Daily analysis of USDX for September 17, 2014 Market Analysis Review

Daily chart: The USDX continues trying to form a bullish pattern below the strong resistance level of 84.29. Now, the USDX could fall to the support level of 83.74 in the next few days, because this instrument is performing corrective movements in this chart. The MACD indicator is in the overbought zone and negative territory.

H4 chart: This instrument has formed a bearish pattern below the trend line at the 84.35 level and now the USDX could make a drop to the level of 83.75. If the USDX does make a breakout at that level, the next target would be the support level of 82.95, where the 200 SMA is. The MACD is in negative territory.

H1 chart: The USDX has made a rebound on the 200-day moving average on this chart; so far, the USDX is trying to make a breakout on the resistance level of 84.18. If successful, it is expected to rise to the level of 84.37 in the short term. On the other hand, if the USDX makes a pullback at current levels, it would be expected to fall to the level of 83.73.

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 17, 2014 Market Analysis Review

Daily chart: The GBP/USD has consolidated above the support level of 1.6235, as this pair has tried to recover from the deep slump which has been seen several days. If the GBPUSD manages to make a breakout at the level of 1.6326, it is expected to rise to the level of 1.6447, which is close to the 200 SMA, the MACD remains in positive territory.

H4 chart: The GBP/USD is trying to form a bullish pattern above the 1.6247 level. If the pair manages to make a breakout at the level of 1.6300, it is expected to rise to the level of 1.6365, where one bullish trend line is on this chart. For now, the GBP/USD remains strong in the bearish bias. The MACD indicator remains in positive territory.

H1 chart: This pair is forming a higher high pattern above the support level of 1.6252, so the GBP/USD is trying to make a breakout on the resistance level of 1.6291 to consolidate in the bullish trend. If successful, it is expected to rise to the level of 1.6338. The MACD indicator is in the overbought zone.

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 1.6252, take profit is at 1.6216, and stop loss is at 1.6289.

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Intraday trading recommendations for USD/CHF for September 17, 2014 Market Analysis Review

The pair has been facing strong resistance at 100WEma around 0.94 levels. The pair has been making minor support between 0.93-0.9315 levels. On the upside, the resistance zone is between 0.9366-0.9399. We recommend fresh buying above 0.94 for an upside target at 0.9450 and 0.9535. The pair has strong ST support at 0.9175 and for the NT 0.9248 is the support level, until the prices close above 0.9248, buying on dips is favored.

Support 0.9315-0.93 0.9285 0.9250

Resistance 0.9360 0.94

For an intraday basis, the prices are trading slightly below the hourly key moving averages. The hourly Stochstics is indicating a small positive divergence. We recommend selling only below 0.93 for a downside target at 0.9286, 0.9260, maybe 0.9220. In the H4 chart, the pair has been making lower high and lower low swing. The bulls can have an upper hand only above 0.9360 and strong up move will be triggered above 0.94.

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Technical analysis of EUR/USD for September 17, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Italian Trade Balance, Final CPI y/y, Final Core CPI y/y. The US will release the economic data too such as the CPI m/m, Core CPI m/m, Current Account, NAHB Housing Market Index, Crude Oil Inventories, Federal Funds Rate, so amid the reports, EUR/USD will move with medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.3021.

Strong Resistance:1.3014.

Original Resistance: 1.3001.

Inner Sell Area: 1.2988.

Target Inner Area: 1.2958.

Inner Buy Area: 1.2928.

Original Support: 1.2915.

Strong Support: 1.2902.

Breakout SELL Level: 1.2895.

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 17, 2014 Market Analysis Review

In Asia, Japan will not release any economic data and the US will release some economic data such as CPI m/m, Core CPI m/m, Current Account, NAHB Housing Market Index, Crude Oil Inventories, Federal Funds Rate. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.80.

Resistance. 2: 107.59.

Resistance. 1: 107.38.

Support. 1: 107.12.

Support. 2: 106.91.

Support. 3: 106.70. 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 Gold for September 17, 2014 Market Analysis Review

The yellow metal dropped to a 1-month low, rebounded from a lower level. The metal has a minor support at $1,229, below this, $1,225 is the key trigger for another free fall towards $1,215-$1,210 in the NT and $1,185-$1,150 in the ST. Traders eye on the Fed's statement regarding the US interest rate hike. On the upside, the metal is facing strong resistance at $1,242 levels, above this, it can fly up to $1,250, $1,258 and $1,262.50. A daily close above $1,262.50, the bulls will regain the strength in the NT, until selling on every up move mints the money.

