Daily analysis of SILVER for August 07, 2015 Market Analysis Review

Overview

According to the attached H4 chart, Silver price showed an initial breach to the bearish channel's resistance as the price moves inside a minor bullish channel that appears on image, which might push the price to attempt to stop the recently dominating negative pressure. On the other hand, stochastic offers negative signal now that might push the price to decline again, thus, the minor bullish channel could form a bearish flag pattern that will assist to put the price back to the overall bearish trend in case breaking its support line at 14.50. Therefore, we prefer staying aside temporarily in order to monitor the price behavior according to the next trend keys represented by 14.50 support and 14.80 resistance, as breaching one of them will offer clearer signal for the next destination on the intraday and short-term basis.

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Daily analysis of GBP/JPY for August 07, 2015 Market Analysis Review

Overview

According to the shown H4 chart, below the 190.99 support bias will be turned back to the downside for 184.95 and possibly further to the 61.8% retracement of 174.86 to 195.86 at 182.88. In the bigger picture, the uptrend from 116.83 is still in progress and would target 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. The medium-term momentum is not too convincing with bearish divergence condition in the weekly MACD. We'd be cautious in the medium term topping around 200 and bringing a deep correction. Meanwhile, a break of 174.86 will suggest that the trend has reversed earlier than we expect.

Daily Pivots: (S1) 192.00; (P) 193.58; (R1) 194.01

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USD/CAD intraday technical levels and trading recommendations for August 7, 2015 Market Analysis Review

Overview:

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 a formation of successive lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened a 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 reached. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick was rather 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.

Earlier, signs of lacking bullish momentum were generated on the chart. A bearish corrective movement was initiated towards the levels of 1.2900-1.2850.

However, a new bullish swing has been taking place this week, especially after Friday's bullish engulfing candlestick.

The long-term bullish projection target would be located at the level of 1.3270 if enough bullish support is maintained around 1.3050 (recent Support).

Trading recommendations:

Conservative traders can 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 recent support.

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

Risky traders can take a BUY entry anywhere around 1.3050-1.3000. The next bullish targets would be located at price levels of 1.3190 and 1.3270.

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Intraday technical levels and trading recommendations for GBP/USD for August 7, 2015 Market Analysis Review

Two 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 provided evident supply for the GBP/USD pair.

As anticipated, a bearish pullback towards the level of 1.5550 took place. A bearish breakout below 1.5500 was made place two weeks ago.

Last week, strong bearish pressure was applied to the level of 1.5550 again. It had been breaking temporarily until the last week when bullish recovery was expressed.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates lacking bullish momentum above 1.5500.

The previous weekly candlestick closure above 1.5500 hindered the further bearish decline and enhanced the bullish side of the market towards 1.5680 (previous weekly high).

On the other hand, the nearest demand level around 1.5200 will become exposed if GBP/USD bears manage to bring trading below the level of 1.5500 again.

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 50% Fibonacci level and a previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

Last week, strong bullish price actions were expressed. A bullish pullback towards 1.5600 took place. The level of 1.5550 was breached during last week's consolidations.

However, Thursday's candlestick came as a bearish engulfing one, which enhanced the bearish side of the market again.

The level of 1.5500 constitutes to be the significant level to watch for. It corresponds to the short-term uptrend line depicted on the chart.

A quick bearish decline towards 1.5470 and 1.5370 should be expected only if the level of 1.5500 gets broken on a daily basis.

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Intraday technical levels and trading recommendations for EUR/USD for August 7, 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) reflect recent bearish rejection being expressed around 1.1450.

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

A bullish corrective movement towards 1.1500 will be possible only if May's monthly high of 1.1465 gets breached (a low probability).

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

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (long-term double-top reversal pattern).

A daily closure below the level of 1.1150 brought EUR/USD to 1.1000 again. A bearish daily closure below 1.0950 enabled a quick bearish decline towards 1.0850 and 1.0750.

Evident bullish recovery was expressed last week after hitting the level of 1.0800. Bulls have been trying to bring a bullish corrective movement towards 1.1000 and 1.1100.

As long as the market keeps trading below the recent supply levels around 1.1000, the depicted Double-Top pattern remains valid. the projection target extends down to 1.0600.

The price action should be watched around the levels of 1.0800 and 1.0660. These levels correspond to prominent demand levels on the chart.

Obvious bearish breakdown of the demand level 1 (1.0800) directly exposes the next one around 1.0660.

Trading recommendations:

Conservative traders have to wait for a bullish pullback towards the recently established supply zone of 1.1100-1.1150 for a valid sell entry. S/L should be lowered to 1.1170.

T/P levels should be located at 1.0990, 1.0850, and 1.0700.

