Elliott wave analysis of EUR/NZD for September 14, 2015 Market Analysis Review

Technical summary:

We continue to look for more upside pressure towards 1.8702 as wave iii of (v). Ideally this rally in wave (v) will break slightly above the top of wave (iii) at 1.9023 before a larger correction towards 1.7299 is seen. In the short term, support at 1.7840 will be able to protect the downside for a clear break above minor resistance at 1.7996 for the rally higher to 1.8702.

Trading recommendation:

We are long EUR from 1.7490 and will move our stop higher to 1.7620. If you are nort long EUR yet, then buy a break above 1.7996 and place your stop at 1.7840.

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Elliott wave analysis of EUR/JPY for September 14, 2015 Market Analysis Review

Technical summary:

A strong rally of 132.19 has continued. Now, it is testing the 70.7% corrective target at 137.02 (the high has been 137.05). This rally is extremely stretched and the correction towards at least 135.60 and likely even lower to 134.80 should be expected soon. In the short term, a break below minor support at 136.41 will be the first indication of a top being in place for a decline to 135.60.

Trading recommendation:

We will sell a break below 136.41 with stop placed at 137.10 and place take profit for 50% at 135.65

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Daily analysis of major pairs for September 14, 2015 Market Analysis Review

EUR/USD: As it was anticipated, this pair broke upwards after a few days of consolidation. The price is now closer to the resistance line at 1.1350, which would be easily overcome in the face of the current buying pressure in the market. Other EUR pairs could also gain some strength this week.

USD/CHF: This currency trading instrument, though choppy, consolidated largely last week. The price tested the resistance level at 0.9800 several times but it could not break it to the upside. The price is currently threatening to break downwards, but this would not really happen until the price goes below the support level at 0.9600. A strong EUR/USD, coupled with a strong CHF, could scuttle all the effort of the bulls on the USD/CHF.

GBP/USD: The cable made some commendable effort to go upwards last week. The price moved upwards 250 pips, closing at 1.5427. With further bullish attempts, the distribution territories at 1.5500 and 1.5550 would be attained this week. After all, there is a Bullish Confirmation Pattern in the market.

USD/JPY: This pair moved largely sideways last week, though there was a slight movement to the upside before things went flat. There is supposed to be a breakout any day this week, which would make the price go above the supply level at 122.00 or below the demand level at 120.00. By then, there would have been a directional movement in the market.

EUR/JPY: The EUR/JPY cross, which is now one of the strongest trending among the majors, moved upwards by 400 pips last week. The price is now close to the supply zone at 137.00, and it is possible that the supply zone would be breached easily when the market opens. The next targets for this week are located at the supply zones of 138.00 and 138.50.

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Daily analysis of USDX for September 14, 2015 Market Analysis Review

The USDX is currently doing downward movements within a corrective phase, which seems to be very extended on the daily chart, because the index could retrace to the 200 SMA again. When the USDX tests that area, it could perform a rebound to ride the overall bullish trend.

On the H1 chart, The USDX is moving below the resistance level of 95.20 with a lower low pattern formation, because it's looking for new monthly lows. The 200 SMA is also pointing to the downside, with near-term targets at the level of 94.77. The MACD indicator is still moving inside the negative territory and that is why bears are still an option here.

Daily chart's resistance levels: 96.64 / 97.23

Daily chart's support levels: 95.83 / 95.26

H1 chart's resistance levels: 95.20 / 95.41

H1 chart's support levels: 94.99 / 94.77

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US Dollar Index breaks with a bearish candlestick; the support level is seen at 94.99, take profit is at 94.77, and stop loss is at 95.21.

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Technical analysis of EUR/USD for September 14, 2015 Market Analysis Review

When the European market opens, economic news about the Industrial Production m/m is due to be released. Today, the US is not expected to unveil economic data. So amid the reports, EUR/USD will movewith low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1398.

Strong Resistance:1.1391.

Original Resistance: 1.1380.

Inner Sell Area: 1.1369.

Target Inner Area: 1.1342.

Inner Buy Area: 1.1315.

Original Support: 1.1304.

Strong Support: 1.1293.

Breakout SELL Level: 1.1286.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for September 14, 2015 Market Analysis Review

In Asia, Japan will release the Tertiary Industry Activity m/m and Revised Industrial Production m/m. The US will not publish economic data today. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.26.

Resistance. 2: 121.02.

Resistance. 1: 120.79.

Support. 1: 120.49.

Support. 2: 120.26.

Support. 3: 120.02.

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 14, 2015 Market Analysis Review

On the daily chart, a rally still looks to be pushing the GBP/USD pair higher, at least above the resistance zone of 1.5479, with targets headed towards the 200 SMA. Thre current structure is already calling for a bullish deeper correction, but we should be aware of further bearish moves, as the pair could start to perform a pullback until the support level of 1.5329.

A current intraday outlook is already calling for more upsides as long as the cable trades above the resistance level of 1.5469, with near-term targets accross the psychological level of 1.5500. If a breakout happens, then GBP/USD will look for a way to the price zone of 1.5500. The MACD indicator on the H1 chart is still at the neutral territory.

Daily chart's resistance levels: 1.5479 / 1.5559

Daily chart's support levels: 1.5329 / 1.5181

H1 chart's resistance levels: 1.5440 / 1.5469

H1 chart's support levels: 1.5402 / 1.5368

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 1.5440, take profit is at 1.5469, and stop loss is at 1.5409.

