Technical analysis of EUR/USD for September 29, 2015 Market Analysis Review

When the European market opens, economic news about the Italian 10-y Bond Auction, Spanish Flash CPI y/y, German Prelim CPI m/m, and German Import Prices m/m is due to be released.The US will unveil economic data on the CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and Goods Trade Balance. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1284.

Strong Resistance:1.1278.

Original Resistance: 1.1267.

Inner Sell Area: 1.1256.

Target Inner Area: 1.1230.

Inner Buy Area: 1.1204.

Original Support: 1.1193.

Strong Support: 1.1182.

Breakout SELL Level: 1.1176.

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 29, 2015 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will publish data on the CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and Goods Trade Balance. So, there is a strong probability that USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.25.

Resistance. 2: 120.01.

Resistance. 1: 119.78.

Support. 1: 119.55.

Support. 2: 119.31.

Support. 3: 119.02.

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 29, 2015 Market Analysis Review

On the daily chart, GBP/USD has been trading above the support level of 1.5169, where we expect a strong rebound, which should take this pair to higher levels. Current structure is calling for more downside room, but before further bearish moves. The cable should correct the decline held from the pullback around the 200 SMA.

The cable continues trading sideways, as the pair keeps trading above the support level of 1.5166, where a breakout should happen to test the next key low zone around the level of 1.5103. However, as the corrections could be extended, the GBP/USD pair will test the resistance at 1.5223 again.

Daily chart's resistance levels: 1.5256 / 1.5344

Daily chart's support levels: 1.5169 / 1.5030

H1 chart's resistance levels: 1.5223 / 1.5285

H1 chart's support levels: 1.5166 / 1.5103

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5166, take profit is at 1.5103, and stop loss is at 1.5229.

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GBP/USD intraday technical levels and trading recommendations for September 28, 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 trend 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 to 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.

On the other hand, a valid sell entry was suggested around the depicted resistance zone of 1.5470-1.5540 with Stop Loss located above the level of 1.5580 (mid-range of the consolidation zone).

The current support zone for the GBP/USD pair is located at 1.5200-1.5170 where a valid intraday buy entry can be offered if enough bullish rejection is expressed.

On the other hand, bearish persistence below the level of 1.5170 allows further bearish decline towards the level of 1.5130 initially and then towards 1.5050.

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USD/CAD intraday technical levels and trading recommendations for September 28, 2015 Market Analysis Review

Overview:

Several months ago, when bulls pushed the price above the 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).

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 was expected. However, bulls bypassed this level last 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 resistance zone of 1.3350-1.3400.

Moreover, bearish persistence below 1.3270 (Fibo Expansion 100% level) is needed to expose the next support level around 1.3070, 1.2910, and 1.2750 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry can be offered at the current levels around 1.3350 (Fibonacci Expansion 100% and 141% levels). S/L should be placed above the level of 1.3450. 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 a strong support level.

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 28, 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 the GBP/USD pair with evident resistance.

A 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).

However, recent weekly candlestick came as a bearish engulfing one, 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 1.5170 (recent weekly bottom and the origin of a previous bullish engulfing weekly candlestick).

Weekly persistence below the price zone of 1.5170-1.5200 is mandatory to allow further bearish decline to occur. On the other hand, persistence above which, hinders the current bearish momentum.

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 one month ago. All of its targets were successfully 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 the current extensive bearish rejection.

Price actions should be watched around the level of 1.5170 as it corresponds to a previous weekly double bottom.

A short-term buy entry can be offered if enough bullish rejection is expressed around these levels.

Trade Recommendation:

A valid sell entry was suggested around the zone of 1.5550-1.5580 (recent resistance zone). It is already running in profits.

T/P levels to be projected towards 1.5200 (achieved) and 1.5050 (yet to come), while S/L should be lowered to 1.5380 to offset the risk.

On the other hand, a perfect buy entry can be offered around the prominent demand level at 1.4970 if more bearish movement is achieved. S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for September 28, 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 a 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.

Continuous bullish pressure has been applied until significant bearish resistance was expressed around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the 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 rejections (note the recent daily candlesticks).

As anticipated, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come).

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 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 GBP/USD for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/USD pair dropped to fresh lows at 1.5120/30 last week before pulling back into the level of 1.5225. Please note that the pair could still drift lower towards 1.5080/90 and 1.4950 before turning bullish again. At the current moment, it looks like there is a possibility of a pullback before drifting lower. It is hence recommended to remain long with risk at 1.5000. Immediate support is seen at 1.5100 followed by 1.5000/1.4950 and lower, while resistance is seen at 1.5275 followed by 1.5370, 1.5650, and higher.

