GBP/USD intraday technical levels and trading recommendations for August 17, 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 ongoing 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 arrows). The final bearish target at 1.5450 was already reached.

Recently, strong bullish pressure was applied against the resistance levels around 1.5800 via the ongoing bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached. Hence, GBP/USD bulls pursued towards 100% Fibonacci Expansion located around 1.5900 where the depicted Head and Shoulders pattern was initiated.

The level of 1.5555 (prominent demand level/depicted uptrend line) got breached earlier last month due to excessive bearish pressure. This enhanced the bearish side of the market towards 1.5360.

However, a bullish pullback towards 1.5550-1.5600 was expected to take place shortly after, as suggested in the previous articles.

Our SELL entry which was suggested around 1.5600 got triggered last week. An early exit should be considered if the current daily candlestick maintains its closure above 1.5600.

A better SELL entry with a lower risk/reward ratio may be offered around the price level of 1.5780 (the upper limit of the consolidation range and the backside of the broken uptrend) if enough bullish pressure is expressed.

Note that fixation below the price zone of 1.5550-1.5500 is mandatory to pursue towards lower bearish targets, initially at 1.5450. Moreover, it confirms the Double-Top reversal pattern.

Moreover, risky traders can SELL the GBP/USD pair upon daily closure below 1.5525. Initial bearish target would be located at 1.5450.

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USD/CAD intraday technical levels and trading recommendations for August 17, 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 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 projection target remains projected at the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be applied.

Recently, signs of lack of bullish momentum were generated on the chart (Head and Shoulders reversal pattern).

A bearish corrective movement towards the levels of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the recent high around the price level of 1.3180.

On the other hand, Bearish persistence below 1.3050 is mandatory to expose the next support level around 1.2910 and then 1.2800 where long-term BUY entries should be considered.

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 support.

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

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Intraday technical levels and trading recommendations for EUR/USD for August 17, 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 will be 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. Since then, bulls have been trying to bring a bullish corrective movement towards 1.1000 and 1.1150 where the backside of the broken uptrend is located.

Bearish rejection was anticipated around the price zone of 1.1150-1.1180 as it corresponds to the backside of the broken uptrend (depicted on the chart).

On Friday, significant bearish reaction has been manifested off 1.1150 resulting in two consecutive bearish engulfing daily candlesticks.

The nearest bearish destination to meet the EUR/USD pair would be located at 1.0980 as long as the price level of 1.1150 remains defended by the market bears.

On the other hand, daily closure above 1.1150 threatens the previously mentioned bearish scenario. It may allow a quick bullish swing towards 1.1270 and 1.1300.

Trading recommendations:

Conservative traders could have taken a valid SELL entry around the recently established supply zone (1.1150-1.1170). S/L should be placed above 1.1200 while T/P levels should be located at 1.1100, 1.0850, and 1.0700.

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Intraday technical levels and trading recommendations for GBP/USD for August 17, 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 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 took place two weeks ago.

Last week, strong bearish pressure was applied to the level of 1.5550 again. It was beeing broken 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 hinders further bearish decline and enhances the bullish side of the market towards 1.5680 (previous weekly high).

Next bullish destination would be located at 1.5770 (61.8% Fibonacci level).

On the other hand, the current weekly candlestick should be monitored by the end of the week to determine if the weekly closure comes above 1.5500 or below.

The nearest demand level around 1.5200 will become exposed only if the GBP/USD bears manage to bring the market price 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 is going to be the significant level to watch for. It corresponds to the short-term uptrend line depicted on the chart.

However, evident bullish pressure was applied at 1.5450 on Monday. A bullish engulfing daily candlestick was expressed by the end of the day.

The nearest supply levels to meet the GBP/USD pair are located around the price levels of 1.5660 (Multiple Daily Highs) and 1.5770 (prominent 61.8% Fibonacci level) where the price reaction should be monitored.

On the other hand, the bearish scenario towards 1.5470 and 1.5370 should only be considered if the GBP/USD bears manage to successfully push below 1.5500 again.

