Technical analysis of EUR/USD for September 01, 2015 Market Analysis Review

When the European market opens, economic news on the Unemployment Rate, Italian Quarterly Unemployment Rate, Italian Monthly Unemployment Rate, Final Manufacturing PMI, German Final Manufacturing PMI, German Unemployment Change, French Final Manufacturing PMI, Italian Manufacturing PMI, and Spanish Manufacturing PMI is due to be released .The US will publish economic data about Total Vehicle Sales, ISM Manufacturing Prices, IBD/TIPP Economic Optimism, Construction Spending m/m, Construction Spending m/m, ISM Manufacturing PMI, and Final Manufacturing PMI. So amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1276.

Strong Resistance:1.1270.

Original Resistance: 1.1259.

Inner Sell Area: 1.1248.

Target Inner Area: 1.1222.

Inner Buy Area: 1.1196.

Original Support: 1.1185.

Strong Support: 1.1174.

Breakout SELL Level: 1.1168.

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 01, 2015 Market Analysis Review

In Asia, Japan will release data on the 10-y Bond Auction, Final Manufacturing PMI, and Capital Spending q/y. The US will reveal economic data about Total Vehicle Sales, ISM Manufacturing Prices, and IBD/TIPP Economic Opt. So, there is a strong probability taht USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.53.

Resistance. 2: 121.29.

Resistance. 1: 121.06.

Support. 1: 120.76.

Support. 2: 120.53.

Support. 3: 120.29.

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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Elliott wave analysis of EUR/NZD for September 1, 2015 Market Analysis Review

Technicak summary:

We are caught between a bullish and bearish scenario. We have shown the possible bearish count over the last couple of days and would like to recap on the bullish count as it is still alive. The failure of a breakout below support at 1.7103 has kept the bullish scenario alive. If this count proves correct, a new rally to the zone above 1.9023 should be seen. A break above minor resistance at 1.7945 will indicate that the bullish count is correct. That said we do hesitate a bit with regard to the upside potential. A spike to 1.9023 seems really far away and we are not sure that wave v will be able to regain the top at 1.9023. In the ideal Elliott Wave World wave v would be break to above 1.9023, but risk of the wave five failure seems to be higher than normal.

Only a direct break below 1.7410 and more importantly below 1.7103 will remove risk of one final rally higher.

Trading recommendation:

Our stop at 1.6625 was hit. We will stand aside for now and wait for a better opportunity, with less risk.

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Elliott wave analysis of EUR/JPY for September 1, 2015 Market Analysis Review

Technical summary:

There are still no changes in the view - We expect an upside breakout through the minor resistance at 136.62 confirming a continuation higher towards 139.02 and 141.06. A break below support at 135.23 could take place, but we think the downside potential should be limited. Only a break below the important support level of 133.27 will indicate a much more complex correction unfolding from a high of 141.06.

Trading recommendation:

We are long EUR from 136.42 with stop placed at 134.90. If you are not long EUR yet, buy a break above 136.62 with a stop at 135.60

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Daily analysis of major pairs for September 1, 2015 Market Analysis Review

EUR/USD: This pair traded sideways on Monday, but there could be a noteworthy movement today. The movement could be in favor of bulls or bears. Either the price would go above the resistance line at 1.1300 or it would go below the support line at 1.1150. One of those two possibilities would materialize today or tomorrow.

USD/CHF: The USD/CHF paur made a weak attempt to continue its bullish journey. A movement above the resistance level of 0.9700 would enable bulls to push the price further northwards. A movement below the support level of 0.9550 would lay emphasis on a bearish outlook.

GBP/USD: The cable traded lower on Monday, testing the accumulation territory at 1.5350 again. That accumulation territory was also tested last week without breaking it to the downside. Bears need to break it to the downside in order to continue the bearish trend; otherwise, there would be a considerable rally.

USD/JPY: The last two weeks were characterized by this year's strongest movement in the USD/JPY pair . From the supply level of 124.50, the price dipped by 800 pips, going briefly below the demand level of 116.50. The price has gone upwards by 500 pips since then, and this week's northward movement of 100 pips would result in a bullish outlook.

EUR/JPY: The cross is still highly volatile, but without any directional movement this week so far. There would be a trend continuation soon that would probably favor bears; unless the yen is weakened.

