Daily analysis of major pairs for September 23, 2015 Market Analysis Review

EUR/USD: The EUR/USD has continued the bearish journey it started on Friday. From the resistance line at 1.1450, the price has gone down by 320 pips. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. The outlook on the market is bearish and further southward journey is expected.

USD/CHF: Under selling pressure from the EUR/USD pair, the USD/CHF pair has been going upwards gradually. The resistance level at 0.9750 is under siege now. In case continuous selling pressure take place, the USD/CHF pair could move further upwards. There is a strong barrier to the ongoing bullish effort, which is the resistance level at 0.9800.

GBP/USD: Since testing the distribution territory at 1.5650, the cable has come 300 pips down. A current faint bullish attempt pales into insignificance when compared to the overall direction of the price. The accumulation territory of 1.5350 has already been tested and it would be tested again. It could even be breached to the downside.

USD/JPY: The current equilibrium phase is not yet over in this market. This week, the price might go above the supply level at 121.50 or below the demand level at 119.00. Until that happens, this would remain an equilibrium market, with the price swinging between the aforementioned support and resistance levels.

EUR/JPY: The EUR/JPY pair fell by at least, 350 pips since Friday. There is a strong Bearish Confirmation Pattern in the 4-hour chart. There could be further downward plunge today, which could make the price reach the demand zones at 133.00 and 132.50. Only the strong euro and a weake yen could reverse this bearish trend.

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EUR/NZD analysis for September 22, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7752. In the daily time frame, we can observe a weak demand bar in a volume below the average. The intraday trend is neutral. Anyway, I am more bearish on EUR/NZD because the strong resistance at the price of 1.8000 held several times. Our strong trading range between the levels of 1.8000 (resistance) and 1.7270 (support) is still active. In the H1 time frame, we can observe a very neutral price action. I am waiting for a larger activity and stronger price action to confirm further movement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7820

R2: 1.7870

R3: 1.7955

Support levels:

S1: 1.7650

S2: 1.7600

S3: 1.7515

Trading recommendations: Neutral market. We can observe a very weak price action and neutral market around the price of 1.7740. Wait for a larger acitivity and stronger price action to confirm further direction.

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GBP/USD intraday technical levels and trading recommendations for September 22, 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. That is where the depicted bullish swing was initiated.

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

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

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

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

The nearest support zone to meet the GBP/USD pair was located at 1.5200-1.5170 where a valid intraday buy entry was suggested then.

On the other hand, a valid sell entry was suggested around the depicted resistance zone of 1.5470-1.5540 as long as the market keeps defending the price level of 1.5580 (mid-range of the consolidation zone).

Note that persistence below the price levels of 1.5450 (lower limit of the depicted consolidation range) and 1.5350 (recent weekly bottom which is being approached) is mandatory to allow further bearish decline initially towards the price level of 1.5230 and 1.5170.

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USD/CAD intraday technical levels and trading recommendations for September 22, 2015 Market Analysis Review

Overview:

Several months ago, when bulls pushed the price 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 established. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

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 this week.

Bearish corrective movement towards the level of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep trading below the Fibonacci Expansion zone around 1.3300 - 1.3330.

Moreover, bearish persistence below 1.3100 (Recent Support level) is needed to expose the next support level around 1.2910 then 1.2800 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry can be offered at the current price levels around 1.3300 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400. T/P levels should be placed at 1.3200 and 1.3050.

On the other hand, 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.

S/L 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 GBP/USD for September 22, 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.

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

Recent weekly candlesticks came as bearish engulfing ones, closing below the level of 1.5450 (Head and Shoulders neckline).

It supports 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 1.5330.

Weekly persistence below 1.5500 is mandatory to allow further bearish decline to occur. On the other hand, a weekly closure above 1.5500 hinders the bearish scenario.

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

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 around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, a valid sell entry was suggested for retesting at 1.5770 three weeks ago. All of its targets were successfilly achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (Prominent Demand Level), which prevented further bearish decline.

Instead of it, evident bullish rejection took place (bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5560, which provided evident bearish rejection.

Trade Recommendation:

A valid sell entry was suggested around the zone of 1.5550-1.5580 (recent resistance zone). It corresponds to 50% Fibonacci level and the backside of a broken uptrend.

T/P levels to be projected towards 1.5200 and then 1.5050, while S/L should be placed above 1.5680.

