Technical analysis of USD/JPY for August 12, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. Currently trading at 97.204, the US dollar index fell overnight while US stocks were given a boost by surging commodity prices. Crude oil surged 2.5% to $44.96 a barrel, gold was up 0.9% to $1,104 per ounce, and copper rose 2.8% to $2.407 a pound. And the S&P 500 gained 1.3% to 2,104, while the Dow Jones Industrial Average was up 1.4%, to 17,615. At the same time, the euro jumped to as high as 1.1041 on expectations that Greece and its creditors would reach a bailout agreement. Meanwhile, USD/JPY maintains its bullish bias above the key support at 124.45. The 20-period intraday moving average stays above the 50-period one, while the intraday RSI remains within the buying area between 50 and 70. The first upside target is set at 125.25 (around yesterday's high); and the second, at 125.60.

Technical comment:

The daily chart is positive-biased as stochastics is bullish. The MACD histogram bars are turned positive.

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 123.50. A break of that target will move the pair further downwards to 123.20. The pivot point stands at 124.45. 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 125 and the second target at 125.25.

Resistance levels: 125 125.25 125.60

Support levels: 123.50 123.20 123

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Technical analysis of USD/CHF for August 12, 2015 Market Analysis Review

USD/CHF is expected to trade with bearish bias. The pair managed to hold below its key resistance at 0.9800, which has been tested for several times to confirm the significance of this level. The 20- and 50-period intraday MAs are turning down, and also play as support roles. Moreover, the intraday RSI is above the neutrality level of 50, and calls for a new bounce. In which case, as long as 0.9800 holds on the downside, the pair is expected to post a new down to challenge 0.9660 (the nearest top) in sight. In case of a breakout, look for 0.9860 in extension.

Technical comment:

The daily chart is positive-biased as the MACD and stochastics are bullish.

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 0.9660. A break of that target will move the pair further downwards to 0.9635. The pivot point stands at 0.98. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9860 and the second target at 0.9940.

Resistance levels: 0.9860 0.9940 0.9995

Support levels: 0.9660 0.9635 0.96

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Technical analysis of NZD/USD for August 12, 2015 Market Analysis Review

NZD/USD is exected to trade in a lower range. The pair remains capped by its key resistance at 0.6550, and seems likely to post further upside. Both the ST and intraday outlooks are negative as the key moving averages maintain strong selling pressure. On an intraday basis, even though a technical rebound cannot be ruled out at the current stage, its extent should be limited by 0.6675. To sum up, the pair is expected to decline to test its support base around 0.6515. In case of a breakout, look for 0.6500 and 0.6485 as our next targets.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price keeps above its pivot point, long positions are recommended with the first target at 0.6630 and the second target at 0.6675. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.6515. A break of this target would push the pair further downwards, and one may expect the second target at 0.6465. The pivot point is at 0.6550.

Resistance levels: 0.6630 0.6675 0.6735

Support levels: 0.6515 0.6465 0.6415

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Technical analysis of GBP/JPY for August 12, 2015 Market Analysis Review

GBP/JPY is expected to trade with bearish bias. The pair has broken below its previous low and is looking for a higher top. Both rising 20- and 50-period intraday MAs maintain a bearish bias. The intraday RSI is well directed. Further downside is therefore expected with the next horizontal resistance and overlap set 193 at first. A break below this level would call for a further advance towards 192.20. Only a break above the horizontal resistance at 194.50 would open the way to further strengthening towards the 195.05 low of August 11 at first.

Technical comment:

The daily chart is still positive-biased as the MACD and stochastics are in a bullish mode.

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 193. A break of that target will move the pair further downwards to 192.20. The pivot point stands at 194.50. 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 195.05 and the second target at 195.40.

Resistance levels: 195.05 195.40 196

Support levels: 193 192.20 191.75

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EUR/NZD analysis for August 12, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.6823 in a high volume. In the daily time frame, we can observe an up-thrust bar in a high volume. The price has broken our major resistance level (1.6805) but it seems like there is no power for further upward movement. Anyway, our resistance at the price of 1.6805 now became a strong support so do not sell before you see a breakout of that level. Buyers can still load more buying positions. The trend is bullish.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6940

R2: 1.7015

R3: 1.7135

Support levels:

S1: 1.6700

S2: 1.6627

S3: 1.6510

Trading recommendations: Watch for buying opportunities above the price of 1.6805.

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GBP/USD intraday technical levels and trading recommendations for August 12, 2015 Market Analysis Review

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. This is where the ongoing bullish swing was initiated.

A daily closure above 1.5060 exposed the next resistance levels at 1.5400 and 1.5450 where a temporary bearish pullback took place on April 29.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered traders few valid sell entries (depicted with red arrows). The final bearish target at 1.5450 was already reached.

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

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

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

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

Our SELL entry which was suggested around 1.5600 got triggered few days ago. Early exit should be considered if the current daily candlestick maintains its closure above 1.5600.

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

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

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USD/CAD intraday technical levels and trading recommendations for August 12, 2015 Market Analysis Review

Overview:

When bulls pushed the price further above 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in a formation of successive lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened a way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Successive higher lows were reached. Bullish pressure was applied against the resistance levels of 1.2450 and 1.2500 (previous tops).

On the other hand, the previous weekly candlestick was quite bullish. That is why, an extensive bullish movement is seen on the chart.

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

Earlier, signs of lacking bullish momentum were generated on the chart. A bearish corrective movement was initiated towards the levels of 1.2900-1.2850.

However, a new bullish swing has been taking place this week, especially after the bullish engulfing daily candlesticks expressed last week.

The long-term bullish projection target remains projected at the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be applied.

However, price action should be watched around the current price level of 1.3050 (Recent Support). Daily closure exposes below the next support levels around 1.2910 then 1.2800 where long-term BUY entries should be considered.

Trading recommendations:

Conservative traders can wait for a bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes a strong recent support.

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

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