resistance begins from $20.00 levels.

Trading recommendations:

Flat for now, looking to initiate long positions on reversal.

Good luck!

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Technical analysis of Gold for September 16, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold might be preparing to at least pullback from current levels at $1,234.00/35.00, after printing lows around $1,225.00/26.00 levels last week. A daily reversal signal is still awaited to confirm the same though. As depicted here, the metal is seen to be bouncing off the 0.786 fibonacci support of the entire rally between $1,180.00 and $1,388.00. A bullish reversal here, still keeps the uptrend structure intact while a break below, could see the metal testing $1,180.00 levels again before reversing. Immediate support is seen at $1,218.00 levels, followed by $1,180.00/82.00 while resistance is seen at $1,277.00, followed by $1,296.00 and higher up respectively.

Trading recommendations:

Remain flat for now. Look to initiate long positions.

Good luck!

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Daily analysis of USDX for September 16, 2014 Market Analysis Review

Daily chart: USDX continues moving in the range below the resistance level of 84.29, because this instrument is overbought in this chart. Now, the USDX could begin to perform deeper corrective movements. If the USDX manages to make a breakout at the 83.74 level, it would be expected to fall to the support level of 83.22. The MACD indicator is entering overbought area.

H4 chart: The USDX continues to find support on the bullish trend line which is located at the level of 84.20, so it is very likely that the USDX will attempt to break out at the resistance level of 84.47 to rise up to the level of 85.06. For now, the USDX remains above the 200 SMA. The MACD indicator is in negative territory.

H1 chart: The USDX is trying to make a rebound on the support level of 84.18 to climb to the resistance level of 84.37. If the USDX manages to make a breakout at that level, the next target would be the resistance level of 84.60. The MACD indicator remains in negative territory.

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 84.18, take profit is at 84.37, and stop loss is at 83.99.

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Daily analysis of GBP/USD for September 16, 2014 Market Analysis Review

Daily chart: The GBP/USD is trying to stay above the support level of 1.6235, though this pair continues to fill the bearish gap created a few weeks ago. Now, the GBP/USD could climb up to the resistance level of 1.6326. If this pair manages to make a breakout at that level, it would be expected to rise to the level of 1.6447. The MACD indicator is entering oversold zone.

H4 chart: This pair continues to find resistance at the 1.6247 level and now, the GBP/USD is trying to make a breakout at that level to climb to the resistance level of 1.6435, which is very close to the 200-day moving average. If the GBP/USD performs a pullback at current levels, it would be expected to fall to the support level of 1.6004. The MACD indicator is entering overbought area.

H1 chart: The GBP/USD encountered resistance at the 200-day moving average, so this pair could try to make a breakout at the support level of 1.6216. If it does, it will be expected to fall up to the 1.6170 level, which would be a continuation of the bearish trend in the medium term. The MACD indicator remains in negative territory.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6216, take profit is at 1.6170, and stop loss is at 1.6263.

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USDCAD Daily Analysis - September 16, 2014 Forex Analysis

USDCAD remains in uptrend from 1.0810, the fall from 1.1098 is likely consolidation of the uptrend. Support is located at the lower line of the price channel on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 1.1200 area is still possible. Only a clear break below the channel support could signal completion of the uptrend.

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USDCHF Daily Analysis - September 16, 2014 Forex Analysis

USDCHF moved sideways in a trading range between 0.9314 and 0.9395. Key support is located at the upward trend line on 4-hour chart, as long as the trend line support holds, the price action in the range could be treated as consolidation of the uptrend, another rise to 0.9500 area is still possible after consolidation. Only a clear break below the trend line support could signal completion of the uptrend.

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USDJPY Daily Analysis - September 16, 2014 Forex Analysis

USDJPY remains in uptrend from 101.50, the fall from 107.39 is likely consolidation of the uptrend. Range trading between 106.50 and 107.39 would likely be seen in a couple of days. Key support is located at the rising trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to resume and another rise towards 110.00 is still possible. Only a clear break below the trend line support could signal completion of the uptrend.

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AUDUSD Daily Analysis - September 16, 2014 Forex Analysis

AUDUSD remains in downtrend from 0.9401, the rise from 0.8983 is likely consolidation of the downtrend. Near term resistance is located at the upper line of the price channel on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 0.8800 area. Only a clear break above the channel resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - September 16, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.7190 (Jul 15 high), the rise from 1.6051 could be treated as consolidation of the downtrend. Key resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to resume, and next target would be at 1.5800 area. Only a clear break above the trend line resistance could signal completion of the downtrend.

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EURUSD Daily Analysis - September 16, 2014 Forex Analysis

EURUSD moved sideways in a trading range between 1.2859 and 1.2987. Key resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.3411, another fall towards 1.2500 could be expected after consolidation. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.2859 already, then further rise to 1.3000 area could be seen.

