GBP/USD intraday technical levels and trading recommendations for August 20, 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, a bullish pullback towards 1.5600 was expected to take place shortly after, as suggested in the previous articles.

Our SELL entry which was suggested around 1.5600 got triggered two weeks ago. An early exit should be considered if the current daily candlestick closes above 1.5690 (the upper limit of the consolidation range) .

A better SELL entry with a lower risk/reward ratio may be offered around the price level of 1.5780 if enough bullish pressure is expressed above 1.5690.

Note that fixation below the price zone of 1.5550-1.5500 (mid-line of the consolidation range) is mandatory to pursue towards lower bearish targets at 1.5450 and 1.5350. As, it confirms the Triple-Top reversal pattern depicted on the chart.

On the other hand, daily fixation above 1.5690 (the upper limit of the consolidation range) hinders this bearish scenario for sometime. This probably exposes the breakout projection target at 1.5800 before further bearish decline can be achieved.

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Gold analysis for August 20 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,151.51. According to the daily time frame, we can observe a demand bar in an average volume. According to Wyckoff analysis, we have strong accumulation and bottoming on gold, so watch only for buying opportunities on the dips (after bearish corrections). We also got a strong shakeout bar in the background so gold can be bullish in the mid-term. I have placed Fibonacci retracement to find potential resistance levels. We got Fibonacci retracement 50% at the price of $1,156.00 and Fibonacci retracement 61.8% at the price of $1,174.00.

Daily Fibonacci pivot points:

Resistance levels

R1: 1,133.10

R2: 1,137.60

R3: 1,144.17

Support levels:

S1: 1,118.72

S2: 1,114.30

S3: 1,107.10

Trading recommendations: Watch only for buying opportuntiies on the dips (after corrections).

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USD/CAD intraday technical levels and trading recommendations for August 20, 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.

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

Recently, signs of lack of bullish momentum were generated on the chart (Head and Shoulders reversal pattern).

A bearish corrective movement towards the levels of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the recent high around the price level of 1.3180 (being approached this week).

On the other hand, bearish persistence below 1.3050 is needed to expose the next support level around 1.2910 and then 1.2800 where long-term BUY entries should be considered.

Trading recommendations:

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.

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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Intraday technical levels and trading recommendations for GBP/USD for August 20, 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 provided evident supply for the GBP/USD pair.

As anticipated, a bearish pullback towards the level of 1.5550 took place. Temporary bearish breakout below the GBP/USD key level at 1.5500 took place on July 5.

Last week, strong bearish pressure was applied to the level of 1.5550 again. It was beeing broken temporarily until the last week when bullish recovery was expressed.

Contradictory signals are coming from consecutive weekly candlesticks. This indicates market indecision above the price levels of 1.5500. However, the previous weekly candlestick came as a bullish engulfing one.

The previous weekly candlestick closure above 1.5500 hinders further bearish decline and enhances the bullish side of the market at least towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

On the other hand, the current weekly candlestick should be monitored by the end of the week to determine if the weekly closure persists above 1.5500 or below.

The nearest demand level around 1.5200 will become exposed only if the GBP/USD bears manage to bring the market price below the level of 1.5500 again (low probability).

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

On the other hand, the level of 1.5550, which corresponds to 50% Fibonacci level and a previous prominent top, was temporarily broken allowing further bearish decline towards 1.5350 where an ascending bottom was recently established.

The level of 1.5500 constitutes a significant KEY-level to watch for. It corresponds to the short-term uptrend line depicted on the chart.

However, evident bullish pressure was applied at 1.5450 on August 7. A bullish engulfing daily candlestick was expressed by the end of the day.

The nearest supply levels to meet the GBP/USD pair are located around the price levels of 1.5660 (Multiple Daily Highs) and 1.5770 (prominent 61.8% Fibonacci level) where the price reaction should be monitored.

On the other hand, the bearish scenario towards 1.5470 and 1.5370 should only be considered if the GBP/USD bears manage to successfully push below 1.5500 again (low probability).

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Intraday technical levels and trading recommendations for EUR/USD for August 20, 2015 Market Analysis Review

The market was pushed lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously hit back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established on January 1997). Bullish recovery was expressed shortly after.

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

In the long term, a projection target will be still located at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 will be possible only if May's monthly high of 1.1465 gets breached (a low probability).

After such a long bearish rally, which started around the level of 1.1300, bullish rejection took place at 1.0570 (monthly demand level).

Multiple ascending bottoms were established around the levels of 1.0470, 1.0550, and 1.0850. These levels corresponded to the daily uptrend depicted on the chart.

Further bullish pressure was observed until bearish rejection was applied around 1.1400 (double-top reversal pattern). That's when the EUR/USD bears managed to achieve bearish breakdown of the depicted uptrend line on July 13.

Recently, evident bullish recovery was expressed after hitting the level of 1.0800. Since then, bulls have been trying to bring a bullish corrective movement towards 1.1100 and 1.1150 where the backside of the broken uptrend is located.

On Friday, significant bearish reaction has been shown at 1.1150-1.1180 resulting in few consecutive bearish engulfing daily candlesticks.

DAILY closure below the price level of 1.0980 must be achieved to pursue towards lower bearish targets around 1.0850 and 1.0750.

The nearest bearish destination to meet the EUR/USD pair would be located at 1.0980 as long as the price level of 1.1150 remains defended by the market bears.

On the other hand, daily closure above the price zone of 1.1150-1.1180 invalidates the previous bearish scenario. A bullish swing towards 1.1220 and 1.1280 should be expected then.

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EUR/NZD analysis for August 20, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6940 in a high volume. In the daily time frame, we can observe double confirmed up-thrust bars. According to the H1 chart, we have an absorption volume in the background (short-term buying looks very risky). We may expect continuation of downward movement. Fibonacci retracement 61.8% is at the price of 1.6945. According to Wyckoff analysis, the price is building a potential strong distribution (selling). Intraday frames are favoring sellers as well. Strong support is around the price of 1.6700.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6875

R2: 1.6915

R3: 1.6980

Support levels:

S1: 1.6745

S2: 1.6700

S3: 1.6640

Trading recommendations: Watch only for selling. The price successfully rejected from our Fibonacci retracement 61.8%. Sell after retracements.

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Technical analysis of EUR/USD for August 20, 2015 Market Analysis Review

Trading recommandations:

• According to the previous events, the price of the EUR/USD pair will be moving between the levels 1.1085 and 1.1241 in coming hours. Besides, the weekly pivot point has been set at the level of 1.1082 and now is acting as a strong support. In the long term, buy above the price of 1.1085 with the first target at 1.1210 in order to test the double top. It might resume to 1.1241 if the trend can break the weekly peak price at 1.1210.
• The stop loss should always be taken into account, so it will be very useful to set your stop loss below the support at the price of 1.1021

Notes:

• Strong resistance will be set at the level of 1.1241.
• The double top is going to be at the 1.1210 level. Currently, the double bottom is set at the price of 1.1100.
• We expect a range of 112 pips today.
• The weekly pivot point (1.1082) represents the key level this week.

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