Resistance $1,242 $1,250 $1,262.50

Support $1,229 $1,225 $1,215

For an intraday basis, the metal has been facing strong resistance at 34hrsma ($1,241.60). The metal has support at $1,230.50-$1,230.0 level 35DEMA. We recommend selling below $1,230 for an immediate target of $1,227 and $1,225, panic is expected below this towards $1,220, $1,217.50, $1,215 and $1,210 levels. Above $1,242, buyers can have an upper hand towards $1,244.50 and $1,250 levels.

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USDCAD Daily Analysis - September 17, 2014 Forex Analysis

USDCAD remains in uptrend from 1.0810, the fall from 1.1098 is likely consolidation of the uptrend. Key support is at 1.0933, as long as this level holds, the uptrend could be expected to resume, and another rise to 1.1200 area is still possible. Only break below 1.0933 support could signal completion of the uptrend.

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USDCHF Daily Analysis - September 17, 2014 Forex Analysis

USDCHF stays above the upward trend line on 4-hour chart, and remains in uptrend from 0.8997, the fall from 0.9395 is likely consolidation of the uptrend. Support is located at the trend line, as long as the trend line support holds, the uptrend could be expected to resume, and another rise to 0.9500 area is still possible. Only a clear break below the trend line support could signal completion of the uptrend.

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USDJPY Daily Analysis - September 17, 2014 Forex Analysis

USDJPY stays above the upward trend line on 4-hour chart, and remains in uptrend from 101.50, the fall from 107.39 is likely consolidation of the uptrend. Near term support is at 106.50, as long as this level holds, the uptrend could be expected to continue, and next target would be at 110.00 area. Key support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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AUDUSD Daily Analysis - September 17, 2014 Forex Analysis

AUDUSD broke above the upper line of the price channel on 4-hour chart, indicating that the downtrend from 0.9401 had completed at 0.8983 already. Range trading between 0.8983 and 0.9150 would likely be seen in a couple of days. Resistance is at 1.9150, as long as this level holds, the downtrend could be expected resume, and another fall towards 0.8500 is still possible.

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GBPUSD Daily Analysis - September 17, 2014 Forex Analysis

GBPUSD's bounce from 1.6051 extended to as high as 1.6309, however, the bounce is likely consolidation of the downtrend from 1.7190 (Jul 15 high), as long as the trend line resistance holds, the downtrend could be expected to resume, and another fall towards 1.5800 area is still possible. Near term support is at 1.6160, a breakdown below this level will signal resumption of the downtrend.

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EURUSD Daily Analysis - September 17, 2014 Forex Analysis

EURUSD stays below the downward trend line on 4-hour chart, and remains in downtrend from 1.3411. As long as the trend line resistance holds, the rise from 1.2859 could be treated as consolidation of the downtrend, and another fall towards 1.2500 is still possible. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 1.2859 already, then the pair will find resistance around 1.3000.

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

Overview

In H4 chart, the pair failed to break the support level of 173.00. It has been trading above it since yesterday. Today the H4 chart shows that the pair bounced from the support area again and started to take a slightly upward move approaching the resistance level of 174.00. Currently, it is prefered to wait for closing above this resistance level, before making the decision and in this case we will get more bullish signals with the first target few pips below the next resistance level of 174.40, then 175.00 as the second target. But closing below the resistance level of 174.00 cancels the bullish move scenario.

Resistance and support levels: R3 (175.00), R2 (174.40), R1(174.00), S1 (173.00), S2 (172.50), S3 (172.00).

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

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).

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Gold : analysis for September 16, 2014 Market Analysis Review

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%.

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Elliott wave analysis of EUR/NZD for September 16 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.5930

R2: 1.5906

R1: 1.5895

Current spot: 1.5887

S1: 1.5831

S2: 1.5810

S3: 1.5795

Technical summary:

The correction we where looking for is unfolding nicely and we are still looking for this correction to move closer to 1.5766 before terminating and setting the stage for a new strong rally in wave iii higher towards 1.6203 on the way higher to 1.6450. In the short term, we will be looking for a break below minor support at 1.5831 confirming the decline to 1.5766.

Trading recommendation:

We are long in EUR from 1.5550 with stop placed at 1.5750. If you are not long in EUR yet, then buy near 1.5766 with the same stop at 1.5750.