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Technical analysis of EUR/JPY for September 15, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has almost hit/reached the first expected fibonacci target and made a high at 139.20 levels on Friday. The pair is pulling back at the moment and is again expected to resume rally towards 139.80/90 levels. It is therefore recommended to remain long (one can take partial profits) for now. Please note that dips towards 138.00 levels and lower, should be considered as opportunities to go long again. Support on the daily chart view remains at 135.80/136.00 levels while resistance is seen at 139.30, followed by 140.00, 142.50 and higher up respectively. Look for a short-term dip for now and then expect rally to resume.

Trading recommendations:

Remain long, (book partial profits), stop at break even levels, target 140.00.

Good luck!

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Technical analysis of GBP/CHF for September 15, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF is seen to be stalling around 1.5230 levels after bouncing higher from 1.4970 levels earlier. Please note that the pair bounced off the 0.382 fibonacci support (of the rally between 1.4450 and 1.5430) at 1.4970 levels. It is expected to continue drifting lower towards the 0.618 fibonacci support around 1.4800/30 levels in the coming sessions. However, prices should remain below 1.5300 levels for bears to remain in control. It is recommended to remain short for now. On the flip side, if the pair breaks above sloping resistance line and 1.5300 subsequently, bulls would regain control back.

Trading recommendations:

Remain short for now, stop above 1.5300, target 1.4850.

Good luck!

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Technical analysis of Gold for September 15, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has been hammered down to $1,225.00/26.00 levels as seen here. Please note that the metal is looking to stall around the fibonacci 0.786 support of the entire rally between $1,182.00 ti $1,388.00 levels as depicted here. A bullish bounce could be expected here, but we shall wait for a daily confirmation signal. On the flip side, a break below $1,225.00 would open doors to re-test December 2013 lows at $1,180.00 levels again. The overall weekly structure still indicates larger consolidation with support around the $1,180.00 region. A break below $1,180.00 would be extremely bearish, and the metal could test $1,030.00/50.00 levels before reversing.

Trading recommendations:

Remain flat for now.

Good luck!

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EUR/NZD analysis for September 15, 2014 Market Analysis Review

Overview:

Since our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5944 in a volume above average . I have placed Fibonacci expansion to find potential resistance levels. I got Fibonacci expansion 61.8% around the price of 1.5830 (already broken) and Fibonacci expansion 100% at the price of 1.6010. Selling at this stage looks risky, so watch for potential bearish correction and then try to build bullish positions. If the price breaks the level of 1.5900 (swing high like resistance), we may see potential testing the level of 1.6000 (Fibonacci expansion 100%). According to the 4H time frame, we can observe support at the price of 1.5825 (swing high like support). I have also placed Fibonacci retracement to find potential support levels if the price start with downward movement and I got Fibonacci retracement 38.2% at the price of 1.5790 and Fibonacci retracement 61.8% at the price of 1.5695.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5907

R2: 1.5939

R3: 1.5991

Support levels:

S1: 1.5803

S2: 1.5771

S3: 1.5719

Trading recommendations: Be careful when selling the EUR/NZD pair since we may see further upward movement.

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Gold analysis for September 15, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,225.42 in a volume above average. The price rejected from our Fibonacci retracement 38.2% at the level of 1,272.00, and that is the reason why we saw further bearish bias. Our major Fibonacci expansion 61.8%% is broken, so we may see potential testing the level of 1,218.00 (Fibonacci expansion 161.8%, almost tested). According to the 4H timeframe, we can observe very weak demand in a volume below average, which is a sign that buying still looks risky.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,229.88

R2: 1,230.76

R3: 1,232.17

Support levels:

S1: 1,227.06

S2: 1,226.18

S3: 1,224.77

Trading recommendations: Buying looks risky since the price has broke our Fibonacci expansion 61.8%.

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Elliott wave analysis of EUR/NZD for September 15, 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.5949

R2: 1.5929

R1: 1.5906

Current spot: 1.5880

S1: 1.5862

S2: 1.5841

S3: 1.5818

Technical summary;

The strong rally of the 1.5526 low has broken clearly above the resistance-line from early February and more importantly above the former top at 1.5898 indicating much more upside price-action will be seen. However, short term we ended wave i of 3 at 1.5949 and should be looking for a correction towards the bottom of wave four of i at 1.5766 before wave iii of 3 is ready to take over for a strong rally higher to 1.6451. On the way higher towards the possible wave iii target, we will meet strong resistance at 1.6203, but it should not be able to protect the upside for long.

