Elliott wave analysis of EUR/JPY for September 3, 2015 Market Analysis Review

Technical summary:

We can see a new sideways consolidation which is taking place in the chart. This consolidation does look like the former consolidation, which resulted in a downswing. It does not mean that this consolidation has to result in a new swing down. A break below support at 134.63 will call for a move closer to the important support at 133.27, which has to protect the downside,or we will be faced with an entire new scenario. On the other hand, a break above minor resistance at 136.24 will ease the downside pressure and call for a movement back to 139.02 and likely higher to 141.06.

Trading recommendation:

We will only buy a break above 136.24

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Technical analysis of EUR/USD for September 03, 2015 Market Analysis Review

When the European market opens, economic news on the Trade Balance, Minimum Bid Rate, French 10-y Bond Auction, Spanish 10-y Bond Auction, Retail Sales m/m, Final Services PMI, German Final Services PMI, French Final Services PMI, Italian Services PMI, and Spanish Services PMI is due to be released. The US will release data on the Natural Gas Storage, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Claims, and Challenger Job Cuts y/y. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1266.

Strong Resistance:1.1260.

Original Resistance: 1.1249.

Inner Sell Area: 1.1238.

Target Inner Area: 1.1212.

Inner Buy Area: 1.1186.

Original Support: 1.1175.

Strong Support: 1.1164.

Breakout SELL Level: 1.1158.

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 September 03, 2015 Market Analysis Review

On the daily chart, bullish reaction is observed above the support level of 95.26 and we could be in front of a possible rally, which could be set up towards the resistance zone of 96.64 in coming days. The 200 SMA is turning neutral in this time frame, as the index continues to extend its rebound.

There is a strong resistance placed around the level of 96.40 on the H1 chart and the USDX will need to overcome that zone in order to perform new rallies. We should note the double bottom pattern formed below the 200 SMA a couple of days ago. Immediate resistance is still placed at the level of 96.09. The MACD indicator is entering the neutral territory.

Daily chart's resistance levels: 95.83 / 96.64

Daily chart's support levels: 95.26 / 93.86

H1 chart's resistance levels: 96.09 / 96.34

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 96.09, take profit is at 96.34, and stop loss is at 95.85.

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Technical analysis of USD/JPY for September 03, 2015 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will unveil economic data on Natural Gas Storage, ISM Non-Manufacturing PMI, Final Services PMI, Unemployment Claims, and Challenger Job Cuts y/y. So, there is a strong probability that USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.07.

Resistance. 2: 120.83.

Resistance. 1: 120.60.

Support. 1: 120.31.

Support. 2: 120.08.

Support. 3: 119.84.

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 GBP/USD for September 03, 2015 Market Analysis Review

GBP/USD continues moving in the bearish trend on the daily chart, but it is performing some rebounds in lower time frames, as the pair will try to develop a lower low pattern in coming days. We should remember the support zone of 1.5224 is still strong and we expect a bullish reaction there in the short term.

On the H1 chart, the pair found strong support at the level of 1.5272. The corrective moves could head towards the resistance zone of 1.5331. A breakout over there will expose the cable to test the resistance level of 1.5368. The 200 SMA is bearish in this time frame.

Daily chart's resistance levels: 1.5329 / 1.5438

Daily chart's support levels: 1.5224 / 1.5107

H1 chart's resistance levels: 1.5331 / 1.5368

H1 chart's support levels: 1.5272 / 1.5220

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 1.5272, take profit is at 1.5220, and stop loss is at 1.5322.

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Daily analysis of major pairs for September 3, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has been moving sideways this week, but there could be a breakout today owing to some fundamental data which is due to be released. This data could have some impact on the market, sending either EUR/USD above the resistance line at 1.1350 or below the support line at 1.1150.

USD/CHF: This pair has gone upwards by about 90 pips this week. Now, bulls are making some effort to push the price to the upside; and the price is close to the resistance level of 0.9700. With more buying pressure, the resistance level of 0.9700 could be breached to the upside as bulls push the price further northwards.