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Gold technical analysis for August 7, 2015 Market Analysis Review

Gold price remains inside the triangle pattern even after the announcement of the US unemployment rate and Non-Farm Payrolls. Earlier today we saw the price bounce towards $1,098, but it pulled back down after the NFP numbers came out.

Blue line - trendline resistance

Green lines - triangle pattern

Gold price remains inside the triangle pattern and below the blue long-term trendline resistance. The price tried to push above the cloud but got rejected. As long as we hold above $1,077, bulls can still hope for a bounce. Breaking above $1,105 can push the price to $1,130.

The weekly chart remains bearish as the price is mostly moving sideways for two weeks. The level of $1,077 is critical support and if it is broken, it could push the price towards our longer-term target of $1,040 or lower. A bounce above $1,105 will find resistance at $1,130-40.The material has been provided by InstaForex Company - www.instaforex.com

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EUR/NZD : analysis for August 07, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6617. In the daily time frame, we can observe a weak supply bar in a volume below the average. The price rejected from our major resistance level (1.6805). According to the H4 time frame, we can observe weakness in the background, which is a sign that buying looks risky at this stage. The short-term trend has changed from bullish to neutral. I found a strong trading range between the levels of 1.6805 and 1.6333. Watch for a potential breakout of our trading range to confirm further direction. The price has broke our upward trendline, which is a sign that sellers may start larger movement downward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6730

R2: 1.6755

R3: 1.6796

Support levels:

S1: 1.6645

S2: 1.6625

S3: 1.6580

Trading recommendations: Wait for a breakout of the trading range to confirm further direction.

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USDX technical analysis for August 7, 2015 Market Analysis Review

The US dollar index remains in a short-term uptrend, but it has given some worrying signs of a possible reversal as it cannot push above the 98.20-98.30 resistance. The price got rejected once again at that resistance area but for now the pullback is shallow and has not broken short-term support at 97.15.

Red line - resistance

Green line - support

The price is above the Ichimoku cloud and tests the Kijun-sen (yellow indicator) support. Short-term support is a recent low at 97.65 so a break below that level could push the price towards the cloud support at 97.15. Critical support for the medium-term bullish trend is at the green trendline support at 96.70.

Red line - resistance

Green line - support

The US dollar index still trades inside the triangle pattern. With NFP today announced in the US, we should expect some increase in volatility to help the price break above or get rejected and push towards the green trendline support. Weekly support is also found at 96.70; and the next one, at 95.90. The best strategy is to wait until the Non-Farm Payrolls announcement to open a position.

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Gold technical analysis for August 7, 2015 Market Analysis Review

Gold price remains inside the trading range triangle pattern. However, today we see some strength signs as Gold price moves higher towards the upper triangle boundary near the $1,100-$1,105 resistance area. With Non-Farm Payrolls announced today in the US, traders should be patient as volatility is expected to rise.

Blue line - trendline resistance

Green lines - triangle pattern

Gold price is trading above the Ichimoku cloud but still inside the triangle pattern. I do not expect the price to break above or below the triangle before the NFP announcement today. Traders need to be very cautious and try not to front-run the announcement.

Blue line - broken long-term support

The weekly chart remains bearish; however, this week's candle is very important as there are signs of increased chances of a bounce. The expected bounce could reach the tenkan-sen (red indicator) towards $1,140 and the bearish longer-term view will be still valid as long as the price is below the weekly cloud. A break above $1,105 will bring a bullish short-term pause to the long-term bearish trend.

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Global macro overview for 07/08/2015 Market Analysis Review

Global macro overview for 07/08/2015:

The most important event of the day is the monthly Non-Farm Payrolls report and Unemployment Rate at 12:30 GMT. The market expects the 224k jobs to be created last month, which is very similar to the last reading of 223k in June. If figures come in line with expectations or better-than-expected, this kind of data may favor the short-term interest ratke rise in September, providing the further evidence of US economy.

The news to be released as scheduled (GMT):improving

12:30 USA Unemployment Rate Jul 5.3% 5.3%High

12:30 USA Non-Farm Employment Change Jul 223K 224KHigh

12:30 USA Change in Private Payrolls Jul 223K 218KMedium

12:30 USA Average Hourly Earnings Jul 0.0% m/m; 2.0% y/y 0.2% m/m; 2.3% y/yMedium

12:30 USA Participation rate Jul 62.6%Medium

12:30 USA Two-Month Payroll Net Revision Jul -60K

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Global macro overview for 07/08/2015 Market Analysis Review

The BoE decided to maintain its interest rate at the current level of 0.5% and asset purchase facility at the level of 375 bln as well. The voting pattern of 9-0-0 to keep the interest rates steady had been broken to 8-1-0, but the voting was anonymous. This might be the first sign of BoE being ready to raise the interest rate soon. Moreover, the interest rate hike is supported by the recent good data from the UK economy (wages growth, manufacturing growth, services growth).