Trading recommendations:

Remain long with stop at 1.5000, a target is open.

Good luck!

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Daily analysis of Silver for September 28, 2015 Market Analysis Review

Overview

According to the H4 chart, silver prices show sideways trading settled above the level of 15.00. That shows stochastic's attempts to get rid of its negative and gradually gain positive momentum to support the chances of resuming the bullish trend that gets good support from the EMA50. It tries to breach the level of 15.40 in order to confirm targeting at 15.85 and then at 16.30. In general, holding above the level of 14.60, silver enables us to keep our positive expectations in the intraday and short term with its main targets at 15.85 and 16.30 reached.

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Daily analysis of GBP/JPY for September 28, 2015 Market Analysis Review

Overview

An intraday bias of GBP/JPY remains neutral at the moment. On the downside, a breakout of support at 180.36 will resume the whole fall from 195.86 calling for a a test at the key support level of 174.86. Meanwhile, another rebound towards the resistance zone of 195.26/86 is expected above 188.28. This outlook is supported by bearish divergence in the weekly MACD. Also, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200 . A breakout of 174.86 will confirm the trend reversal and bringa deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we should be cautious as strong resistance at 199.80/200.00 coulf finally bring reversal.

Daily Pivots: (S1) 182.26; (P) 183.33; (R1) 184.04;

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Technical analysis of EUR/USD for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD pair is locked in a falling wedge consolidation pattern as depicted here. The pair is trading at 1.1182 now expected to rally through the resistance line, passing through the levels of 1.1340/50, before reversing lower. Bulls should remain in control until prices stay above 1.1100. It is hence recommended to initiate long positions now with risk just below 1.1100. Immediate support is seen at the level of 1.1100 followed by 1.10 and lower, while resistance is seen at 1.1340/50 followed by 1.1450 and higher.

Trading recommendations:

Initiate long positions with stop at 1.1080, a target 1.1350.

Good luck!

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Technical analysis of NZD/USD for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The NZD/USD pair is locked in a diamond shaped consolidation pattern after having made lows at 0.6200 levels since August 2015. The pair is trading around 0.6330 now and seems to be retracing from intraday highs of 0.6400 reached earlier. Bulls are expected to remain in control until prices stay above 0.6200. It is hence recommended to initiate long positions now with risk at the levels of 0.6200. Immediate support is seen at 0.6300 (interim) followed by 0.6225, 0.6180, and lower, while resistance is seen at 0.6400 (interim) followed by 0.6450 and higher.

Trading recommendations:

Initiate long positions now, stop is set at 0.6180, a target is open.

Good luck!

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Technical analysis of AUD/USD for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The AUD/USD pair broke out the buy zone of the dropping resistance trend line earlier this month. Now it has retraced lower in order to test the same (which should be support now) zone around 0.6990/0.7000 as seen on the daily chart. The pair should remain under bullish control as long as prices stay above the levels of 0.6850. It is hence recommended to initiate long positions now with risk at 0.6850. Immediate support is seen at 0.6930 (interim), followed by 0.6900 and lower, while resistance is seen at 0.7400/50 and higher.

Trading recommendations :

Initiate long positions with stop at the levels of 0.6850, a target is at 0.74/75.

Good luck!

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Technical analysis of Silver for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver dropped lower to the levels of $14.60/70 again as expected at the back drop of Gold. The metal is expected to test $14.50, which is the convergence of fibonacci levels and trend-line supports as depicted here. It is hence recommended to initiate 50% long positions now remaining around $14.50, with risk at $14.00. Immediate support is seen at the levels of $14.50 followed by $14.00, $13.00, and lower, while resistance is seen at $15.60 followed by $16.40, and higher.

Trading recommendations:

Remain long, stop is at $14.00, a target is open.

Good luck!

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Technical analysis of Gold for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold rallied through $1,155.00 last week, before retracing lower. The metal is seen to be trading around the levels of $1,130.00 for now and is expected to receive interim support here. Please note that the metal is stalling at a fibonacci 0.382 support and 50-day moving average passing as well. It is hence recommended to initiate 50% long positions now and remaining 50% at $1,120.00, with risk at $1,100.00. Immediate support is seen at the level of $1,120.00 followed by $1,100.00, $1,090.00, and lower, while resistance is seen at $1,155.00 (interim) followed by $1,170.00 and higher.