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Daily analysis of USDX for September 01, 2015 Market Analysis Review

On the daily chart, the USDX remains above the support level of 95.83 and is looking for a way to perform a rally towards the next resistance around the level of 96.64. Currently, our view is still sideways, but the USDX could perform a pullback towards the support level of 95.26. The MACD indicator is turning neutral.

The USDX is still trading sideways on the H1 chart, but current higher moves take place above the 200 SMA, which is neutral. The nearest resistance is located around the level of 96.09, where we should expect a breakout in order to test the next high at the level of 96.39 in the short term. The MACD indicator is at the negative territory.

Daily chart's resistance levels: 96.64 / 97.08

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 96.08 / 96.39

H1 chart's support levels: 95.68 / 95.33

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.08, take profit is at 96.39, and stop loss is at 95.77.

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Daily analysis of GBP/USD for September 01, 2015 Market Analysis Review

GBP/USD is still trading lower looking for an opportunity to break the support level of 1.5329, where it could rebound and resume the overall bullish trend. However, our view is still bearish, because that zone could be broken to the downside. In case of success, the pair will test the level of 1.5224 in coming days.

There could be a double bottom pattern formation in the H1 chart, where the GBP/USD pair is finding strong support around the level of 1.5331. If the pair does a breakout there, it could be expected to fall until 1.5272. In another scenario, the cable could start to do corrective moves towards the resistance zone of 1.5415.

Daily chart's resistance levels: 1.5438 / 1.5543

Daily chart's support levels: 1.5329 / 1.5224

H1 chart's resistance levels: 1.5415 / 1.5463

H1 chart's support levels: 1.5368 / 1.5331

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 1.5331, take profit is at 1.5272, and stop loss is at 1.5390.

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GBP/USD intraday technical levels and trading recommendations for August 31, 2015 Market Analysis Review

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the depicted bullish swing was initiated.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders few valid sell entries (depicted with red numbers). The final bearish target at 1.5450 was reached.

Recently, strong bullish pressure was applied at the resistance level around 1.5800 via a recent bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached. Bulls pursued 100% Fibonacci Expansion located around 1.5900 where the depicted Head and Shoulders pattern was manifested.

The level of 1.5555 (prominent demand level/depicted uptrend line) got breached last month due to excessive bearish pressure. It enhanced the bearish side of the market towards 1.5360 where the most recent bullish swing was initiated aiming for the level of 1.5800 again.

As anticipated, a daily fixation above 1.5690 (the upper limit of the consolidation range) hindered the bearish scenario for some time exposing a breakout projection target at 1.5800.

A valid sell entry with a low risk/reward ratio was suggested around the levels of 1.5780-1.5800. It is already running in profits now. The nearest support levels to meet the GBP/USD pair are located at 1.5355 (already reached) then 1.5250 (waiting to be achieved).

Note that persistence below the zone of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) is essential to push the GBP/USD pair towards lower bearish targets at 1.5350 and 1.5245.

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USD/CAD intraday technical levels and trading recommendations for August 31, 2015 Market Analysis Review

Overview:

Few months ago, when bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

A daily fixation below 1.2300 opened the way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Successive higher lows were achieved. Bullish pressure was applied against the resistance levels at 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick was quite bullish. That is why, an extensive bullish movement is seen on the chart.

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. Bulls were approaching this level this week.

Bearish corrective movement towards the level of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the current Fibonacci Expansion zone at 1.3270-1.3300.

On the other hand, bearish persistence below 1.3050 is needed to expose the next support level around 1.2910 and then 1.2800 where long-term buy entries can be considered.

Trading recommendations:

Risky traders can SELL the USD/CAD pair around the current levels (anywhere around 1.3270) with S/L to be located above 1.3360.

Conservative traders should wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes a strong support.

Stop Loss should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900 and T/P levels to be placed at 1.3200 and 1.3050.

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Intraday technical levels and trading recommendations for GBP/USD for August 31, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which has been providing evident supply for the GBP/USD pair.

Last week, strong bearish pressure was applied at the level of 1.5550 again. It was broken down temporarily until the last week when the weekly bullish engulfing candlestick was expressed.