The GBP/USD pair failed to break above the demand breakthrough zone. It violated the golden trendline and tested the support level 1.5465. After a short overnight bounce, it looks like the market can try to test this support once again soon.

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Technical analysis of USD/CAD for August 7, 2015 Market Analysis Review

General overview for 07/08/2015 08:30 CET

The impulsive blue count looks invalidated due to wave i blue and wave iv blue overlaps. This would mean an alternative count is in play now. The first confirmation that the wave B blue top is at the level of 1.3213 comes with a breakout of the intraday support at the level of 1.3097. Any new high above the level of 1.3213 invalidates this view.

Support/Resistance:

1.3213 - Swing High|Intraday Resistance|

1.3204 - WR1

1.3097 - Intraday Support|Blue Impulsive Count Invalidation Level|

1.3011 - Weekly Pivot

1.2968 - WS1

Trading recommendations:

Daytraders should consider that the level of 1.3097 can be violated with tight SL (15-20 pips) and TP at the level of 1.3031.

Swingtraders should consider closing all mid-term and long-term buy orders as the upward cycle might be concluded soon. Please wait for another buy opportunity to come when the downward corrective cycle is completed.

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Technical analysis of EUR/JPY for August 7, 2015 Market Analysis Review

General overview for 07/08/2015 08:00 CET

The corrective cycle in wave b purple looks completed, however there might be one more small wave to the downside in progress before it is finally done. Nevertheless, there is still wave c purple to the upside needed to compete the whole structure. Both support and resistance are the key levels for bulls and bears today. Any violation of one of this levels will set the sentiment for the rest of the day. The near-term bias is still bullish.

Support/Resistance:

137.33 - Intraday Resistance

136.96 - WR1

136.48 - Intraday Resistance

136.24 - Weekly Pivot

135.79 - Intraday Support

135.15 - WS1

134.98 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders only if the level of 136.48 is clearly violated (hourly candle close above the level), with SL below the level of 135.79 and TP at the level of 136.96 and 137.33.

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Elliott wave analysis of EUR/NZD for August 7 - 2015 Market Analysis Review

Technical summary:

We are still locked inside a very narrow consolidation-area between 1.6554 and 1.6791. We continue to look for an upside break for a continuation higher towards 1.6995 and 1.7277. Only a break below 1.6554 will delay the expected upside pressure closer to 1.6320 before moving higher again.

Trading recommendation:

We are long EUR from 1.6603 with stop placed at 1.6550. If you are not long EUR yet, then wait for a break above resistance at 1.6791 before buying EUR.

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Elliott wave analysis of EUR/JPY for August 7, 2015 Market Analysis Review

Technical summary:

We are still locking at the middle of a triangle. Wave e could still move higher to the triangle resistance-line near 137.00 and close at this level as long as minor support at 135.76 protects the downside. A break below minor support at 135.76 will indicate that wave e is already over calling for a decline towards 134.95. Below this area, it will confirm the thrust out of the triangle for a continuation lower to 130.00.

Trading recommendation:

We will sell EUR at 136.85 or upon a break below support at 135.76 with stop placed at 137.45.

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Technical analysis of EUR/USD for August 07, 2015 Market Analysis Review

When the European market opens, economic data on the French Trade Balance, French Industrial Production m/m, French Gov Budget Balance, and German Industrial Production m/m is due. The US will release data on the Consumer Credit m/m, Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change. So amid the reports, EUR/USD will move medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0954.

Strong Resistance:1.0948.

Original Resistance: 1.0937.

Inner Sell Area: 1.0926.

Target Inner Area: 1.0901.

Inner Buy Area: 1.0876.

Original Support: 1.0865.

Strong Support: 1.0854.

Breakout SELL Level: 1.0848.

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 August 07, 2015 Market Analysis Review

In Asia, Japan will release the BOJ Press Conference, German Trade Balance, and Monetary Policy Statement. The US will release economic data such as Consumer Credit m/m, Average Hourly Earnings m/m, Unemployment Rate, and Non-Farm Employment Change. So, there is a strong probability that USD/JPY will move with low to medium volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 125.40.

Resistance. 2: 125.16.

Resistance. 1: 124.91.

Support. 1: 124.62.

Support. 2: 124.37.

Support. 3: 124.13.

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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Daily analysis of USDX for August 07, 2015 Market Analysis Review

The USDX has no changes in the daily time frame, because the index is looking to test the support level of 97.57. If a breakout happens there, the USDX could fall until the level of 96.57. However, we are still expecting a rebound towards the resistance zone of 98.29.