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Gold analysis for August 22 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,126.20. The intraday trend is neutral. According to the daily time frame, we can observe a supply bar in an average volume. In the M1 time frame, we can observe big weakness (buying climax, supply coming in) around the level of $1,130.35, which is a sign that buying looks risky at this stage. Watch for potential selling opportunities after retracement.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,137.00

R2: 1,139.00

R3: 1,141.90

Support levels:

S1: 1,131.20

S2: 1,129.37

S3: 1,126.45

Trading recommendations: Resistance at the price of $1,1350.40 held successfully. Watch only for potential selling opporutnities after retracement (weak demand).

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Intraday technical levels and trading recommendations for EUR/USD for September 22, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established 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 which exists around the price level of 1.1450.

In the long term, a projection target is still seen 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 can take place only if the monthly high of 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above a weekly high of 1.1465 by the end of the current month (low probability).

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.

The market looked overbought as bulls were pushing further beyond the price level of 1.1500 (Daily Supply Level).

Hence, bearish movement took place towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejection (note the recent daily candlesticks).

As anticipated, the intraday supply zone of 1.1300-1.1330 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 and 1.1050.

On the other hand, daily persistence below the level of 1.1150 (61.8% Fibonacci level) 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 more 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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Technical analysis of Silver for September 22, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver dropped to the levels of $14.90/95. It is expected to be supported around $14.80. Please note that the levels of $14.75/80 acted as resistance which turned support. Furthermore, a fibonacci 0.382 support is passing through the same level. It is hence recommended to turn bullish now with risk at the level of $14.25. Immediate support is seen at $14.25 followed by $14.00, $13.00, and lower, while resistance is seen at $15.60 followed by $16.50, $17.50, and higher.

Trading recommendations:

Initiate long positions now, stop is at $14.25, a target is open.

Good luck!

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Technical analysis of GBP/CHF for September 22, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair made another attempt to break above the levels of 1.5100, but it failed. The pair has held above its 50-day moving average, and subsequently well above 1.4900 interim support. Bulls are expected to remain in control until prices stay above the levels of 1.4900. It is hence recommended to remain long now with risk at 1.4900. Immediate support is seen at 1.4900 followed by 1.4700, 1.4600, and lower, while resistance is seen at 1.5100 (interim) followed by 1.5350, 1.5400/10, and higher.

Trading recommendations:

Remain long with stop at 1.4900, a target is open.

Good luck!

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Technical analysis of Gold for September 22, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has dropped to the $1,125.00 levels today, as expected, before pulling back higher. The metal seems to be falling in a corrective manner and could push towards the $1,150.00 resistance soon. Bulls are expected to remain in control until prices stay above the $1,100.00 levels. It is hence recommended to remain long as suggested from the $1,125.00 levels with risk at $1,100.00. Immediate support is seen at the $1,115.00 levels followed by $1,100.00, $1,090.00 and lower, while resistance is seen at the $1,150.00 levels followed by $1,170.00 and higher, respectively.

Trading recommendations:

Remain long from the $1,125.00 levels, stop is at $1,100.00, target is open.

Good luck!

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Technical analysis of EUR/JPY for September 22, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has dropped lower to the 134.00/133.70 levels today, as it was discussed yesterday. The pair is now expected to rally from the current levels, and a bullish candlestick pattern is expected here. Please also note that the pair has reached its Fibonacci 0.618 support as well, around the 134.00 levels. It is hence recommended to initiate long positions now with risk at the 132.00 levels. Immediate support is seen at the 133.00 levels followed by 132.00 and lower, while resistance is seen at the 137.00 levels followed by 139.00, 140.00 and higher, respectively.

Trading recommendations:

Initiate long positions, stop is at 132.00, target is open.

Good luck!

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Technical analysis of EUR/USD for September 22, 2015 Market Analysis Review

Overview:

• The first key level will be at the level of 1.6610 and the second key level will be at the 1.1242 level. Moreover, the level of 1.1242 is representing the resistance and the 1.1078 level is going to act as support on the H1 chart. Equally important, the EUR/USD pair has been still moving between 1.1242 and 1.1108. Additionally, the range was about 246 pips last week. Furthermore, the trend was very clear and indicating a downtrend. Accordingly, we expect that the trend is going to call for the bearish market at the level of 11.1242 6610. As a result, sell at the price of 1.1242 with the first target of 1.1152, it might resume to 1.1078 in order to test the weekly support 1. On the other hand, your stop loss should be placed above the 1.6610 level. For this reason, it will be good to set it at the price of 1.1325 this week.