GBP/USD: This pair is very weak now. There is a Bearish Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 while the RSI period 14 is below the level of 50. We expected the GBP/USD pair to reach lower highs and lower lows in the days to come. The accumulation territory around 1.5300 has been tested, but the price is yet to stay below it.

USD/JPY: There is less momentum in this market at present. There pair could gain momentum on the background of today's releases. There is a dependable hope of a significant upwards or downwards movement this week - though the current outlook remains bearish.

EUR/JPY: As it was mentioned yesterday, the pair made a breakout that favored bears. Yesterday, the cross could not close below the demand zone at 135.00, and there is a lot of activity around that zone. With further stamina in the jen, there would be a movement below the demand zone.

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Intraday technical levels and trading recommendations for EUR/USD for September 2, 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 in 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, July, and August) 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 this month.

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).

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 resistance was expressed around the price level of 1.1700.

Recently, the market looked overbought as the bulls were pushing above the price level of 1.1500 (Daily Supply Level). That is 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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Intraday technical levels and trading recommendations for GBP/USD for September 2, 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 two weeks ago, when a weekly bullish engulfing candlestick was expressed.

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

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

The most recent WEEKLY candlestick came as bearish engulfing one, closing below the price level of 1.5450 (Head and Shoulders neckline). This enhances the bearish side of the market in the long term. Approximate projection target for the reversal pattern should be located near the price level of 1.5050.

In the short term, the nearest demand level around 1.5200 is vulnerable to retesting as long as the GBP/USD bears manage to keep moving below the level of 1.5450 (neckline).

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 formed 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 last week on Monday. The position is already running in profits now.

Moreover, the bearish movement towards 1.5200 should be expected as long as the market keeps trading below the zone of 1.5450-1.5500.

On the other hand, bearish rejection should be expected at retesting of the price zone of 1.5450-1.5500 (recent resistance zone) with the same T/P levels projected towards 1.5200.

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GBP/USD intraday technical levels and trading recommendations for September 2, 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.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders valid sell entries (depicted with red numbers).

Recently, strong bullish pressure was applied against the resistance level of 1.5800 via the most recent bullish swing.

That is why, the resistance level at 1.5800 was temporarily breached. Bulls pursued towards 1.5900 where the depicted Head and Shoulders pattern was confirmed.

The support level of 1.5555 got breached by the end of last month due to excessive bearish pressure which originated at 1.5800.

A valid SELL entry was suggested around the levels of 1.5780-1.5800. It is already running in profits now.

The nearest support level to meet the GBP/USD pair is located at 1.5250 where an Intraday BUY entry can be offered at retesting.

Persistence below the zone of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) is essential maintain the bearish momentum.

Another SELL entry can be offered at retesting of the recent resistance level at 1.5470 (lower limit of the previous consolidation range) if bullish pullback occurs soon.

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USD/CAD intraday technical levels and trading recommendations for September 2, 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 are re-visiting this level today.

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

On the other hand, bearish persistence below 1.3100 (lower limit of the depicted Flag pattern) 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:

A counter-trend SELL entry can be offered anywhere around the price level of 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the price level of 1.3400.

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 recent 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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Technical analysis of USD/JPY for September 02, 2015 Market Analysis Review

USD/JPY is expected to consolidate and is choppy due to overnight sell-offs in US stocks triggered by signs of a deepened slowdown in China's economy. The Dow Jones Industrial Average edged down by 2.8% to 16,058, the S&P 500 fell by 3.0% to 1,913, and the Nasdaq Composite dropped by 2.9% to 4,636. Crude oil, which surged by 27.5% in the 3 prior sessions, plunged by 7.7% to $45.41 a barrel. Meanwhile, gold gained 0.6% to $1,138 an ounce and the 10-year Treasury yield tumbled to 2.174% from 2.204% on Monday. As in the stock market slump last week, the USD weakened against the euro (EUR/USD touch as high as 1.1319) and the yen (USD/JPY as low as 119.18). Regarding USD/JPY, the pair is posting a rebound from its overnight low of 119.18, but remains capped by the key resistance at 120.65. Meanwhile, the 20- and 50-period intraday moving averages (MAs) keep on declining and maintaining a bearish bias. As long as 120.30 is not broken above, the pair is expected to decline towards the first downside target at 119.20 (around yesterday'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 119.20. A break of that target will move the pair further downwards to 118.85. The pivot point stands at 120.65. 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 121.05 and the second target at 121.40.