For several weeks, consecutive weekly candlesticks has been generating contradictory signals.

However, a recent weekly candlestick closure above 1.5500 hindered a further bearish decline for some time and enhanced the bullish side of the market initially towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

The previous weekly candlestick closure persisted below the price level of 1.5450 (key level). This enhances the bearish side of the market in the long term.

The nearest demand level around 1.5200 is exposed as long as GBP/USD bears manage to keep moving below the level of 1.5450.

Previously, the zone of 1.5800-1.5880 acted as significant supply. It offered a valid sell entry few weeks ago. All T/P levels were successfully reached.

On the other hand, the level of 1.5550, which corresponds to the 50% Fibonacci level and the previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

The level of 1.5500 constituted a significant key level to watch for. It corresponded to the uptrend line depicted on the chart.

Prominent supply/resistance levels were located around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern was originated.

That is why, a valid sell entry was suggested for retesting 1.5770 on Monday. The position is already running in profits now.

Moreover, the bearish movement towards 1.5330 and 1.5200 should be expected as long as the market keeps trading below the zone of 1.5480-1.5500.

On the other hand, bearish rejection should be expected at retesting of the depicted 50% Fibonacci level (around 1.5540) with the same T/P levels projected towards 1.5200.

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Daily analysis of SILVER for August 31, 2015 Market Analysis Review

Overview

Silver price retested the 14.70 level and bounced bearishly from there, getting negative signals through stochastic and the EMA50, which supports the continuation of the expected bearish trend for the upcoming sessions, which targets begin at 13.50 followed by 12.80. Silver price fluctuates within tight track since morning, therefore, there is no change in our intraday bearish trend expectations that targets 13.50 and then the 12.80 levels mainly, supported by the negativity of the EMA50 and stochastic, pointing that holding below the 14.70 level important for the continuation of the expected decline for today.

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Intraday technical levels and trading recommendations for EUR/USD for August 31, 2015 Market Analysis Review

The market was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established on January 1997). Bullish recovery was expressed shortly after.

April's monthly candlestick came as a bullish engulfing one. However, the next monthly candlesticks (May, June, and July) reflected recent bearish rejection being expressed around 1.1450.

In the long term, a projection target will be still located at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 will be possible only if May's monthly high of 1.1465 gets breached. This can be achieved if the current monthly candlestick closes above the weekly high (1.1465) by the end of August.

After such a long bearish rally, which started around the level of 1.1300, long-term bullish rejection took place at 1.0570 (monthly demand level).

Recently, evident bullish recovery was expressed after hitting the level of 1.0800. Since then, bulls have been trying to achieve an extensive bullish movement towards 1.1500 and 1.1700.

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Extensive bullish pressure was applied until bearish rejection was expressed around the price level of 1.1700. That is when extensive bearish rejection was expressed on Wednesday.

The market looked overbought as the bulls were pushing above the price level of 1.1500 (Daily Supply Level). That's why, a bearish corrective movement took place towards the price level of 1.1160 shortly after.

Conservative traders can have a valid BUY entry anywhere around the price level of 1.1160 (corresponding to the depicted uptrend line as well as 61.8% Fibonacci level). S/L should be placed below 1.1100. T/P levels should be placed at 1.1330 and 1.1440.

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Daily analysis of GBP/JPY for August 31, 2015 Market Analysis Review

Overview

GBP/JPY stays neutral for the moment. Price actions from 195.86 are viewed as a consolidation pattern and should be supported by the mentioned 182.88 Fibonacci level. An upside breakout through 195.86 is expected later. However, sustained trading below 182.88 will dampen our view and turn focus back to the 174.86 support instead. The uptrend from 116.83 could extend to the 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level and top there. Meanwhile, considering bearish divergence condition in the weekly MACD. Break of 174.86 support will suggest that the trend has reversed earlier than we expect.