The weekly technical analysis of EUR/USD pair:

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Technical analysis of GBP/USD for September 22, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Review:

• The support will beat the level of 1.5353, but the double bottom is going to be at 1.5329 on September 22, 2015.
• The GBP/USD pair called for the bearish market from the price of 1.5685 last week.
• So, the price of 1.5685 is representing strong resistance.
• Therefore, we expect that the GBP/USD pair will move between the levels of 1.5658 and 1.5329; for that the range will be around 329 this week.

Observations:

• If the trend is of an upside character, then the strength of the currency will be defined as followa: GBP is in an uptrend and USD is in a downtrend.
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the last day has a huge volatility.
• Fibonacci retracement is used to determine accurate psychological levels of support and resistance. The period of time should be taken into account.
• Fibonacci is in a range-trade; it looks like the trend is trapped and goes up or down. If you sell or buy in the long term in this period, you will surely lose your profit.

Tips:

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

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Global macro overview for 22/09/2015 Market Analysis Review

Global macro overview for 22/09/2015:

As economic recovery in the UK continues at a strong pace and unemployment falls further down, the higher tax are a good part of the contribution to the overall country budget to balance the expenses. The UK public sector net borrowing is expected to stand at £8.65 billion in August. The UK public sector net borrowing is on track to a decrease again compared to the last year, having declined by more than £7 billion up until July. Moreover, if wages keep rising as they had been doing during all this year, they should contribute to the overall debt balance as well.

The GBP/USD pair is testing the support zone at the level of 1.5474 now ahead of the BOE Deputy Governor for markets and banking Nemat Shafik's speach at 6pm GMT. Please notice the recent false breakout above the golden trend line might be short-lived in case of a breakout at the support level.

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USDX technical analysis for September 22, 2015 Market Analysis Review

The US Dollar index has continued moving higher towards the green trendline resistance and has not pulled back. I'm bullish on the index, but I would prefer to protect my longs since there are many chances of a pullback in the index.

Green line - trendline resistance

The pice is currently above the green trendline and above the Ichimoku cloud. It is important to see where we close today as a close above these resistance levels is important for the continuation of the uptrend. Pullbacks should be bought as, I believe, the longer-term bullish flag pattern will break upwards.

Red line - resistance

Green line - support

The weekly chart shows how the price tests the kijun-sen resistance area. The price is above the weekly cloud support and I would not be surprised to see the index reach the red trendline resistance over the coming days. This pattern is a bullish flag and I will be extremely bullish if the index breaks out above the resistance. Target is new highs above 102.

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Gold technical analysis for September 22, 2015 Market Analysis Review

Gold price remains in a short-term bullish trend targeting resistance at $1,150. The price is heading towards higher highs and higher lows. I expect the medium-term resistance at $1,150 to be tested while a weekly close above $1,155 could open the way to $1,200.

Red line - resistance

Black lines - bullish channel

Gold price is trading inside the bullish channel as shown in the chart above. The price is right at the channel support, so we should expect an upward move from current levels towards at least $1,150. This is where the red trend-line resistance is found. Breaking above this resistance will open the way to $1,200.

The weekly chart remains promising us that bulls will try to approach the kijun-sen (yellow line indicator). If bulls manage to close the week above this resistance, we should expect a move higher towards $1,200 in the weeks to come. Another rejection at $1,150 will be a bearish sign of an upcoming pullback towards $1,100.The material has been provided by InstaForex Company - www.instaforex.com

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Global macro overview for 22/09/2015 Market Analysis Review

Global macro overview for 22/09/2015:

The house price index in Australia released earlier today showed big increase in house prices. The market expected a 2.5% q/q (8.0% y/y) increase from 1.6% q/q (6.9% y/y) last quarter, but the actual reading was 4.7% q/q (9.8% y/y). This means increasing inflationary pressure in the economy of Australia, which in its return applies pressure on the RBA's decision about the interest rates in the near future.

The AUD/USD pair reversed from the resistance area between the levels of 0.7234 and 0.7284. Now it is heading back into the golden channel. First important daily support comes at the level of 0.6905.