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Technical analysis of USD/CHF for August 17, 2015 Market Analysis Review

USD/CHF is expected to trade with bearish bias. The key resistance at 0.9800. The pair remains under pressure below the key resistance at 0.9800. On an intraday basis, the pair is moving sideways within the range between 0.9800 and the first downside target at 0.9715. Nevertheless, the intraday RSI indicator favors a new drop. Hence, as long as 0.9800 is not surpassed, the risk of breaking below 0.9720 remains high. The second downside target is set at 0.9660 (August 12's low).

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 0.9715. A break of that target will move the pair further downwards to 0.9660. The pivot point stands at 0.98. 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 0.9860 and the second target at 0.9940.

Resistance levels: 0.9860 0.9940 0.9995

Support levels: 0.9715 0.9660 0.9635

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Technical analysis of NZD/USD for August 17, 2015 Market Analysis Review

NZD/USD is expected to trade with bearish bias. The pair remains capped by an intraday declining trendline, and is also below its key resistance at 0.6590, which should maintain selling pressure. The 20- and 50-period MAs are still heading downwards. Besides, the intraday RSI lacks upward momentum. According to these perspectives, as long as 0.659 is not surpassed, look for choppy price action with a bearish bias. Our first upside target is set at 0.6510 and the second one at 0.6470.

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 0.6510. A break of that target will move the pair further downwards to 0.6465. The pivot point stands at 0.6590. 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 0.6630 and the second target at 0.6675.

Resistance levels: 0.6630 0.6675 0.6735

Support levels: 0.6510 0.6465 0.6415

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Technical analysis of GBP/JPY for August 17, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. The pair is reversing down after breaking below its previous resistance at 193.65, which should now play the role of the key resistance. A double top pattern has been formed, calling for an intraday trend reversal. And both 20-period and 50-period intraday MAs are turning up as well, confirming a bullish bias. The intraday RSI is below 50 and is negatively oriented. The first target to the upside is therefore set at the horizontal resistance and overlap at 194.95. A break above this level would open the way to further weakness towards 195.40 in extension.

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 keeps above its pivot point, long positions are recommended with the first target at 194.95 and the second target at 195.40. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 193. A break of this target would push the pair further downwards, and one may expect the second target at 192.20. The pivot point is at 193.65.

Resistance levels: 194.95 195.40 196

Support levels: 193 192.20 191.75

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Daily analysis of GBP/JPY for August 17, 2015 Market Analysis Review

Overview

Intraday bias in GBP/JPY remains neutral for the moment. Rebound from 184.95 might extend. But we'd expect strong resistance from 195.86 to limit upside and bring reversal. At this point, we are holding on to the view that consolidation pattern from 195.86 is not completed yet. Break of 190.99 will start the third leg of the consolidation and will target the 184.95 support.

According to the attached H4 chart, 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 bring a deep correction. Meanwhile, break of 174.86 will suggest that the trend has reversed earlier than we expect.

Daily Pivots: (S1) 194.07; (P) 194.30; (R1) 194.77;

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Daily analysis of SILVER for August 17, 2015 Market Analysis Review

Overview

According to the shown H4 chart, Silver price declined with the end of the last week trading near the EMA50, which represents a good intraday support base that protect the positive scenario on the intraday basis, noticing that stochastic reaches the oversold levels now. It supports the chance of resuming the bullish bias in the upcoming sessions, waiting for testing the 16.05 level initially.Therefore, the bullish trend will remain valid and active unless breaking the 15.00 level, where breaking this level will push the price to visit the 14.40 level directly.

In general, we keep preferring the bullish trend if the price settled above the 15.00 level, pointing that breaching the 16.05 level will extend gold gains to reach 17.10 in the near term.

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Technical analysis of GBP/USD for August 17-21, 2015 Market Analysis Review

The weekly Technical analysis of GBP/USD pair:

Review:

• According to the previous events, the GBP/USD pair will move between the levels of 1.5713 and 1.5585 this week.
• The resistance will be set at the level of 1.5713.
• The support has already been placed at the price of 1.5585. Besides, it should be noted that the weekly pivot point is coinciding with the same price of support.
• We expect a new range about 128 pips in the next two days.
• The key level will be set at the level of 1.5590.