Daily Pivots: (S1) 185.97; (P) 186.58; (R1) 187.80;

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Technical analysis of USD/JPY for August 31, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. It is supported by a rising trend line. The US stocks moved little last Friday following Thursday's gains. The Dow Jones Industrial Average slipped 0.1%, to 16643, the S&P 500 added 0.1% to 1988, while the Nasdaq Composite rose 0.3% to 4828. Crude oil continued surging and added 6.2% to $45.22 a barrel, while gold futures rose nearly 1% to $1,133 an ounce. The 10-year Treasury yield climbed to 2.188% from 2.168% in the previous session. Meanwhile, the US dollar strengthened against the euro (EUR/USD declined to as low as 1.1154), as traders believed that the rate hike in September is still on the table considering Fed Vice Chairman Stanley Fischer's comments: "Given the apparent stability of inflation expectations, there is good reason to believe that inflation will move higher as the forces holding down inflation dissipate further." Regarding USD/JPY, the pair is rising since August 24. It has struck against the first upside target at 121.75, while the 20- and 50-period intraday moving averages (MAs) are well oriented. While a consolidation may develop, it should be limited considering the pair's upward momentum. Above 121.75, the second upside target is set at 122.35 (last seen on August 21). Only a break below the key support at 120.25 would turn the intraday outlook bearish and call for a further decline toward the first alternative downside target at 119.40 (last seen on August 26).

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 121.75 and the second target at 122.35. In the alternative scenario, short positions are recommended with the first target at 119.40 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 118.90. The pivot point is at 120.25.

Resistance levels: 121.75 122.35 122.80

Support levels: 119.40 118.90 118.45

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Technical analysis of USD/CHF for August 31, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range as bias remains bullish. Technically, the pair stands firmly above its key support level at 0.9550. The intraday trend is bullish as the process of higher highs and lows remains intact on the prices. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited. At last, the intraday RSI is regaining its bullish momentum. To sum up, expect a new upmove above 0.9550 with targets at 0.9675 and 0.9730 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9675 and the second target at 0.9730. In the alternative scenario, short positions are recommended with the first target at 0.9480 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9410. The pivot point is at 0.9550.

Resistance levels: 0.9675 0.9730 0.9765

Support levels: 0.9480 0.9410 0.9375

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Technical analysis of NZD/USD for August 31, 2015 Market Analysis Review

NZD/USD is expected to trade with a lower range. Currently trading at 0.6405, the pair remains under pressure below its key resistance at 0.6470 and seems more likely to post a further decline. Moreover, the intraday RSI has confirmed a negative outlook as it has failed to break above the neutrality level at 50. The 20- and 50-period intraday MAs are mixed with a bearish bias. Therefore, as long as 0.6470 holds as the key resistance, look for a new pullback to 0.6365 and 0.6310 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.6365. A break of that target will move the pair further downwards to 0.6310. The pivot point stands at 0.6470. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.6505 and the second target at 0.65550.

Resistance levels: 0.6505 0.6550 0.6625

Support levels: 0.6365 0.6310 0.6245

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Technical analysis of GBP/JPY for August 31, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bulish bias above 185.35. The pair stands above its key support at 185.35 and is expected to post a rebound in the sessions to come. The intraday RSI has just landed on the neutrality level of 50 and is turning up, calling for a bounce as well. Further upside is therefore expected with the next horizontal resistance and overlap set on a high of 188.15 previously reached on August 28. A break above this level would call for further advance towards the high of 188.70 in extension. Only a break below the horizontal support at 185.35 would open the way to further weakness.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 188.15 and the second target at 188.70. In the alternative scenario, short positions are recommended with the first target at 184.10 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.15. The pivot point is seen at 185.35.

Resistance levels: 188.15 188.70 189.45

Support levels: 184.10 183.15 182.75

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Technical analysis of EUR/USD for August 31, 2015 Market Analysis Review

The weekly technical analysis of EUR/USD pair:

Overview:

• The The EUR/USD pair is still moving between 1.1351 and 1.1000 in the weekly chart. Thus, it should be noted that the weekly pivot point will set at the level of 1.1351. Right now, the current price is moving around the level of 1.1210. Moreover, the weekly point has already formed a psychological level in this area. Therefore, sell at the level of 1.1351 with the first target at 1.1160 (the level of 1.1155 represents the ratio of 00% Fibonacci retracement levels) , then it will call for a downtrend in order to continue its bearish movement towards 1.1017 to test the double top in the H1 chart. The stop loss should be placed at the level of 1.1375.