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Technical analysis of USD/JPY for September 22, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. Overnight, US stocks followed the European markets higher with the Dow Jones Industrial Average gaining 0.8% to 16,510, the S&P 500 rising 0.5% to 1,966, and the Nasdaq Composite being broadly flat at 4,828. Nymex crude oil surged 4.5% to $46.68 a barrel, while gold lost 0.5% to $1,133 an ounce. The 10-year Treasury yield climbed to 2.212% from 2.130% in the previous session. Meanwhile, the US dollar kept strengthening against most other major currencies as several regional Federal Reserve presidents hinted that interest rate increases within this year are still possible. After dropping 1.1% last Friday, EUR/USD slid further by 1.1% overnight to 1.1186. The pair keeps trading on the upside while being supported by the ascending 50-period intraday moving average (MA). The intraday relative strength indicator (RSI) is a bit below the neutrality level of 50, pointing out that a consolidation is in progress. However, as long as 119.65 holds as the key support, the consolidation's extent should be limited. The first upside target is set at 120.75 (a base formed on September 17).

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 120.75 and the second target at 121. In the alternative scenario, short positions are recommended with the first target at 119.35. if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 118.90. The pivot point is at 119.65.

Resistance levels: 120.75 121 121.50

Support levels: 119.35 118.90 118.20

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Technical analysis of USD/CHF for September 22, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range as bias remains bullish. The pair keeps standing firmly above the key support at 0.9655. The rising 20- and 50-period MAs maintains a bullish bias. Moreover, the intraday RSI is rebounding at the neutral level of 50 displaying strong bullish momentum. We do not expect big changes on the intraday view: as long as 0.9655 is not broken, further advance to 0.9760 & 0.9790 is expected.

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 0.9760 and the second target at 0.9790. In the alternative scenario, short positions are recommended with the first target at 0.9585 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 0.9560. The pivot point is at 0.9655.

Resistance levels: 0.9760 0.9790 0.9825

Support levels: 0.9625 0.9585 0.9560

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Technical analysis of NZD/USD for September 22, 2015 Market Analysis Review

NZD/USD is expected to trade in a lower range as the pair is moving downside. The pair remains on the downside. Now it is likely to form a "bearish flag" pattern on an intraday basis. The 50-period MA is turning down, and should continue pushing the prices lower. Besides, the intraday RSI is below its neutrality level of 50 and lacks upward momentum. Therefore, the intraday outlook is negative, as long as the level of 0.6360 acts as resistance. Our next down targets are seen at 0.6290 and 0.6260.

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 0.6290. A break of that target will move the pair further downwards to 0.6260. The pivot point stands at 0.6360. 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 0.6380 and the second target at 0.6415.

Resistance levels: 0.6380 0.6415 0.6.6475

Support levels:0.6290 0.6260 0.6235

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Technical analysis of USD/CAD for September 22, 2015 Market Analysis Review

General overview for 22/09/2015 09:30 CET

The golden trend-line dynamic resistance has been violated and market is about to test the level of 1.3309. Any breakout at this level will immediately invalidate the green impulsive count pushing the price towards next higher highs above the level of 1.3353 as wave 5 purple unfolds.

Support/Resistnace:

1.3353 - Swing High

1.3309 - Green Impulsive Count Invalidation Level

1.3264 - Intraday Resistance

1.3184 - Weekly Pivot

1.3173 - Intraday Support

Trading recommendations:

Daytraders and swingtraders should consider opening sell orders with SL above the level of 1.3309 and open TP for now. If a breakout takes place at the level 1.3309, no sell orders should be opened as the market might be heading towards a new high above the level of 1.3355.

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Technical analysis of GBP/JPY for September 22, 2015 Market Analysis Review

GBP/JPY is expected to trade in a lower range as the pair is under pressure now. The pair reached lower highs and lower lows confirming a bearish outlook. The 20- and 50-period MAs are declining acting as resistance. The intraday RSI is negative and calls for further downside. Below 187.35, the pair is likely to decline towards targets at 184.90 and 184.20.

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 184.90. A breakout of that target will move the pair further downwards to 184.20. The pivot point stands at 187.35. 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 187.95 and the second target at 189.

Resistance levels: 187.95 189.00 189.85

Support levels: 184.90 184.20 183.25

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Technical analysis of EUR/JPY for September 22, 2015 Market Analysis Review

General overview for 22/09/2015 09:10 CET

As anticipated yesterday, the market made the wave b purple to the upside and reversed just at the lower channel trend line. Currently, the market is about to complete the last leg down, labeled as wave c purple. That whole wave down might be labeled as wave (b) navy. This means there is one more wave to the upside needed to complete the whole corrective cycle.

Support/Resistnace:

132.22 - Swing Low

133.49 - WS2

134.35 - WS1

135.00 - Intraday Resistance

135.91 - Weekly Pivot

Trading recommendations:

Yesterday's sell orders should be now closed as the pair is approaching trend-line support. Any breakout above the level of 135.00 should be considered bullish.

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