Trading recommendations:

Initiate 50% long positions now remaining around $1,120.00, stop is set at $1,100.00, a target is open.

Good luck!

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Technical analysis of EUR/JPY for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around 134.00 after pulling back from 135.25/35 earlier. The pair is expected to remain bullish until prices stay above 133.00 (interim support). A bounce ahead of 133.00 would push the pair towards the levels of 137.00 and 139.00 subsequently. It is hence recommended to remain long and add further, with risk below 133.00. Immediate support is seen at 133.00 (interim), followed by 132.00 and lower, while resistance is seen at 137.00 (interim), followed by 138.00/139.00 and higher.

Trading recommendations:

Remain long and look to add further, stop is set at 132.00, a target is open.

Good luck!

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Gold: analysis for September 28, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,129.22. The intraday trend is downward, so watch only for selling opportunities after retracement. In the daily time frame, we can observe a supply bar in an average volume. In the M15 time frame, we can observe a successful rejection from a point in the control zone ($1,145.80). According to the daily price action, we got support levels at t$1,121.50 and $1,102.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,146.50

R2: 1,147.10

R3: 1,148.00

Support levels:

S1: 1,144.60

S2: 1,144.00

S3: 1,143.00

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.

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Technical analysis of GBP/CHF for September 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair bounced from 1.4750 last week and rallied through the levels of 1.4950 before testing the lows again. Also please note that interim rising trend line and Fibonacci 0.618 support were also found around the same levels. It is hence recommended to initiate long positions with risk at 1.4600 now. Immediate support is seen at 1.4700, followed by 1.4600 and lower while resistance is seen at 1.4950 (interim), followed by 1.5100, 1.5350, 1.5400/10, and higher. Bulls are expected to remain in control until prices remain broadly above 1.4700.

Trading recommendations:

Initiate long positions with stop at 1.4600, a target is open.

Good luck!

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EUR/NZD : analysis for September 28, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.7451. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. According to the M15 chart, we can see weaknesses around our point of control zone (1.7625), so be careful when buying EUR/NZD at this stage, since we may expect more downward movement. We have support at the level of 1.7455. Watch for potential selling opportunities around 1.7625.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7705

R2: 1.7770

R3: 1.7875

Support levels:

S1: 1.7495

S2: 1.7435

S3: 1.7330

Trading recommendations: Be careful when buying and watch for potential selling opportunities.

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Technical analysis of EUR/USD for September 28, 2015 Market Analysis Review

Trading recommandations:

• If the GBP/USD pair falls into the bearish market in order to go further towards the strong support at 1.1090 to test it again. However, the resistance is seen at the level of 1.1315 on September 28, 2015. Hence, it will be wise to sell at this level with the first target at 1.1210 (the weekly pivot point), and it will continue moving towards 1.1004 with a view to test the double bottom.

Review:

• The double top will be formed at the level of 1.1329. This level is going to represent the weekly resistance 1 at the same time.
• The major support was already found at the level of 1.1090. Moreover, the double bottom is also coinciding with the major support (1.1104).
• The price hit the weekly pivot point only last week, because of the series of relatively equal highs and equal lows.
• We expect a new range of 320 pips this week.
• Scenario: If there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1.1210). But if there is significant news to influence, the market price may go straight through resistance 1 (1.1315) and reach resistance 2 (1.1435) or weekly pivot point (1.3624) and even resistance 3.
• If the trend is upward, then the strength of the currency will be defined as follows: EUR is in an uptrend and USD is in a downtrend.

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Technical analysis of GBP/USD for September 28, 2015 Market Analysis Review

The technical analysis of GBP/USD pair:

Review:

• The double top of the GBP/USD pair is seen at the level of 1.5293 and the double bottom is going to be set at the 1.5134 level.
• The next range is expected to be very small around, 159 pips only, in coming days. But we expect a range of 210 - 300 pips this week.
• Also, the last range was about 433 pips for that the price had hit the pivot point, support 1, and support 2 last week.
• This week, the major support is found at 1.5140. Resistance had been already faced at the level of 1.5293, which coincides with the ratio of 38.2% Fibonacci retracement and the weekly pivot point.
• So, according to the previous events, the GBP/USD pair is going to move between 1.5293 and 1.5134.
• The level of 1.5293 represents the weekly pivot point for September 28, 2015. Therefore, it will be very useful to sell below the level of 1.5293 in the short term with the first target at 1.5163. Moreover, if the trend is able to break the level of 1.5163, it might resume to 1.5134.