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Elliott wave analysis of EUR/JPY for September 16 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 139.17

R2: 138.99

R1: 138.88

Current spot: 138.71

S1: 138.62

S2: 138.53

S3: 138.24

Technical summary:

The expected minor correction in red wave ii is unfolding as expected and likely need a little more downside pressure towards 137.66 before red wave ii is over and red wave iii can take over for a strong rally towards 143.79. Short term a break below minor support at 138.53 will confirm, that red wave c or red wave ii lower is developing for the decline to 137.66, which ideally will protect the downside, but as this is a wave two correction, we must accept a deeper correction.

Trading recommendation:

We are long in EUR from 135.95 and will keep our stop at 137.50. If you are not long in EUR yet, then buy near 138.17 with the same stop at 137.50.

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

General overview for 16/09/2014 11:30 CET

The market has bounced from the support level as anticipated and now the intraday range zone has been created between the levels of 138.42 (intraday support) and 138.83 (intraday resistance). Despite the fact, the first leg down from the wave B top at the level of 139.16 might be counted as five wave bearish impulsive decline, there is still no confirmation of any further impulsive downside wave development. The price is trading sideways and it might be counted as corrective wave ii but only a valid breakout below the key level zone makes that assumption more probable than any other.

Support/Resistance:

139.16 - 139.25 - Technical Resistance Zone

138.83 - Intraday Resistance

138.42 - Intraday Support

138.30 - Weekly Pivot

138.25 - Technical Support

137.48 - WS1 Trading recommendations:

Not much to add here: 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 NZD/USD for September 16, 2014 Market Analysis Review

Overview :

• The NZD/USD pair has been showing a downward trend. Additionally, the price is still being trapped between 0.8237 and 0.8080 (weekly range). So, it makes sense to be neutral at this spot. Equally important, the support has set at the level of 0.8080 and a minor support has set at 0.8170 yesterday. As it is known, sellers are asking at a higher price. Accordingly, the price of the NZD/USD pair will give a good sign to sell below 0.8170 with the target of 0.8115. Also, if the trend will be able to break the 0.8115 price, hence, it might resume to 0.8080. However, if the trend fails to close below the strong support (0.88080), then the market will indicate a bullish opportunity above 0.8080. Thereupon, the level of 0.8080 is going to act as strong support. Therefore, it will a good sign to buy above this level on September 16, 2014. But the stop loss should be placed below 0.8080 at the price of 0.8035.

Intraday trading recommendations :

• According to the previous events, the price of NZD/USD pair has still been trapped between 0.8170 and 0.8080 .


• Buy above the price of 0.8080 with the first target of 0.8144, it might resume to 0.8237.


• Swing trade at the level of 0.8240 in order to sell with a target of 0.8155 then it will continue towards 0.8115, if could break the minor support (0.8115) then the market is going towards 0.8080.

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

Overview :

• According to the previous events, the USD/CHF pair has still been moving between 0.9370 and 0.9320. It should be noted that the key level is set at the level of 0.9303 because it represents strong support and it coincides with the last weekly pivot point. Equally important, the double top will be formed at the 0.8868 level but it seems the price is going to break this level in order to continue towards the level of 0.9395. As it is known, history will probably repeat itself at this level again. Therefore, it will a good idea to sell below 0.9390 with the first target of 0.9333. It will call for a downtrend in order to continue its bearish movement towards 0.9303.
  

Notes :

• The resistance will set at the level of 0.9385 this week.


• The double top is going to set at the 0.9395 price.


• The area of 0.9390 is useful spot to sell in the long term.


• We expect a range of 60 pips on September 16 2014.

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#USDX Technical analysis for September 16, 2014 Market Analysis Review

The Dollar index continues to trade inside the triangle consolidation pattern we noted yesterday. A break above 84.37 will give a buy signal. This could be a bullish flag pattern with the target near 85 meaning that resistance is broken.

Red line = resistance

Blue line= support

The 4-hour chart shows clearly the triangle pattern being formed. According to the Ichimoku indicators, the trend remains bullish and there are more possibilities of an upward break towards 84.75 or even 85. Support that should hold is found at 84.

Red line = resistance

The daily chart above remains fully bullish. Price making a sideways consolidation that we expect to be broken upwards as this looks like a bullish flag pattern. The Ichimoku cloud is below price and the tenkan-sen and kijun-sen remain in bullish trend. The Chikou span remains above the price candles and this is another bullish sign. We favor long positions above 84 with 85 as target.