Forecast:

• The trend was very clear and was indicating an uptrend. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.5585.
• As a result, buy at the price of 1.5585 with the first target of 1.5659, it might resume to 1.5713 in order to test the weekly resistance 1.
• On the other hand, your stop loss should be placed below the 1.5585 level, hence it will be helpful to set it at the price of 1.55 35 for the next two days.

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Technical analysis of EUR/USD for August 17-21, 2015 Market Analysis Review

Overview:

• The support will be set at the level of 1.0952 and the double bottom has been already set at the price of 1.0924. Last week, the EUR/USD pair has called for the bullish market from the price of 1.0952/1.0924 because the price of 1.3800 is representing strong support. Preference is to buy above the support at 1.0952/1.0924 with the first target at 1.1151. Moreover, if the pair can break the price of 1.1151, it is going to continue towards 1.1213 in order to test the double top. However, the stop loss has always been in consideration, thus it will be useful to set it below the last double bottom at the level of 1.0905 (notice that the major support on May 5, 2014 is set at 1.0924).

Notes:

• The weekly pivot point at 1.1082 could hit the moving average (50).
• We expect a range between the levels of 1.0952 and 1.1213.
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the previous day had a huge volatility.
• If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.

The weekly Technical analysis of EUR/USD pair:

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EUR/NZD analysis for April 17, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6898 in a high volume. In the daily time frame, we can observe an up-thrust bar in an average volume. The price has broken our major resistance level (1.6805) and also did a successful re-test. Anyway, according to the H1 chart, we have ultra-high volume demand in the background and strong supply later on. As long as this potential absorption is active, there is a chance that price can drop. Today, we have selling climax at the price of 1.6898 according to the 30M time frame. So, selling at this stage looks risky.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7070

R2: 1.7105

R3: 1.7160

Support levels:

S1: 1.6960

S2: 1.6925

S3: 1.6670

Trading recommendations: Watch only for selling opportunities after retracement. Strong support is seen near the price of 1.6800.

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Global macro overview for 17/08/2015 Market Analysis Review

Global macro overview for 17/08/2015:

As crude oil prices fell towards a six-years low, another bearish news has been released last week. The US oil rig count added more drilling rigs for a fourth straight week. The US oil production is increasing amid another news from Oman that produced over 1mln barrels of oil a day in July. The oversupplied oil market is being hit from every possible side, indicating that the bearish sentiment might persist amid the end of the summer driving season and the start of refinery maintenance season.

The technical picture of crude oil does not help the bulls at all. The market is trading at the long-term important support at the level of 42.00 and a slight corrective bounce to the upside is possible, but it should not last for long.

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Global macro overview for 17/08/2015 Market Analysis Review

Global macro overview for 17/08/2015:

The mixed data from Japan regarding the GDP figures has been released today. The overall picture of the data is not optimistic at all. The main GDP benchmark for the second quarter turned out to be at the level of -1.6% q/q, just slightly better than expected -1.8% q/q, but way worse than the first quarter reading at the level of 4.5% q/q. Despite the fact that the preliminary GDp has been also slightly better than expected (-0.4%q/q; -0.7% y/y vs. -0.5%q/q), it was still way worse than the first quarter reading of 1.1% q/q; -0.8% y/y again. Moreover, the nominal GDP disappointed as well: 0.0% on a quarterly basis and 2.2% year-on-year against 2.2% q/q and 2.6% y/y in the previous periods, respectively.

The USD/JPY pair did not react much so far from the disappointing news release, but it bounced from the golden trendline and crawled its way up to the important daily resistance at the level of 125.29.

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Gold analysis for June 17, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,117.23. As we expected, the price went to test the level of $1,112.33. According to the daily time frame, we can observe a neutral bar (doji) in a volume below the average. The price finaly broke our resistance at the level of $1,115.00. According to the 30M time frame, we can observe a volume spike (selling climax) with a wide range bar, which is a sign that selling gold looks risky. I placed Fibonacci retracement to find potential resistance levels and got Fibonacci retracement 38.2% at the price of $1,127.00 (successfully held), Fibonacci retracement 50% at the price of $1,141.00, and the Fibonacci retracement 61.8% at the price of $1,157.00. According to Wyckoff analysis, we have strong accumulation and bottoming on gold, so watch only for buying opportunities on the dips (after bearish corrections).