Trading recommendation:

We are long in EUR from 1.5550 and will move our stop higher to 1.5750. If you are not long in EUR yet, then buy EUR near 1.5766 with the same stop at 1.5750.

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Elliott wave analysis of EUR/JPY for September 15, 2014 Market Analysis Review

Today's support and resistance levels:

R3: 139.48

R2: 139.28

R1: 139.18

Current spot: 138.94

S1: 138.75

S2: 138.55

S3: 138.44

Technical summary:

Red wave i from 135.80 has likely ended at 139.18. So, we should now look for a correction in red wave ii towards the area for wave four of red wave i. the area of wave four of red wave i will be found between the levels 137.66 - 138.17 and will likely halt the correction in red wave ii. That said we will have to remember, that second waves are allowed to correct 100% of the first wave, but never can break the origin of the first wave. Once red wave ii is over we will be looking for red wave iii higher towards 143.19. We are looking for a bullish rally higher, but a break above resistance at 143.79 is needed to confirm a new long-term impulsive rally higher.

Trading recommendation:

We bought EUR at 135.95 and will move our stop higher to 137.50. If you are not long in EUR already, then buy EUR near 138.17 with the same stop at 137.50.

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#USDX Technical analysis for September 15, 2014 Market Analysis Review

The Dollar index is consolidating sideways in a triangle formation. It is now testing the upper triangle boundaries and we can see a strong break out that will give us a short-term buy signal with 84.75 as target. Trend is sideways for the short-term but bullish for the intermediate-term.

Red line= resistance

Blue line= support

According to Ichimoku cloud terms, trend remains bullish as price is above the Ichimoku cloud support. Soon we should expect an upward break out towards 84.75 at least. The signal will be givenwhen price breaks 84.37.

Red line = resistance

Blue line = support

The daily chart continues to favor bulls. Trend is clearly bullish and the ichimoku cloud indicators point higher. The recent sideways action is most probably a pause to the rise and we should soon expect another upward break out towards 85. We remain bullish as long as price is above 84.

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Gold Technical analysis for September 15, 2014 Market Analysis Review

Gold price is bouncing after it made a new lower low. The trend remains bearish and below short-term resistance levels. Our next target is around $1,200-$1,180. In Ichimoku cloud terms the trend remains bearish and we should expect to see lower levels now that the previous important low at $1,240 is broken. A back test of $1,240 cannot be ruled out.

Red line = resistance

Blue line= support

Short-term resistance is found at $1,238 and at $1,247. Support is found at $1,225. The ichimoku cloud is above current price and all indicators point lower and that trend remains bearish. There is no buy or reversal signal in the 4 hour chart so we remain bearish targeting a test of next important support at $1,180.

Red line = resistance

Blue line = support

In the daily chart above, we see the clear break of the supportive trend line at $1,270. Our latest sell signal was given at that level. There is now increased probability that we have seen the end of wave 4 and we have started wave 5 downwards towards $1,000.

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Techncial analysis of EUR/JPY for September 15, 2014 Market Analysis Review

General overview for 15/09/2014 09:40 CET

The top for black wave B might be in place at the level of 139.16 as anticipated last week. Any impulsive bearish wave progression would be the first clue that the top is in and lower prices should be expected. The second clue might come from the key level breakout where supply will overcome the demand and confirm the lower prices are coming. The third clue will come from any corrective cycle bigger than 50 pips. Moreover, please notice the bearish divergence that has been building on both RSI and momentum oscillator (black arrows). Only a new high would invalidate the bearish bias.

Support/Resistance:

139.16 - 139.25 -

Technical Resistance Zone

138.42 - Intraday Support

138.30 - Weekly Pivot

138.25 - Technical Support

137.48 - WS1

Trading recommendations:

All swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible. Breakout below the level of 138.25 is the first strong confirmation that the top for wave B black is in place at the level of 139.16.

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Technical analysis of USD/CAD for September 15, 2014 Market Analysis Review

General overview for 15/09/2014 09:15 CET

The wave development is behaving as anticipated with all target levels from last week hit already. The momentum indicator is showing a clear bearish divergence forming/ So, it is another clue that supports the view, that the top for red wave 5 is near or it is in place already. Currently, the market might be in two possible stages: either the top for wave red 5 is in place (main count), or the corrective cycle in red wave 4 is getting a little more complex in price and time (alternative count). The key level here is the lower boundary of the golden trend channel at the level of 1.0978, because any breakout lower is in favor of a main count.

Support/Resistance:

1.1097 - Swing Top

1.1037 - Weekly Pivot

1.1027 - Intraday Support

1.0978 - WS1|Key Level|

Trading recommendations:

All swing traders that are still keeping buy orders from last week should get ready to close the positions and wait for a further wave progression as the trend looks mature and reversal/correction is possible.

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