General idea about the pivot points:

• R3 and S3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in sideways markets, as the prices are most likely to be located between the R1 and S1 lines. Within a strong trend, the price is expected to be lower than the pivot point line continuing its movement. If the breaking news released affects the market, the price is likely to go straight through R1 or S1 and even reach R2 and R3 or S2 and S3.

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EUR/NZD: analysis for August 31, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7533. In the daily time frame, we can observe a supply bar in a volume below the average. The trend is neutral. Our Fibonacci expansion 61.8% at the level of 1.7325 held successfully. Anyway, we saw weakness in the 1H time frame (up-thrust bar and no demand bar). Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. I also spoted downward channel and the price testing uppwer diagonal (resistance). Support is seen around the level of 1.7275. We need to see changing in trend behavior from neutral to downward and then we can watch for selling opportunities.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7445

R2: 1.7500

R3: 1.7580

Support levels:

S1: 1.7280

S2: 1.7230

S3: 1.7145

Trading recommendations: Watch only for selling opportunities after retracement.

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Technical analysis of GBP/USD for August 31, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Trading recommendations:

• According to the previous events, the GBP/USD pair is still trapping between the levels of 1.5515 and 1.5213.
• The level of 1.5515 represents the weekly pivot point and the weekly support one is set at 1.5213.
• Therefore, we expect a range of at least 302 pips this week. Sell below the level of 1.5515 in the short term with the first target at 1.5335 in order to form a double bottom.
• Moreover, if the trend is be able to break the double bottom at 1.5335, it might move towards the first weekly support at 1.5213.

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Technical analysis of USD/NOK for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The USD/NOK seems to have completed the fourth wave around the 7.3000 levels earlier and has been on its wave 5 (within the larger 3rd wave structure) towards the 8.8000 levels. As seen on the weekly chart view here, the rally that begun in 2008, is in its last leg of the larger wave 3, which could end around the 8.8000 levels before it produces a meaningful correction. It is recommended to hold long positions if taken earlier and also look to add on dips around the 8.000 levels again. Immediate support is seen at the 8.000 levels and lower, while resistance is seen at the 8.8000 levels and higher respectively.

Trading recommendations:

Remain long for now and also add further on dips towards the 8.000 levels, stop is at 7.9000, target is 8.8000.

Good luck!

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Global macro overview for 31/08/2015 Market Analysis Review

Global macro overview for 31/08/2015:

The annual central bankers' meeting in Jackson Hole US ended last week. Bankers from around the globe were present at that conference to discuss the short-term prospect of the long-anticipated interest rate hike by the Federal Reserve Bank (Fed). The fear of Fed's first in 6 years tightening of the monetary policy was lower than some central bankers had expected (i.e. Agustin Carstens from Mexico). Many participants disagree about that issue, but Yao Yudong, head of the People's Bank of China Research Institute of Finance and Banking, was the most opposite to any rate hike. Nevertheless, the overall message to Fed was very clear: the world is expecting it to raise the rate soon, despite the potential further US sollar straightening, capital outflows from some emerging market and changes in prices of traded goods. Please notice the first rate hike might come as soon as in September 2015 or December 2015.

The technical picture of the EUR/USD did not changed much since last Friday as the Jackson Hole revelations might still be digesting and the market might be expecting the NFP jobs report later this week.

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Gold analysis for August 31 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,140. According to the daily time frame, we can observe a weak demand bar (potential selling coming in). Anyway, we saw weakness in Fridays's price action in the H1 time frame. We got buying climax with wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support has been seen at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. On the background, we can observe a strong sign of weakness (supply came in), which shows that this can be a turning point in the mid-term prospect.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,133.28

R2: 1,134.00

R3: 1,135.00

Support levels:

S1: 1,131.00

S2: 1,130.28

S3: 1,129.20

Trading recommendations: The strong sign of weakness is in the background. Watch only for selling opportunites after retracement.

