Intraday technical levels and trading recommendations on EUR/USD for September 19, 2014 Market Analysis Review

The price zone of 1.3800-1.3880 (dotted on the chart) managed to pause the previous bullish momentum, thus initiating the current downtrend within the depicted bearish channel.

Several congestion zones were established around the price levels of 1.3515 and 1.3335 before further bearish decline could take place.

On Wednesday, the EUR/USD pair showed bullish recovery around price level of 1.2860. Successive bullish daily candlesticks are being expressed around these price levels.

For three days now, the pair has established one more congestion zone around the lower limit of the depicted channel. High incidence of bullish reversal is present as long as the daily low around 1.2850 remains defended by the bulls.

On the other hand, a bearish engulfing daily candlestick for today signals severe weakness of the bulls. This would enhance the bearish trend towards 1.2750 and 1.2680 as initial target levels.

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 ).

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Intraday technical levels and trading recommendations on GBP/USD for September 19, 2014 Market Analysis Review

After testing price levels around 1.7180 in July, the bears initiated the manifested downtrend which is maintained within the depicted bearish channel.

Despite the weekly closure at 1.6324 (achieved on Friday) , the pair opened with a bearish gap of about 150 pips. This enabled the bears to test 1.6058 shortly after ( on Tuesday ).

Significant bullish recovery was manifested around 1.6070. Bullish engulfing daily candlesticks were expressed during this week shooting towards 61.8% Fibonacci level located around 1.6400.

Price level of 1.6400 stands as a prominent daily resistance. This price zone corresponds to 61.8% Fibonacci level as well as the upper limit of the current movement channel.

The bearish scenario is enhanced by current shooting-star daily candlestick when the pair spoke up to 1.6515 earlier today.

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.

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Daily analysis of Silver for September 19, 2014 Market Analysis Review

Overview

According to our last week expections, the price’s 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)

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Elliott wave analysis of EUR/NZD for September 19 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.5877

R2: 1.5856

R1: 1.5827

Current spot: 1.5821

S1: 1.5790

S2: 1.5772

S3: 1.5765

Technical summary:

The correction from 1.5949 has turned out to be more complex than first anticipated. We could see a move slightly lower to 1.5765 before the next impulsive rally higher is expected. In the short term, a break above minor resistance at 1.5847 and more importantly a break above 1.5900 will indicate, that the correction is over for a new strong rally higher towards 1.6203 and 1.6450 longer term.

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 1.5765 with the same stop at 1.5750.

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Elliott wave analysis of EUR/JPY for September 19 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 141.21

R2: 140.71

R1: 140.35

Current spot: 140.24

S1: 140.01

S2: 139.84

S3: 139.62

Technical summary:

The expected rally towards 143.79 is unfolding perfectly and we will now be looking for support near 139.84 for the next rally higher towards 143.79. In the short term, a break above minor resistance at 140.83 will confirm the next rally higher to 142.38 on the way higher to strong important resistance at 143.79. Only a break above 143.79 confirms, that we should expect much more upside.

Trading recommendation:

We are long in EUR from 135.95 with stop place at 138.50. If you are not long in EUR yet, then buy near 139.84 with the same stop at 138.50.

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Technical analysis of GBP/USD for September 19 2014 Market Analysis Review

Trading recommendations :

• The resistance of the GBP/USD pair has already set at 1.6520 and a minor resistance place at the level of 1.6400.


• Furthermore, it will be quite profitable to sell below this level (1.6400) for retesting this level in the long term.


• Therefore, sell deals are recommended below 1.6400 with targets at 1.6333 (the level of 1.6333 represents the last opining gap) and resume towards the level of1.6278 to reach a strong support on 19th of September 2014.


• On the contrary, the support is going to set at the level of 1.6278 today.


• Consequently, the ascending movement will probably be higher than the 1.6278 level with the target at the key price 1.6360.

Notes :

• We expect a new range about 85 pips today. The key level will set at the level of 1.6360.


• The support of the GBP/USD pair has already set at 1.6278. Moreover, the weekly support 1 will set at the same level.