Resistance levels: 121.05 121.40 121.75

Support levels: 119.20 118.85 118.45

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Technical analysis of USD/CHF for September 02, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range above 0.9550. The pair remains under pressure below key resistance at 0.9550. Both the 20- and 50-period MAs are turning down calling for further consolidation. The intraday RSI is mixed to bearish moving below the level of 50. As long as the level of 0.95850 acts as key resistance, look for an opportunity to move upside towards 0.9730 and 0.9780.

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 0.9730 and the second target at 0.9780. 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: 0.9730 0.9780 0.9810

Support levels: 0.9480 0.9410 0.9375

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Technical analysis of NZD/USD for September 02, 2015 Market Analysis Review

NZD/USD Intraday is expected to trade in a lower range. The pair remains in a downtrend and is capped by a negative trendline. The intraday RSI lacks upward momentum and is below its 50 area. Besides, the bearish pattern of lower highs and lows remains intact. As long as 0.6405 (our trailing stop loss) is not surpassed, expect further weakness to 0.6310 and 0.6285 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 0.6310. A break of that target will move the pair further downwards to 0.6285. The pivot point stands at 0.6405. 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 0.6430 and the second target at 0.6470.

Resistance levels: 0.6430 0.6470 0.6505

Support levels: 0.6310 0.6285 0.6215

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Technical analysis of GBP/JPY for September 02, 2015 Market Analysis Review

BP/JPY is expected to trade in a lower range as the key resistance level is seen at 185.45. The pair is currently moving sideways below its key resistance at 185.45. The intraday RSI is seen around 50 lacking upward momentum. The first downside target is at 186.16. A break below this level would open the way to further weakness towards the horizontal support and overlap at 182.50. Only a break above the key resistance level of 185.45 would call for further upside.

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 183.15. A break of that target will move the pair further downwards to 182.50. The pivot point stands at 185.45. 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 186.60 and the second target at 187.35.

Resistance levels: 186.60 187.35 188

Support levels: 183.15 182.50 182

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Daily analysis of Silver for September 02, 2015 Market Analysis Review

Overview

Silver price remains stable below the 14.70 level, where the EMA50 continues forming negative pressure against the price, while stochastic heads towards the downside in the four-hour time frame. Therefore, we keep preferring the bearish trend on the intraday and short-term basis organized within the bearish channel that appears in the image, and the targets begin at 13.50 then 12.80, where its continuation conditioned by holding below 14.70 and, most important, below 15.40.

Silver price did not show any strong move since morning to keep its stability below the 14.70 level; therefore, we keep preferring the bearish trend in the upcoming period supported by the EMA50, waiting for targeting levels that begin at 13.50 and extend to 12.80.

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Daily analysis of GBP/JPY for September 02, 2015 Market Analysis Review

Overview

GBP/JPY is back to 61.8% retracement of 174.86 to 195.86 at 182.88. Sustained trading there is an early sign of larger trend reversal that would bring a deeper fall to the key support level of 174.86. Meanwhile, strong rebound from the current level would send GBP/JPY to a new high above 195.86. An uptrend from 116.83 could extend to 61.8% retracement of 251.09 to 116.83 at 199.80, which is closer to the psychological level of 200 and top there. Meanwhile, consider a bearish divergence condition in the weekly MACD. A break of support at 174.86 will suggest that the trend has reversed earlier than we expected.

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Elliott wave analysis of EUR/NZD for September 2 - 2015 Market Analysis Review

Technical summary:

As long as important support at 1.7103 protects the downside, a bullish case can be made for one final rally that ideally should break above the wave iii higher at 1.9023. The wave iii high at 1.9023 is far away and we think that the possible risk of a fifth wave failure is bigger than usual.

It leaves us with a bigger risk towards the upside and the downside, so at this point we prefer to wait for the larger and clearer picture.

Trading recommendation:

Stay neutral for now and wait for a more clear picture.