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Technical analysis of Shanghai Index for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The Shanghai Composite Index is hanging around the 3,200 levels for now, but the fall is expected to continue to around 2,700 before the rally could resume. Please note that 2,700 levels is also the convergence point of Fibonacci retracement and extensions of the uptrend and counter trend respectively. It is hence recommended to remain flat for now and look for the indix to bottom around the 2,700 levels before initiating long positions. Immediate support is seen around the 2,800 levels and lower while resistance is seen around the 3,400 levels and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of DAX for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The DAX made lows around the 9340/50 levels last week, before bouncing back sharply. Please note that the index is holding its support trendline pretty well and has managed to stay in its buy zone as of now. Furthermore, the bounce has come at the Fibonacci 0.618 support of the rally between the 8,400 to 12,400.00 levels, respectively. It is hence recommended to remain/initiate fresh long positions on dips ahead of the 9,400/9,500 levels in this week with risk at 9,300, respectively. Immediate support is at the 9,350 levels and lower, while resistance is seen at the 11,500.00 levels, and higher respectively.

Trading recommendations:

Remain long/ initiate fresh long positions on dips, stop is at 9300, target is a fresh high.

Good luck!

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Technical analysis of Dow Jones for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The Dow Jones Index managed to closed above its support trendline last week after dropping to the 15,300.00 levels. Please note that the indix has produced a pin bar candlestick pattern on its weekly chart view, indicating a potential reversal. Furthermore, it could be the wave 4, bouncing at the trendline/channel support. It is hence recommended to initiate fresh long positions now, and also look to add on dips to 16,000.00 with risk below the 15,300.00 levels. Immediate support is seen at the 15,300.00 levels and lower while immediate resistance is seen at 17,500.00 and higher respectively.

Trading recommendations:

Initiate fresh long positions, stop below 15,300.00, target is open.

Good luck!

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Technical analysis of Crude for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

WTI Crude has bounced off smartly from last week's lows around $38.00 and is trading above $44.00 at the moment. Crude might formed an important low last week, and could be on its way up, towards $60-70 from here on. It is hence recommended to initiate long positions now and also look to add around $40.50/41.00 with risk below the levels of $38.00. Immediate support is seen at $38.00 followed by $37.00, $30.00, and lower, while resistance is seen at $60.00/70.00, and higher.

Trading recommendations:

Initiate long positions now, stop is at $37.00, a target is open.

Good luck!

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Global macro overview for 31/08/2015 Market Analysis Review

Global macro overview for 31/08/2015:

It is going to be a quite interesting week in the forex market as there is plenty of fundamental data to be released this week, including the cash rate decision of the Reserve Bank of Australia (RBA) and meeting statement that are scheduled for release at 4:30 GMT on Tuesday. The market expects the RBA to hold the rate on the current level of 2%, but traders remain bearish on AUD/USD although it managed to bounce from the daily lows. Please notice that an additional catalyst for AUD/USD sell-offs might come from the Chinese PMI manufacturing data, which is due at 1:00GMT. Fifures for the PMI are expected to be slightly weaker than the recent reading (49.8 vs. 50.0).

From the technical point of view, the most important resistance for bulls remains at the level of 0.7234 any only a breakout and daily close higher might slightly change the bearish outlook for this pair.

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Technical analysis of USD INDEX for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The US Dollar Index monthly chart shows the rally that resumed in 2008. It still has room on the upside with levels of 101.00/102.00 acting as immediate potential extensions. It is hence recommended to initiate fresh long positions on the US Dollar Index with risk at 92.00 now. Immediate support is seen at 92.00 (interim) followed by 90.00 and lower, while resistance is seen at 101.00/102.00 levels and higher.

Trading recommendations:

Initiate fresh long positions now, stop is set at 92.00, a target is in the area of 101.00/102.00.

Good luck!

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Technical analysis of USD/CAD for August 31, 2015 Market Analysis Review

General overview for 31/08/2015 11:00 CET

The Ending Diagonal pattern is still in progress as the wave c purple to the upside is still missing to complete the overall pattern. Any clear breakout above the intraday resistance at the level of 1.3299 and above the wave a purple top at the level of 1.3350 will resoult in more gains with the projected target at the level of 1.3441. On the other hand, only a sustained breakout below the level of 1.3150 would invalidate the bullish outlook.

Support/Resistance:a

1.3441 - WR2

1.3350 - Wave a Purple Top

1.3320 - WR1

1.3299 - Intraday Resistance

1.3230 - Weekly Pivot

1.3196 - Intraday Support

1.3108 - WS1

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 1.3299 is clearly violated (hourly candle close above the level) with SL just below the level of 1.3195 and TP at the level of 1.3350 with a possible extension upwards to the level of 1.3441.