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Technical analysis of USD/JPY for September 11, 2015 Market Analysis Review

USD/JPY is expected to trade with a berish bias. Overnight, US stocks advanced, with the Dow Jones Industrial Average gaining 0.5% to close at 16330, the S&P 500 also rising 0.5% to 1952, and the Nasdaq Composite adding 0.8% to 4796. Nymex crude surged 4.0% to $45.92 a barrel, gold was 0.7% up to $1109 an ounce, while the 10-year Treasury yield climbed to 2.222% from 2.179% on Wednesday. Meanwhile, the US dollar weakened broadly against other major currencies. The British pound surged as the Bank of England kept its benchmark interest rate unchanged at 0.5%, and the latest meeting minutes revealed that monetary policy makers view the economy's prospects as positive, hinting an interest rate hike next year is on track. The pair keeps trading on the upside and is above both the 20- and 50-period intraday moving averages (MAs). The intraday relative strength indicator (RSI) stays in the buying area between 50 and 70, lacking downward momentum. As long as 121.20 holds as the key resistace, the pair is expected to approach the first downsideside target at 119.90.

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 119.90. A break of that target will move the pair further downwards to 119.60. The pivot point stands at 121.20. 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 121.70 and the second target at 122.

Resistance levels: 121.70 122 122.50

Support levels: 119.90 119.60 119.20

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Technical analysis of USD/CHF for September 11, 2015 Market Analysis Review

USD/CHF is expected to trade with a bullish bias. The pair has entered a consolidation after a strong rebound from yesterday's low of 0.9715. Support is provided by the 50-period intraday MA. And the intraday RSI is still above the neutrality level of 50. As long as 0.9715 acts as the key support level, consolidation is expected to be limited. The first upside target is at 0.9795.

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 0.9795 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9695 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 0.9670. The pivot point is at 0.9715.

Resistance levels: 0.9795 0.9825 0.9850

Support levels: 0.9695 0.9670 0.9630

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Technical analysis of NZD/USD for September 11, 2015 Market Analysis Review

NZD/USD is expected to trade with a bearish bias. The pair remains under pressure below its nearest resistance at 0.6350, and seemsto be ready to post a new pullback, as the intraday RSI lacks upward momentum. The 50-period intraday MA is negatively oriented, which suggests that the prices still have some downside potential to go. Therefore, as long as the resistance at 0.6350 is not surpassed, the risk of the break below 0.6240 remains high.

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 0.6240. A break of that target will move the pair further downwards to 0.6205. The pivot point stands at 0.6350. 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 0.6400 and the second target at 0.6430.

Resistance levels: 0.64 0.6430 0.6475

Support levels: 0.6240 0.6205 0.6175

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Technical analysis of GBP/JPY for September 11, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bullish bias supported by a rising trend line. The pair is well-supported by a rising trend line since September 8 looking for a higher top. Both rising 20-period and 50-period intraday MAs maintain a bullish bias. The intraday RSI is positively oriented. Further upside is expected with the next horizontal resistance and overlap set at 186.45 at first. A break above this level would call for further advance towards 187.40.

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 186.40 and the second target at 187.40. In the alternative scenario, short positions are recommended with the first target at 184.10 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183.35. The pivot point is at 185.

Resistance levels: 186.40 187.40 188

Support levels: 184.10 183.35 182.55

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USD/CAD intraday technical levels and trading recommendations for September 11, 2015 Market Analysis Review

Overview:

Several 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.

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. Higher lows were reached. Bullish pressure was applied to 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.

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

Moreover, 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 level of 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the 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 the 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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Intraday technical levels and trading recommendations for GBP/USD for September 11, 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 resistance for the GBP/USD pair.

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

Previous weekly candlestick closure above 1.5500 hindered that a further bearish decline could take place 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 level of 1.5450 (Head and Shoulders neckline).

This enhances the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located at the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5200.

Recently, it constituted a prominent demand that prevented further weekly decline where the current bullish engulfing weekly candlestick was initiated.

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 corresponded to the 50% Fibonacci level and the previous prominent top, was temporarily broken enabling further bearish decline towards 1.5350 where an ascending bottom was established.

Prominent supply/resistance existed around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern.

That is why a valid sell entry was suggested for retesting at 1.5770 three weeks ago. Most of its targets have been already achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (Prominent Demand Level) where evident bullish rejection was expressed ( two recent bullish engulfing Daily candlesticks).

Trade Recommendation:

If the current bullish pullback persists above the level of 1.5300, bearish rejection should be expected around the zone of 1.5450-1.5500 (recent resistance zone).

T/P levels to be projected towards 1.5200 then 1.5050. S/L should be placed above 1.5600.

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Intraday technical levels and trading recommendations for EUR/USD for September 11, 2015 Market Analysis Review

The pair was moved 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 observed shortly after.

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

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

On the other hand, a bullish corrective movement towards 1.1500 will take place only if a high of 1.1465 gets breached.

This can be achieved if the current monthly candlestick closes above a weekly high of 1.1465 by the end of the current month.

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

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

Extensive bullish pressure was applied until bearish resistance was expressed around the level of 1.1700.

Recently, the market looked overbought as bulls were pushing the price above the level of 1.1500 (Daily Supply Level).

Hence, bearish movement took place towards the level of 1.1160 (61.8% Fibonacci level) which provided evident bullish rejection (manifested within the recent daily candlesticks).

The current price zone of 1.1300-1.1330 constitutes an Intraday Supply leve,l which provided bearish rejections many times before. It should be defended by the bears to achieve further bearish decline.

On the other hand, daily persistence below the level of 1.1160 is mandatory to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders should wait for a bearish pullback towards the price zone of 1.0980-1.1000 (the depicted uptrend line) for a valid buy entry. S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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