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Gold Technical analysis for September 16, 2014 Market Analysis Review

Gold price is making a short-term upward bounce from $1,225 and is testing short-term resistance at $1,240. The trend remains bearish and we expect the lows at $1,180 to be tested soon. In Ichimoku cloud terms, it is more possible to see the downtrend continue than have a bigger trend reversal.

Red line = resistance

Blue line = support

Trend remains down. Price is making lower lows and lower highs. Price is below the resistance trend lines and below the cloud. Short-term support is found at $1,230. Breaking below that level will give us a short-term sell signal with $1,220-$1,215 1st targets.

Red line = resistance

Blue line = support

The daily chart above continues to be bearisH. An upward bounce towards $1,250 could be justified but as part of a corrective move. The longer-term trend remains down and we expect Gold to break $1,180 and push towards $1,000. Very important support at $1,180 will be difficult to be broken with one go. Trend reversal on a daily basis would occur if price would move above $1,300.

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

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

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Technical analysis of USD/CHF for Sep 16, 2014 Market Analysis Review

Fundamental Overview:

USD/CHF is expected to consolidate with a bullish bias. It is supported by 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%) & lower-than-expected capacity utilization of 78.8% (versus forecast 79.3%), more-than-expected 1.2% on-year drop in Switzerland August import price index (versus forecast -1.0%) and dovish Swiss National Bank's monetary policy and franc sales on soft CHF/JPY cross and on buoyant EUR/CHF cross.

Technical Comments:
Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing, bullish outside-day-range pattern was completed on Monday, but stochastics is bearish at the overbought zone.

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 0.9370 and the second target at 0.94. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9310. A break of this target would push the pair further downwards and one may expect the second target at 0.9290. The pivot point is at 0.9330.

Resistance levels:

0.9370

0.94

0.9430



Support levels:

0.9310

0.9290

0.9250

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Technical analysis of NZD/USD for Sep 16, 2014 Market Analysis Review

Fundamental Overview:

NZD/USD is expected to consolidate in a lower range after hitting a seven-month low 0.8121 on Monday. It is supported by the Kiwi demand on soft AUD/NZD cross. But NZD/USD gains are tempered by the reduced investor risk appetite, the positive USD sentiment and less hawkish Reserve Bank of New Zealand's policy stance and weak dairy prices. 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.

Technical Comment:
The daily chart is mixed as MACD is bearish, 5 and 15-day moving averages are falling, but stochastics is turning bullish at the oversold zone, bullish-piercing candlestick pattern was completed on Monday.

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 0.8120. A break of this target will move the pair further downwards to 0.8075. The pivot point stands at 0.8190. 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 0.8225 and the second target at 0.8265.

Resistance levels:

0.8225

0.8265

0.8305

Support levels:

0.8120

0.8175

0.8135

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Intraday trading recommendations on EUR/JPY for September 16, 2014 Market Analysis Review

The pair made a double top at 139.18 in the daily chart. In yesterday's session, the pair moved to lower levels, but managed to hold above the breakout level. Today, the pair moved lower again, but as of today held the previous days low. The daily stochastic does not favor fresh long positions. We recommend buying above 139.25 for an upside target for an immediate target at the 139.95-140.05 levels. The descending trend line is acting as strong resistance in the near term. On a daily closing basis, 138.30 will as an initial support level.

For an intraday session, the pair has been facing strong resistance at 35DEMA. The resistance zone existed between the 138.78-138.85 levels. We recommend buying above 138.80 and selling below 138.45. The 21hr sma at 138.58 acting as strong support .

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Technical analysis of GBP/JPY for Sep 16, 2014 Market Analysis Review

Fundamental Overview:

GBP/JPY is expected to consolidate with a bullish bias. It is undermined by the soft EUR sentiment, Japanese export sales and by jitters over the Scottish independence referendum on Thursday and waning investor risk appetite. But JPY/JPY losses are tempered by the demand from Japanese importers.

Technical Comment:
The daily chart is mixed as MACD is bullish, five-day moving average is above 15-day MA and is advancing, but stochastics is turning bearish at overbought zone, 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 174.70 and the second target at 175.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.60. A break of this target would push the pair further downwards and one may expect the second target at 172. The pivot point is at 173.30.

Resistance levels:

174.70

175.40

176



Support levels:

172.60

172

171.45

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