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Technical analysis of EUR/GBP for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/GBP monthly chart, which is depicted here, shows a larger view of the entire wave structure indicating that a meaningful low might take place at 0.6900/20 this month. A bullish morning star candlestick pattern is also being produced indicating a potential reversal from here. Furthermore, the pair is bouncing off the fibonacci 0.618 support as well. It is hence recommended to initiate long positions with risk below 0.6900. Immediate support is seen at 0.6900 (interim), while resistance is seen at 0.7474 and higher respectively.

Trading recommendations:

Initiate fresh long positions, stop at 0.6800, a target is open.

Good luck!

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Technical analysis of EUR/JPY for August 31, 2015 Market Analysis Review

General overview for 31/08/2015 10:45 CET

A corrective cycle continues as there is still one more wave to the upside missing. The market still trades inside the bearish zone. The boundary of this zone is seen at the level of 137.60, which is intraday resistance, where the top for the wave (b) blue is expected before any further decline.

Support/Resistance:a

137.76 - WR1

137.60 - Intraday Resistance

136.60 - Intraday Resistance

136.50 - Weekly Pivot

135.23 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.60 is clearly violated (hourly candle close above the level) with SL just below the level of 135.23 and TP at the level of 137.60.

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Technical analysis of NZD/USD for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The NZD/USD pair is trading around 0.6410. It managed to hit its lows and bounced off 0.6200 last week. The pair has found support at the fibonacci 0.618 level of the entire rally that began in March 2009 and topped out in August 2011. The pair seems to have completed its ABC correction at 0.6200. It is hence recommended to initiate long positions now with risk at 0.6100. Immediate support is seen at the levels around 0.6200 followed by 0.5400 and lower, while resistance is seen at 0.6700 and higher on the weekly chart.

Trading recommendations:

Initiate long positions now, stop is at 0.6100, a target is open.

Good luck!

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Technical analysis of AUD/USD for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

AUD/USD bulls are watching for a turn around in the downtrend, which has been ongoing since August 2011. The pair has produced a potential pin bar candlestick pattern on the weekly charts, indicating a potential reversal. Furthermore, prices are bouncing off a fibonacci 0.786 support of the entire rally between Oct 2008 and Aug 2011 respectively. The ABC counter trend also seems to be completed around 0.7000. It is strongly recommended to initiate fresh long positions now, with risk at 0.6900. Immediate interim support is seen at 0.7000 and lower, while resistance is seen at 0.7450 and higher on the weekly charts.

Trading recommendations:

Initiate long positions now with stop at the level of 0.6900.

Good luck!

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Technical analysis of GBP/JPY for August 31, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/JPY pair is seen to have bounced off its fibonacci 0.618 support around 182.80. The pair is trading around 186.00/187.00 now, keeping the uptrend intact. A break below the trend-line support, and subsequently 175.00, would confirm that the pair has formed a meaningful top and reversed lower. It is hence recommended to initiate fresh long positions now with risk below 182.00. Immediate support is seen at 182.80 followed by 175.00 and lower, while resistance is seen at 195.00/196.00 followed by 199.00 and higher respectively.

Trading recommendations:

Initiate long positions now, with stop at 182.00, targets are at 197.00 and 199.00.

Good luck!

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USDX technical analysis for August 31, 2015 Market Analysis Review

The Dollar index although it made a new higher high on Friday, the price finally rejected at the resistance level. We could see a pullback towards 94.90, but a break below that level will increase chances of a deeper correction towards 92.

The US Dollar Index as can be seen in the 4-hour chart above. It has managed to break above the Ichimoku cloud. The price is still below the 78% retracement resistance as this is the last stand for bears. A pullback from current levels will push the index towards 95.

Red line - resistance

Green line -support

The US Dollar Index continues to trade inside the bullish flag pattern and above the weekly ichimoku cloud. The trend is mainly neutral and I expect the price to move back towards the green trend-line support in order to complete the corrective formation. Breaking above the red trend-line resistance will confirm that a new upward move has started.

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