Daily Fibonacci pivot points:

Resistance levels

R1: 1,114.10

R2: 1,114.35

R3: 1,114.80

Support levels:

S1: 1,113.30

S2: 1,112.00

S3: 1,111.00

Trading recommendations: Be careful when selling gold at this stage. Watch for buying opportunites. Area around the price of $1,114.00 looks like very strong support and a good buy zone.

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Technical analysis of EUR/JPY for August 17, 2015 Market Analysis Review

General overview for 17/08/2015 10:00 CET

So far the first three waves of the supposed corrective cycle has been made and the market should continue trading lower in order to complete the bigger time frame cycles (labeled as abc green on the chart). The key dynamic resistance is being provided by the golden trendline around the level of 138.32. Any breakout higher would directly expose the recent swing high at the level of 138.82. Please notice that the market has already tested this level six times and it has not broken it yet. Any breakout will be considered bullish with the resistance at the level of 139.45.

Support/Resistance:

139.45 - WR1

138.82 - Swing High|Intraday Resistance

138.32 - Golden Trend Line Dynamic Resistance

137.78 - Weekly Pivot

137.74 - Intraday Support

Trading recommendations:

Daytraders should consider opening sell orders from the level of 138.31 with SL above the level of 138.83 and TP at the level of 137.74.

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Technical analysis of USD/CAD for August 17, 2015 Market Analysis Review

General overview for 17/08/2015 10:00 CET

After the end of the impulsive wave progression cycle, the Elliott wave count has been revised and updated. The current wave development might be considered in two scenarios: main and alternative:

- the main count indicates an uncompleted impulsive wave structure on the weekly chart: the current wave 3 purple is the temporary top only after the corrective cycle in the wave 4 purple is completed, the uptrend should resume. Please note that the deepest retrace in the wave 4 purple might go as low as the 1.2000 level without breaking any Elliott wave principles. The whole structure in the wave C green must be completed in five impulsive waves labeled in purple;

- the alternative count on the weekly chart indicates a more complex possible corrective cycle in the wave X black and uncompleted wave progression to the downside in the wave Y black. The whole structure is labeled as the wave B green, and the low for the wave B green might go as deep as the low for the wave W black - about the level of 0.9400.

Nevertheless, the current preferred count is the main one, of course, and any impulsive breakout above the level of 1.3211 confirms the view. Please note that the market is currently trading inside a very large corrective/neutral zone between the levels of 1.3211 - 1.2858. The corrective structure might evolve into a complex and time-consuming pattern as well.

Support/Resistance:

1.3211 - Swing High

1.3206 - WR1

1.3156 - Intraday Resistance

1.3093 - Intraday Support

1.3079 - Weekly Pivot

1.2975 - WS1

Trading recommendations:

Swingtraders should close the long-term buy orders now as the downward corrective cycle is due now.

Daytraders should consider opening sell orders from the level of 1.3155 with SL above the level of 1.3165 and TP at the level of 1.3093.