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Technical analysis of EUR/JPY for September 19, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY chart rallies past 141.00 levels today before pulling back sharply towards 140.37 at the moment. The pair has completed/achieved the initial expected targets up to 139.90 for now. It is recommended to book profits on long positions taken earlier and wait for a correction to go long again. Furthermore, the outer trend line resistance is also passing around 141.10/20 for now. The pair is expected to correct at least till 139.00/20 levels before resuming rally towards potential higher targets at 141.50 and 143.30 as depicted here. Immediate support on the daily chart is around 138.50, while resistance is now seen at 142.50 levels.

Trading recommendations:

Exit long positions and look to enter again on dips.

Good luck!

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Technical analysis of USD/CHF for September 19, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the USD/CHF pair has still been moving between 0.9340 and 0.9415.


• So, we expect a large range about 75 pips in the coming future.


• The breakout seen at the ratio of 23.6% Fibonacci retracement level (in H1 chart) for that the key level is set at the level of 0.9320 because it represents strong support and it coincides with the 23% Fibonacci retracement level.


• As it is known, history will probably repeat itself at this level again.


• Therefore, it will a good idea to buy above 0.9320 with the first target of 0.9380. It will call for an uptrend in order to continue its bullish movement towards the level of 0.9425.


• Also, it should be noted that the level of 0.9432 represents the double top.


• On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double bottom at the price of 0.9285.

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Technical analysis of EUR/JPY for September 19, 2014 Market Analysis Review

General overview for 19/09/2014 10:00 CET

The impulsive structure is almost completed as the market enters the corrective cycle in green wave (iv). The first support level for this wave is at the level of 140.20 and the second support is at the level of 139.82. The shape of the corrective cycle is currently unknown, but the triangle is a rather possible outcome. When the correction is done, market should rebound and make a new high.

Support/Resistance:

141.58 - WR2

141.20 - Intraday Resistance

140.76 - WR1

140.20 - Intraday Support

139.82 - Intraday Support

138.30 - Weekly Pivot

138.25 - 138.41 - Supply Breakthrough Zone

Trading recommendations:

Day traders might consider opening the buy positions from the level of 140.20 with SL below the level of 139.80 and TP at the level of 141.58.

Swing traders should buy the dips in this market with initial SL below the level of 138.24 and open TP.

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Technical analysis of GBP/CHF for September 19, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has broken put of resistance levels at 1.5350 today and fresh highs been registered at 1.5450, triggering stops. As seen on the daily chart view here, the pair has bounced off the fibonacci 0.382 support levels (1.4975) of the rally between 1.4450 and 1.5430. Immediate support is now at 1.4975, followed by 1.4760/70 and lower. The pair could extend the rally into the 1.56/57 levels in coming sessions. It is recommended considering intraday dips towards 1.5150/5200 levels as opportunities to go long, as bulls should now remain in control till prices remain above 1.4970/80. Only a break below 1.4975 should be of any concern to the bullish setup.

Trading recommendations:

Consider going long around 1.5250/1.5350.

Good luck!

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Technical analysis of USD/CAD for September 19, 2014 Market Analysis Review

General overview for 19/09/2014 10:00 CET

As anticipated yesterday only a valid breakout below the intraday support at the level of 1.0925 would invalidate the current count, but the market bounced right back up to the intraday resistance at the level of 1.0963. The bullish count is still intact and traders need to wait for the market to breakout of the current trading range to confirm one of the counts.

Support/Resistance:

1.1097 - Swing Top

1.1037 - Weekly Pivot

1.1027 - Technical Resistance

1.0978 - WS1

1.0963 - Intraday Resistance

1.0924 - Intraday Support|Key Level|

Trading recommendations:

As long as the demand zone is not broken, the mid-term bias is still bullish so buying the dips in this pair is advised.

Day traders should consider opening the sell stop order from the level of 1.0922 with SL above the level of 1.0963 and TP at the level of 1.0838.