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Elliott wave analysis of EUR/JPY for September 2 - 2015 Market Analysis Review

Technical summary:

We continue looking for more upside as long as important support at 133.27 stays intact, but the short-term picture has become messy after the break below minor support at 135.23. The possible reason could be that a triangle is developing, but it is too early to tell.

In the short term, a break above minor resistance at 136.24 will be needed to ease immediate downside pressure.

Trading recommendation:

Stay neutral for now.

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Technical analysis of GBP/USD for September 2, 2015 Market Analysis Review

Review:

• The support will be at the level of 1.5215, and the new double bottom is going to set at the same price in coming minutes.
• The GBP/USD pair called for the bearish market from the price of 1.5330 today. So, the price of 1.5330 is representing strong resistance. Moreover, the level of 1.5330 is coinciding with the ratio of 00% Fibonacci retracement levels.
• The market was calling in downtrend for that the trend broke the support (1.5330). Thereupon, the resistance became a strong resistance since yesterday.
• Therefore, it will be very useful to sell at this level with targets of 1.5240 and 1.5215. The stop loss should never exceed your maximum exposure amounts. Thus, set your stop loss at the price of 1.5375.
• We expect a new range about 115 pips (1.53330- 1.5215) today.

Observations:

• If the trend is of an upside character, the strength of the currency pair will be defined as follows: GBP is in uptrend and USD is in downtrend.
• Please check out the market volatility before investing because the sight price may have already been reached and scenarios might have become invalidated.

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Technical analysis of NZD/USD for September 2, 2015 Market Analysis Review

Overview:

• The first key level is expected at 1.3225 and the second key level will set at 1.3313 today. Also, notice that both levels represent the weekly support 1 and resistance 1 respectively. Equally important, the USD/CAD pair is still moving between 1.3225 and 1.3313. Additionally, it should be noted that the range will be at least about 88 pips today. Moreover, uptrend is very clear in today's chart. We expect the trend to call for the bullish market at the level of 1.3220. As a result, buying at 1.3225 with the first target at 1.3283 might resume to 1.3313 in order to test the weekly resistance 1. Also, it should be noted that the double bottom will set at 1.3352 in the H1 chart. On the other hand, your stop loss should be placed below the weekly pivot point, which sets at 1.3215, thus it will helpful to set it at the level of 1.3186 this week.

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EUR/NZD : analysis for September 02, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7884. In the daily time frame, we can observe a weak demand bar in an average volume. The trend is neutral. Buying still looks risky, since we got strong weakness on the background. Watch only for selling opportunities after retracement. Support is seen around the level of 1.7700. We need to see a change in trend behavior from neutral to downward and then we can watch for selling opportunities. According to the H1 time frame, we can observe sings of weakness that means we may expect a downward movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7895

R2: 1.7960

R3: 1.8060

Support levels:

S1: 1.7693

S2: 1.7630

S3: 1.7528

Trading recommendations: Watch only for selling opportunities after retracement.

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Gold : analysis for September 02, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,135.31. According to the daily time frame, we can observe a weak demand bar (no demand bar). Anyway, we saw weakness in Fridays's price action on the H1 time frame. We got a buying climax with a wide spread and supply coming in. Watch only for selling opportunities after retracement. Strong support is found at the level of $1,117.50. If the price breaks this support level, we will have the second support around $1,111.00. According to the H1 time frame, we can observe signs of weakness. We got potential buying climax and up-thrust.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,145.00

R2: 1,148.00

R3: 1,153.00

Support levels:

S1: 1,135.00

S2: 1,132.00

S3: 1,126.00

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

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USDX technical analysis for September 2, 2015 Market Analysis Review

The US Dollar Index has made a small pullback but the dollar remains strong. A possible bullish flag pattern is formed also in the short-term so bears should be very cautious. A breakout above 96.20 will confirm the 98 as the first target.

The Dollar index is trading above the Ichimoku cloud in the four chart and is forming a bullish flag. Flag breakout will happen if price breaks above 96.20 and this will target at least 98. A break below the Ichimoku cloud support at 94.80 will decrease dramatically the chances of the pattern.