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Technical analysis of Silver for August 17, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is seen to be trading around $15.25 levels, after having pulled lower from $15.60 levels earlier. Please note that the metal has reversed from fibonacci 0.786 resistance levels, of the drop between $15.90 and $14.40 levels respectively. Bears are expected to take back control till prices stay below $15.90 levels from here. It is recommended to remain flat for now and watch for a reaction around $15.00 levels. Immediate support is seen at $15.00 levels, followed by $14.60, $14.40 and lower while resistance is seen at $15.90 levels, followed by $16.40 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for August 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The yellow metal has stalled around $1,125.00 levels in its counter trend rally till now. Please note that the metal has reached fibonacci 50% resistance of the drop between $1,175.00 to $1,077.00 levels respectively. A resumption of the bearish move is possible from current levels or from $1,130.00/35.00 levels respectively. Bears are expected to remain in control till prices are below $1,175.00/$1,200.00 levels. It is recommended to remain flat for now, looking for a bearish turn around $1,130.00/35.00 levels. Immediate support is seen at $1,100.00 levels, followed by $1,090.00, $1,080.00 and lower while resistance is seen at $1,130.00/35.00 levels, followed by $1,167.00, $1,175.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for August 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY has been stalling around 139.00 for now. Please also note that the pair has produced an evening star bearish candlestick pattern on the daily chart around fibonacci 0.618 resistance, of the drop from 141.00 to 133.00 levels respectively. A push through 138.80 from here would open doors to 140.50 levels in the near term. Past resistance turned into support is at 137.00 levels at the moment. It is recommended to still remain flat for now, looking for the pair to bounce off 137.00 levels to enter again. Immediate support is seen at 137.00 levels, followed by 135.50, 135.00, 134.00 and lower, while resistance is seen at 139.20, followed by 140.50 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for August 17, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading in the sell zone of the immediate support line, having dropped to 1.5150 levels earlier. The pair is seen to be trading around fibonacci 0.618 resistance, (1.5300/50), of the drop from 1.5400 to 1.5150 respectively. It is recommended to initiate 50% short positions around 1.5350 levels, with risk at 1.5450 for now. Immediate support is seen at 1.5150 levels (interim), followed by 1.5050, 1.4950 and lower while resistance is seen at 1.5400/50 levels and higher respectively. Bears are expected to remain in control till prices remain below 1.5400 broadly.

Trading recommendations:

Sell around 1.5350, stop at 1.5450, targets are 1.4950 and 1.4750.

Good luck!

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USDX technical analysis for August 17, 2015 Market Analysis Review

The Dollar index remains in a short-term down trend and has only managed to bounce towards the 38% retracement and could not move higher. I believe we should expect new lower lows over the coming weeks as we have broken below the 4-hour Ichimoku cloud and below the trend line support. I believe we should at least reach the 95 area.

Red line - trend line resistance

The Dollar index has made a bounce towards the 38% retracement and it looks like it has made a double top in that area. The kijun-sen (yellow line) resistance provides a strong wall for bulls that seem unable to break above it. At least for now. If this resistance at 96.80 is broken, we should expect price to reach the 97.30 level. A rejection at the kijun-sen resistance should bring prices lower to new lows. Support is at 96.10. If broken, I would expect price to move towards 95.

Red lines - triangle pattern

The Dollar index remains inside the triangle pattern on the weekly chart. Price got rejected as expected at the upper triangle boundary and is pushing lower towards the lower triangle boundary. For now support is provided by the weekly tenkan-sen at 96.05, so a weekly close below this level will surely push price towards the 95-94.80 support. An upward reversal and breakout above 98.30 will confirm a new uptrend has started with targets above 101.

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Gold technical analysis for August 17, 2015 Market Analysis Review

Gold price remains in a short-term bullish trend. However, the minimum conditions for a healthy bounce have been met and the downtrend can now resume. The bounce could extend even higher towards $1,140-50 area if resistance at $1,130 is broken. On the other hand, support at $1,090 is critical, because if price falls below this level we will see the resumption of the down trend towards $1,040-$1,000.

Red lines - triangle

Blue lines - triangle target projection

Gold price has managed to reach the 38% Fibonacci retracement which is the first important resistance in this upward bounce. Gold price has also met the triangle breakout target at $1,127. Price is above the Ichimoku cloud implying short-term trend remains bullish. Short-term support is found at $1,111. If broken, we should expect the cloud support to be tested.

Yellow area - bigger bounce target area

Black line - wedge formation

The weekly chart in Gold remains in a longer-term bearish trend. Price is below the Ichimoku cloud and below the tenkan- and kijun-sen indicators confirming bearish trend. The wedge formation from March 2013 has produced a false breakdown as price moved back inside the wedge formation. Bears should be very cautious as price could continue its upward bounce towards the 61.8% Fibonacci retracement at the yellow shaded area.

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Elliott wave analysis of EUR/NZD for August 17 - 2015 Market Analysis Review

Technical summary:

We continue to look for a b-wave rally to 1.7198 and maybe even higher to 1.7273 as the break above 1.7077 indicates that an expanded flat correction is unfolding. Therefore, we are looking for minor support in the 1.6890 - 1.6910 area for a move higher to 1.7198 before wave c lower to 1.6581 should be expected.