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Global macro overview for 28/09/2015 Market Analysis Review

Global macro overview for 28/09/2015:

According to the research conducted by the Centre for Economics and Business Research (CEBR), the BoE is very likely to maintain the key rate at current levels up to the middle of the next year, mainly due to the sluggish global economic recovery. The first rate hike might occur in May or April 2016, and not in February 2016 as previously conducted. Besides, the BoE keeps target inflation at 2% that is closer to that projection and this situation might continue even up to the middle of 2017. Moreover, expects at the CEBR forecast only a gradual rates hike up to the level of 2% and interest rates at this level will be set as a "new normal" for financial markets.

From the technical point of view, the GBP/USD pair is currently trading at the important daily support level of 1.5171. Any breakout lower will be considered bearish in the near-term. The level of 1.5000 might be tested soon.

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Global macro overview for 28/09/2015 Market Analysis Review

Global macro overview for 28/09/2015:

The day is full of events from the US today. One of the most important is Pending Home Sales data scheduled for release at 2pm GMT. Last week, the report on home sales showed mixed data as sales of existing homes decreased in August to a four-month low, but purchases of new homes were much better, rising to a new post-recession high last month. Today, the market expects a slight decrease to 0.4% from 0.5% last month, so any number better than this might be a surprise.

The technical picture for SPY (S&P500 ETF) is still quite unclear, but it is trading inside the bearish zone and below the golden trend line. A breakout below the level of 190.00 will be even more bearish and the test of the recent lows at the level of 182.50 might be seen soon.

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Technical analysis of USD/CAD for September 28, 2015 Market Analysis Review

General overview for 28/09/2015 10:00 CET

There is one more wave to the downside to be completed before the market makes another test of the recent local high at the level of 1.3415. Please notice that the market is still trading inside the neutral zone and only a clear breakout can gives us more clues about further market direction.

Support/Resistnace:

1.3451 - WR1

1.3415 - Intraday Resistnace

1.3352 - Intraday Resistnace

1.3312 - Weekly Pivot

1.3289 - Intraday Support

1.3232 - Intraday Support

1.3208 - WS1

Trading recommendations:

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

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Technical analysis of EUR/JPY for September 28, 2015 Market Analysis Review

General overview for 28/09/2015 09:50 CET

An alternative count has been invalidated due to wave alt.i and wave alt.iv overlaps. This means the wave (b) reached a low at the level of 133.13 and now one last wave to the upside is missing to complete the overall corrective cycle. Currently, the up move is not clearly impulsive, but any breakout above the golden trend line and above intraday resistance at the level of 135.36 would slightly change the picture to more bullish.

Support/Resistnace:

131.80 - WS2

132.22 - Technical Support

133.13 - Wave (b) Bottom

133.40 - WS1

134.11 - Intraday Support

134.77 - Weekly Pivot

135.36 - Intraday Resistnace

136.36 - WR1

Trading recommendations:

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

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USDX technical analysis for September 28, 2015 Market Analysis Review

The US Dollar index continues to trade below the horizontal trend-line resistance at the previous highs. The index continues to move towards higher lows approaching a shallow pullback, however bulls need to be cautious at these levels as another rejection could push the index towards 95.50.

Red line - resistance

The US dollar index continues to trade above the Ichimoku cloud but below important resistance at 96.60. I would remain bullish over the longer term and would buy if the price brakes decisively above the red trend-line resistance. Support is found at the level of 95.50 of the Ichimoku cloud. So, another rejection now will push the price towards that area.

Red line - resistance

Green line - support

The weekly bullish flag remains intact as the price has been continuing to trade withing the same trading range for some time. It holds above the weekly Ichimoku cloud support and any pullback here should find strong support in the cloud area. Breaking above the red resistance trend line will be a bullish sign that can bring new highs for the index.

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Gold technical analysis for September 28, 2015 Market Analysis Review

Gold price tested the level of $1.150, important resistance of the triangle pattern, on Friday and broke above it. However, the price came sharply back inside the triangle area implying that this breakout was a fake one. Bulls need to hold support at $1.120 reaching a new higher high, otherwise this fake breakout can be interpret as a bearish sign.