Red line- resistance

Green line - support

We can see a bullish flag pattern in the weekly chart as well but the price remains below the kijun-sen resistance (yellow line indicator). This could mean that a pull back towards the recent lows or the Ichimoku cloud is more probable than a breakout now. A break above the red trend-line resistance will give me a huge bullish signal with new highs as target.

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Gold technical analysis for September 2, 2015 Market Analysis Review

Gold price continues to trade in a short-term bullish trend moving towards higher highs and higher lows. My medium-term targets for Gold price are between $1,170 and $1,200 as the weekly chart is supported.

Green line - support

Gold price is trading above the green trend-line support and is trying to break out above the Ichimoku cloud in the 4-hour chart as shown above. A 4-hour candle close above the cloud will be a bullish sign, but bulls need to show more strength and break above the short-term resistance of $1,150.

The weekly chart is supported by the tenkan-sen (red line indicator) however it is still below the kijun-sen (yellow line indicator). A weekly close above $1,155 will probably push price towards $1,200 next week. I remain short-term bullish.The material has been provided by InstaForex Company - www.instaforex.com

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Technical analysis of Gold for September 02, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is still a candidate to be sold on rallies until prices stay broadly below $1,200.00/30.00. The metal has reversed lower after stalling at $1,170.00 levels recently and prices are expected to move lower towards at least $1,030.00. It is hence recommended to remain short with risk around $1,180.00. Immediate support is seen at $1,110.00 followed by $1,090.00, $1,080.00, and lower, while resistance is seen at $1,170.00 (interim) followed by $1,200.00, $1,230.00, and higher.

Trading recommendations:

Remain short for now, stop is at $1,180.00, a target is around $1,030.00.

Good luck!

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Technical analysis of Silver for September 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The daily chart view for silver indicates that the metal is stalling around the fibonacci 0.382 resistance levels around $14.60/80 for now. A push above $14.80 could test $15.00 before reversing lower again. Please also note that the past support turned resistance at $14.40/50, where prices have stalled at the moment. It is recommended to initiate 50% short positions now remaining around $15.00 with risk at $15.80. Immediate support is seen at $14.00 (interim) followed by $13.00, $12.00, and lower, while resistance is seen at $15.60 and higher. Bears should remain in control until prices stay below $15.60.

Trading recommendations:

Initiate 50% shorts now, remaining around $15.00, stop is at $15.80, a target is open.

Good luck!

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Technical analysis of EUR/JPY for September 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY daily chart view has been depicted here, clearly indicating that the previous rally between 126.00 and 140.00/141.00 was a counter trend. The pair got stalled at a fibonacci 0.618 resistance around 140.00/141.00 and might have already resumed its next bearish leg. It is recommended to remain short with risk at 140.00 for now and look for an opportunity to add positions around 137.00 again. Immediate support is seen at 134.50 followed by 133.00, 132.00, and lower, while resistance is seen at 139.00 (interim), followed by 140.00/141.00, and higher.

Trading recommendations:

Remain short for now with stop at 140.00, a target is open.

Good luck!

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Technical analysis of GBP/CHF for September 02, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has been drifting sideways after reaching lows at the levels around 1.4600 as depicted on the H4 chart. An intermediary support trend line seems to be broken, but prices managed to find support at a fibonacci convergence (shown with a horizontal arrow), around 1.4600. It is recommended to remain long for now with risk at 1.4450. Immediate support is seen at 1.4600 followed by 1.4450/60 and lower, while resistance is seen at 1.4900 (interim) followed by 1.5050 and higher.

Trading recommendations:

Remain long for now, stop is at 1.4450, a target is open.

Good luck!

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Global macro overview for 02/09/2015 Market Analysis Review

Global macro overview for 02/09/2015:

Disappointing data from Australian economy regarding national GDP was released overnight. It showed a decrease in the GDP qrowth rate to the level of 0.2% q/q (2.0% y/y) for the second quarter vs. an expected increase to the level of 0.4% q/q (2.2% y/y). Please notice the prior quarter GDP number at the level of 0.9% q/q (2.5% y/y) was way better then the recent one, but the RBA has decided to maintane the rate at the level of 2%. The Australian GDP is dangerously close to slip under 0% that means the prosperity time will be over for this commodity depended country.