At this point, only a break below 1.6890 will confuse the picture, but only a break below support at 1.6756 will tell that wave c lower to 1.6581 already is developing.

Trading recommendation:

We are looking for a selling opportunity at 1.7185.

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Elliott wave analysis of EUR/JPY for August 17 - 2015 Market Analysis Review

Technical summary:

We are likely to watch four corrections in a small wave (we call it red wave iv). This small red wave iv should hold above support at 137.35 for a move higher to 139.12 and in the longer term even higher towards 142.05 and 144.03.

Only an unexpected break below the top of red wave i at 136.49 will invalidate this count and indicate that a much more complex correction from 141.06 is unfolding.

Trading recommendation:

Our stop at 138.00 was taken out for a small loss. We will buy EUR again at 137.45 with stop placed at 136.45.

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Daily analysis of USDX for August 17, 2015 Market Analysis Review

On the daily chart, USDX has been looking to extend losses until the support level of 95.50. However, the overall trend is still bullish and current price action is calling to the upper side, so we should see a test of the zone around the 97.57 level in coming days. 200 SMA is turning neutral and MACD remains on the negative territory.

USDX found strong support around the 96.37 level and it could test the resistance zone of 96.88, where the 200 SMA is currently located on H1 chart. We could expect a pullback to happen at this level that gives a bearish momentum to the Index. However, a breakout over there will push the USDX until the 97.37 level. MACD indicator is entering the overbought territory.

Daily chart's resistance levels: 96.57 / 97.57

Daily chart's support levels: 95.50 / 94.70

H1 chart's resistance levels: 96.37 / 96.88

H1 chart's support levels: 95.94 / 95.60

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.94, take profit is at 95.60, and stop loss is at 96.28.

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Daily analysis of GBP/USD for August 17, 2015 Market Analysis Review

GBP/USD is looking to break higher the resistance level of 1.5640 during this week because it continues to be supported by the 200 SMA on the daily chart and bullish patterns are taking place on lower time frames. That scenario will push the pair to test the resistance zone of 1.5761. MACD indicator is entering the positive territory.

On H1 chart, GBP/USD found again dynamic support above the 200 SMA. It's now forming a higher high pattern below resistance level of 1.5679, which could be broken in the coming days because bulls are still strong on the cable. However, a pullback could happen at current levels. MACD indicator is entering the positive territory.

Daily chart's resistance levels: 1.5640 / 1.5761

Daily chart's support levels: 1.5543 / 1.5450

H1 chart's resistance levels: 1.5679 / 1.5721

H1 chart's support levels: 1.5632 / 1.5587

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5679, take profit is at 1.5721, and stop loss is at 1.5636.

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Daily analysis of major pairs for August 17, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has now become a bull market in the near-term. The price went upwards last week, testing the resistance line at 1.1200. The price could go above the resistance line this week as it is going towards another resistance lines at 1.1250 and 1.1300. These are the targets for the week as the Bullish Confirmation Pattern in the market is clear.

USD/CHF: Although this pair went down last week, closing at 0.9758, the recent bullish outlook has not been invalidated. What can invalidate the bullish outlook is an event in which the price closes below the support level at 0.9650. But in case that does not happen, this week can see some commendable bullish attempts, especially if the USD tries to amass lots of stamina.

GBP/USD: The bullish effort of the cable has led to a bullish signal on it. However, there is one obstacle to be surmounted - the distribution territory at 1.5650. This distribution territory has flatly rejected sincere bullish efforts for the recent several weeks, and the price needs to close above it if the current bullish signal would continue to make sense. Otherwise, there could be a bearish correction this week.

USD/JPY: The Big Picture on this currency trading instrument shows that there is no dominant trend in the market. Upswings and downswings are often short-lived and sustained trending moves are rather rare. This market is, nevertheless, great for scalpers and intraday speculators. This week, it is expected that the price would either go above the supply level at 125.50 or below the demand level at 123.50. Should this happen, that would mean a strong bullish or bearish outlook.

EUR/JPY: The EUR/JPY cross experienced a significant rally last week, rising from the demand zone at 136.00 and moving somewhat above the supply zone at 138.50. A further rally may be witnessed this week unless the yen gains too much strength for the euro, which is a possibility.

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