Green lines - triangle

Red line - support

Gold price continues to trade above the Ichimoku cloud. It is above the red trend-line support, but we should not forget the rejection and fake breakout at $1,150. Bulls have not lost the battle yet as the price has made a higher low and holds above support. This is an area to go long and to add above the short-term resistance at $1,151. Breaking above $1,150 again will be a bullish sign and could push the price towards $1,170 in the short term. Support is found at $1,128 and then at $1,105.

The weekly chart shows how the price remains trapping between the kijun- and tenkan-sen indicators. It is important for bulls to hold above the tenkan-sen (red line indicator) and break above the yellow line indicator. This will confirm a bullish trend at least for the short-term and we might even see a bounce towards the Ichimoku cloud near $1,200 in order to test the longer-term bearish trend.

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Technical analysis of USD/JPY for September 28, 2015 Market Analysis Review

USD/JPY is turning down. Last Friday, US stocks ended mixed as earlier gains were cut by a selloff in the biotechnology sector. The Dow Jones Industrial Average ended 0.7% higher at 16315, after gaining 1.6% earlier in the session. On the other hand, the S&P 500 fell 0.1% to 1931 and the Nasdaq Composite was down 1.0% at 4686. Nymex crude gained 1.5% to $45.58 a barrel, gold lost 0.7% to $1,146 an ounce, while the 10-year Treasury yield climbed to 2.167% from 2.125% in the previous session. Meanwhile, the US dollar remained stable against the most major currencies as Federal Reserve Chairwoman Janet Yellen hinted that the interest rate hike in 2015 is still alive and well. Besides, the US government reported that the 2Q GDP grew to a 3.9% seasonally adjusted annual rate, up from 3.7% previously estimated. USD/JPY shot up to 121.23 last Friday before entering a consolidation zone.The pair has broken its previous key support and remained on the downside. It is trading below both the 20- and 50-period intraday moving averages (MAs). Meanwhile, the intraday relative strength indicator (RSI) is below the neutrality level of 50 and capped by a declining trend line. The intraday outlook has turned bearish. As long as 120.65 holds as the key resistance, the pair is expected to fall towards the first downside target at 120 and the second one at 119.85.

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 182. A breakout of that target will move the pair further downwards to 181.60. The pivot point stands at 183.85. 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 184.75 and the second target at 185.30.

Resistance levels: 1120.90 121.25 121.65

Support levels: 120 119.85 119.45

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Technical analysis of USD/CHF for September 28, 2015 Market Analysis Review

USD/CHF is expected to trade with a bullish bias above 0.9740. The pair manages to hold above the key support of 0.9740. It is now challenging its resistance at 0.9810. A breakout above this threshold would open the path to 0.9845 and even to 0.9890 as possible. Meanwhile, the intraday RSI is well above its neutrality level of 50, and the 50-period MA is still positively oriented. Hence, look for a new bounce to 0.9845 and 0.9890.

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 0.9845 and the second target at 0.9890. In the alternative scenario, short positions are recommended with the first target at 0.97 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 0.9665. The pivot point is at 0.9740.

Resistance levels: 0.9845 0.9890 0.9910

Support levels: 0.97 0.9665 0.9615

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Technical analysis of NZD/USD for September 28, 2015 Market Analysis Review

NZD/USD is expected to trade in a higher range as bias remains bullish. The pair posted a strong rebound from its key support at 0.6355 and remains on the upside. The intraday 50-period MA is heading upwards, acting as support. Besides, the intraday RSI holds above its neutrality level of 50 and lacks downward momentum. Therefore, as long as 0.6305 is not broken, look for further advance to 0.6425 and 0.6455 in extension.

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 0.6425 and the second target at 0.6455. In the alternative scenario, short positions are recommended with the first target at 0.6305 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 0.6275. The pivot point is at 0.6355.

Resistance levels: 0.6425 0.6455 0.9484

Support levels: 0.6306 0.6275 0.6245

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Technical analysis of GBP/JPY for September 28, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bearish bias. The pair remains under pressure below the key resistance of 183.85. The immediate trend is downward, but momentum is weak, as the intraday RSI is turning up and calls for caution. Nevertheless, as long as the process of reaching lower highs and lows remains intact, further decline seems more likely to occur to 182 and 181.60 as our targets.

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 182. A breakout of that target will move the pair further downwards to 181.60. The pivot point stands at 183.85. 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 184.75 and the second target at 185.30.

Resistance levels: 184.75 185.30 186.15

Support levels: 182 181.60 181

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