On the H1 chart, the USDX found strong resistance at the level of 98.09 and now it is pulling back to the support level of 97.65, which is very close to the current location of the 200 SMA. However, a rebound at the current stage could happen and eventually the USDX could break the level of 98.09 and perform a rally towards the zone of 98.40.

Daily chart's resistance levels: 98.29 / 99.16

Daily chart's support levels: 97.57 / 96.57

H1 chart's resistance levels: 98.09 / 98.40

H1 chart's support levels: 97.65 / 97.12

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 98.09, take profit is at 98.40, and stop loss is at 97.77.

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Daily analysis of GBP/USD for August 07, 2015 Market Analysis Review

On the daily chart, GBP/USD did a breakout below the support level of 1.5543 and 200 SMA, a move which is currently giving momentum to the bears in order to consolidate, for at least in the mid-term. The support zone of 1.5450 could be tested again and if a breakout happens there, it would be expected to fall until the level of 1.5358.

The short term outlook is turning lower now, as the pair is consolidating below the 200 SMA on the H1 chart with a bearish pattern. If GBP/USD does a breakout on the support level of 1.5484, it could fall to the level of 1.5411 in coming hours. However, a rebound could happen at current levels, pointing to a test of the 200 SMA.

Daily chart's resistance levels: 1.5543 / 1.5640

Daily chart's support levels: 1.5450 / 1.5348

H1 chart's resistance levels: 1.5545 / 1.5587

H1 chart's support levels: 1.5484 / 1.5411

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 1.5484, take profit is at 1.5411, and stop loss is at 1.5557.

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Daily analysis of major pairs for August 7, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair is very volatile right now, but the market remain bearish. Unless the resistance line at 1.1000 is broken to the upside, the bearish outlook would be valid. The price may drop again, testing the support line at 1.0850. The support level has been tested this week; and it would need to be broken to the downside so that the bearish trend might continue.

USD/CHF: Among the majors, USD/CHF is one of few currency trading instruments which move in a predictable manner this week. The price rose vividly and almost tested the resistance level at 0.9850. This is a movement of roughly 200 pip, and the price is likely to break the resistance level to the upside this week or next week.

GBP/USD: This pair consolidated to the downside on Thursday, generating a 'sell' signal in the market. The 'sell' signal would become stronger once the accumulation territory at 1.5450 is tested. According to the ongoing price actions in the market, it is not logical to seek long trades now, because there is a bearish indication in the market.

USD/JPY: The USD/JPY pair failed to break the supply level at 125.00 to the upside, and things look like going into the equilibrium phase again. However, the outlook for the pair remains bullish because the price would not be really projected as weak until the demand level at 123.5 is broken to the downside.

EUR/JPY: This cross is showing a tendency to move further upwards - though the situation is delicate. Any movement above the supply zone at 137.00 would mean that the EMA 11 is already above the EMA 56; while the RSI period 14 would have gone above the level of 50. By then, there would have been a Bullish Confirmation Pattern in the market.

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Technical analysis of AUD/USD for August 7, 2015 Market Analysis Review

Trading recommendations:

• As it is known, sellers are asking for a higher price as well as buyers are looking for a lower price. Therefore, the first key level will set at 0.7420. The second key level will set at 0.7380 today. Equally important, the AUD/USD pair has been trading between 0.7420 and 0.7283. Additionally, it should be noted that the range was about 76 pips today and around 173 till next week. Furthermore, the trend was very clear and was indicating downtrend. We expect that the trend is going to call for a bearish market at the level of 0.7420 in the H1 chart (last top). As a result, sell at the level of 0.7420 with the first target at 0.7314. It might resume to 0.7283 in order to test the support. Also, it should be noted that the double bottom will set at 0.7234. On the other hand, your stop loss should be placed above the level of 0.7420, Thus, it will be helpful to set it at the level of 0.7463.

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Technical analysis of EUR/USD for August 7, 2015 Market Analysis Review

Overview:

• According to the previous events, the price of the EUR/USD pair is going to move between the levels of 1.0880 and 1.0954. But, the resistance has already set at the level of 1.0986 and the support stood at 1.0880. So, we expect a range about 85 pips today (Agust 7, 2015). Additionally, it should be noted that if the trend is ascending, the strength of the currencies will be defined as follows: EUR is in the uptrend and USD is in the downtrend. Therefore, it will be wise to sell in this area (1.0954) with the first target at 1.0948. The price will be able to continue in the downtrend towards 1.0890 in order to try to break the weekly support one. On the other hand, the stop losses should be placed above the double top at 1.1017.

Intraday technical levels:

Date:7/08/2015

Pair:EUR/USD

• R3: 1.1022
• R2: 1.0983
• R1: 1.0952
• PP: 1.0913
• S1: 1.0882
• S2: 1.0843
• S3: 1.0812

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