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#USDX Technical analysis for September 19, 2014 Market Analysis Review

The Dollar index has made a pull back yesterday as expected to back test the break out area and is now heading higher towards our target of 84.75 and 85. Trend remains bullish and price remains above short-term support.

The Dollar index has reached the Ichimoku cloud support at 84.25 as expected by our analysis posted yesterday. A bounce from that level has started and I expect to see new highs above 84.80 soon. The trend remains bullish as long as price is above 83.85.

Red line= resistance

The Dollar index in the daily chart above remains in the fully bullish trend and although initially rejected at the resistance level, I expect this to be broken today. Support is at 83.85 and if broken on a daily close basis, we can see a pull back towards 83.15 at least.

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Gold Wave analysis for September 19, 2014 Market Analysis Review

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.

Green line = channel

Red line = resistance

Blue line = support

The blue line is the support level at $1,230 that was broken. Price may make a final bounce towards that level but the trend remains fully bearish. The sideways consolidation we are currently in has a corrective form and I expect the down trend to continue. Price is making lower lows and lower highs. The red trend line resistance remains above current price, so does the Ichimoku cloud. All signs point lower for Gold price.

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.

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Technical analysis of Silver for September 19, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver tested the multi-month range lows at $18.30 yesterday before pulling back sharply, taking out intermediary resistance ($18.55) on the hourly chart. As seen in the 4H chart view presented here, the metal needs to clear at least $19.00 level, to confirm that bulls are back in control. After $19.00 is taken out, the metal could be considered as safe to buy on dips from there. The metal is trading around $18.50/55 for now and an engulfing bullish candlestick pattern can be seen produced yesterday. This is a signal of a potential trend reversal, which would be confirmed on a break of $19.00. Immediate support is at $18.00/20, while resistance is seen at $19.00 for now.

Trading recommendations:

Remain flat for now, look to enter longs, after break of $19.00.

Good luck!

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Technical analysis of Gold for September 19, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold remains subdued between the $1,215.00 and $1,225.00 levels as seen in a 4H chart view here. Keeping the larger view in mind that the metal is trading around the 0.786 fibonacci support levels of the rally between $1,182.00 and $1,388.00, probability still remains that $1,180.00 could be retested before the rally resumes. As seen here, the metal needs to at least break above $1,240.00 levels (initial resistance), to declare that bulls are back in control. Gold would remain vulnerable towards fresh lows till $1,240.00 remains intact. Initial support is seen at $1,180.00/85.00, while immediate resistance is fixed at $1,240.00 for now.

Trading recommendations:

Remain flat for now, look to enter long.

Good luck!

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Daily analysis of major pairs for September 19, 2014 Market Analysis Review

EUR/USD: The bearish bias on this pair is still valid and rallies have always proffered good short-selling opportunities. The current shallow rally in the market is also seen as another opportunity to go short when the price rallies in the context of a downtrend. As long as the price is below the resistance line at 1.3000, there is a probability that the market may move downwards.

USD/CHF: This market is in a bullish mode and the buyers have always made attempts to drive the price higher in spite of serious challenges from bears. With more strength in the USD, the price may reach the resistance level at 0.9450. More challenges from the bears may cause the price to pull back towards the support level at 0.9300.

GBP/USD: Unlike its EUR/USD counterpart, the Cable has succeeded in shrugging off the bears’ attacks. The EMA 11 is above the EMA 56 (while the price is above both of them). The RSI period 14 is above the level 50. This means a Bullish Confirmation Pattern in the chart. Short trades are no longer logical here.

USD/JPY: The USD/JPY pair has been able to go further northward. The bullish bias is very significant and the price may easily test the supply level at 109.00, breaking it to the upside. However, the market looks very overbought and as a result of this, there may be a serious pullback along the way.

EUR/JPY: The Euro itself is not that strong; it is the great weakness in the Yen that has caused this pair to trend upwards significantly. The market is now very overbought and therefore, a pullback is imminent. While the market can go towards the supply zone at 150.00, the possibility of a pullback may bring it down towards the demand zone at 139.50.

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