The AUD/USD reaction for both events was bearish as the technical support at the level of 0.7048 was broken with the daily cleaned close below it. So, it does not look like unstoppable sell-offs in this pair might stop.

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Global macro overview for 02/09/2015 Market Analysis Review

Global macro overview for 02/09/2015:

Yesterday's PMI data release from the most of the EU countries (plus China, Russia, Vietnam, Korea, Taiwan, Indonesia, Australia, and South Africa) revealed that the PMI index rose only in 30% of the countries as the rest of them posted negative data. The biggest PMI gain was noted in Greece, Denmark, and Switzerland. The biggest PMI loss has occurred in Poland, Ireland, and South Africa. Nevertheless, the total PMI for the eurozone still stays above 50, so there is not contraction in the PMI so far.

The EUR/USD still trades inside the range, which is bounding the zone between the levels of 1.1718 - 1.0819. It was recently bounced from the technical support at the level of 1.1215. Next daily resistance is seen at the level of 1.1470.

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Daily analysis of major pairs for September 2, 2015 Market Analysis Review

EUR/USD: This pair traded sideways on Tuesday that could be called a consolidation to the upside. The price is likely to try the resistance line at 1.1400, but further development on Wednesday or Thursday would determine what would eventually happen here. A failure to go above the resistance line at 1.1400 could threaten the current bullish bias.

USD/CHF: The USD/CHF made a faint attempt to continue its bullish journey, which was being challenged now and then by bears. A movement above the resistance level of 0.9700 would reveal bulls' intention to push the price further northwards. Nonetheless, a movement below the support level of 0.9550 would lay emphasis on a bearish outlook.

GBP/USD: This pair is rather weak now. There is a Bearish Confirmation Pattern in the chart: the EMA 11 is below the EMA 56 while the RSI period 14 is below the level 50. It is expected that the GBPUSD would be attaining lower highs and lower lows in days to come. The accumulation territory at 1.5300 has been tested and it could be breached from the downside.

USD/JPY: The USD/JPY pair has fallen by 200 pips this week, comming closer to the demand level at 119.00. With further bearish pressure in the market, other demand levels at 118.50 and 118.00 could be tested today or tomorrow. Any movement above the supply level of 120.00 would render this bearish outlook invalid.

EUR/JPY: As it was mentioned yesterday, the breakout that was seen on this cross favored bears. The yen is clearly stronger than the EUR enabling the demand zone at 135.00 to be tested vigorously. Another vulnerable demand zone is located around 134.50.

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Technical analysis of EUR/JPY for September 2, 2015 Market Analysis Review

General overview for 02/09/2015 07:00 CET

After the marginal new low had been made, the count slightly changed to incorporate a more extended in time wave Z brown. The complex corrective structure looks completed now, but the upside is limited by the weekly pivot at the level of 136.50. Moreover, the top for the wave B had been established at the level of 138.94 according to this count, and the market should now continue the downside wave development in order to complete the wave C black.

Support/Resistance:

134.67 - Intraday Support

135.00 - Technical Support

136.50 - Weekly Pivot

136.60 - Intraday Resistance

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 USD/CAD for September 2, 2015 Market Analysis Review

General overview for 02/09/2015 06:50 CET

The corrective cycle is still in progress as the golden trend-line dynamic resistance at the level of 1.3140 still deters the market from declining further so far. Nevertheless, the cycle is getting more and more complex with many overlapping waves as it develops in time. This is why the bigger corrective cycle might continue even longer, because only two first waves have been already made: wave W and wave X brown. There is still wave Y brown to the downside missing according to this scenario. This view will be invalidated only if a new high above the level of 1.3355 is reached.

Support/Resistance:

1.3355 - Swing High

1.3319 - WR1

1.3260 - Intraday Resistance

1.3230 - Weekly Pivot

1.3114 - Intraday Support

1.3108 - WS1

Trading recommendations:

Daytraders should refrain from trading and wait for more clear pattern to occur.

Swingtraders should close their long-term buy orders and wait for the further confirmation of a higher-degree corrective cycle.

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