Intraday technical levels and trading recommendations for GBP/USD for August 25, 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 broken down temporarily until the last week when the weekly bullish engulfing candlestick 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 closure above 1.5500 hinders further bearish decline and enhanced the bullish side of the market initially 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 current day to determine if the weekly closure persists above 1.5780 (Supply Level) 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 a 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/resistance levels to meet the GBP/USD pair are located around the price levels of 1.5770 (prominent 61.8% Fibonacci level) where bearish rejection should be anticipated.

The price reaction should be watched at retesting the price levels around 1.5770 (61.8% Fibonacci level) where a valid SELL entry was suggested yesterday. It is already running in profits now.

On the other hand, the bearish scenario towards 1.5470 and 1.5370 should only be anticipated if the GBP/USD bears manage to push again below 1.5500 (Fibonacci 50% level) successfully.

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USD/CAD intraday technical levels and trading recommendations for August 25, 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 was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. This price level is being approached today by the bulls.

A bearish corrective movement towards the levels of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the 100% Fibonacci level around 1.3270.

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 can 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.

On the other hand, risky traders can SELL the USD/CAD pair around the current price levels (anywhere around 1.3270) with S/L as daily closure above entry level. T/P levels to be located at 1.3200 and 1.3050.

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GBP/USD intraday technical levels and trading recommendations for August 25, 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. It 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 suggested around 1.5600 got triggered two weeks ago. An early exit was considered when Friday's daily candlestick closed above 1.5690 (the upper limit of the consolidation range).

As anticipated, daily fixation above 1.5690 (the upper limit of the consolidation range) hinders this bearish scenario for some time. This exposes the breakout projection target at 1.5800 before further bearish decline can be achieved.

A valid SELL entry with a low risk/reward ratio was suggested around the price level of 1.5780-1.5800. It is already running in profits now.

Note that fixation below the price zone of 1.5700 (the upper limit of the consolidation range) and 1.5550-1.5500 (mid-line of the range) is mandatory to pursue towards lower bearish targets at 1.5450 and 1.5350.

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EUR/NZD : analysis for August 25, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. As we expected, the price tested the level of 1.8686. The price has spiked 1000 pips since our last analysis. In the daily time frame, we can observe that sellers started to sell actively around the price of 1.8685. Now, this is a strong sign of weakness. Consider only selling opportunities after retracement. Potential profit targets are 1.7330, 1.6930, and the price of 1.6260.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.8425

R2: 1.8790

R3: 1.9380

Support levels:

S1: 1.7245

S2: 1.6875

S3: 1.6285

Trading recommendations: Watch for buying opportunities on the dips. EUR/NZD is in a strong uptrend.

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Technical analysis of USD/JPY for August 25, 2015 Market Analysis Review

USD/JPY is expected to trade with bearish bias. Overnight, the US dollar and stocks kept nosediving amid global stock sell-offs. The Dow Jones Industrial Average tumbled another 3.6% to close at 15,871, its lowest closing level in 18 months, with a heavy trading volume of 13.9 billion shares, the largest daily volume since August 2011. The S&P 500 plunged 3.9% to 1,893, while the Nasdaq Composite dropped 3.8% to 4,526. Crude oil closed down 5.5% at $38.24 a barrel, the lowest closing level in 6.5 years. Again, safe-haven buying of the US government bonds pushed down the 10-year Treasury yield to 1.997%, the lowest one since April. Meanwhile the US dollar heavily dropped against the euro (EUR/USD highest at 1.1714), the Japanese yen (USD/JPY lowest at 116.14), and the Swiss franc (USD/CHF lowest at 0.9254). Regarding USD/JPY, the pair is posting a rebound from the overnight low of 116.14. The declining 20- and 50-period intraday moving averages are maintaining the bearish bias. As long as the key resistance at 120.25 is not surpassed, choppy price actions with bearish bias are expected. The first downside target is set at the horizontal level of 118.25, and the second one at 117.

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 118.25. A break of that target will move the pair further downwards to 117. The pivot point stands at 120.55. 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 121.30 and the second target at 122.35.

Resistance levels: 121.30 122.35 123

Support levels: 118.25 117 116.20

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Technical analysis of USD/CHF for August 25, 2015 Market Analysis Review

USD/CHF is expected to trade with bullish bias. The pair remains on the upsideside, capped by an ascending trendline. Further upside seems more likely to occur as the technical indicators are still bullish without showing any reversal signals. Hence, as long as the process of lower highs and lows remains intact, a new pullback is highly expected to 0.9505 and 0.9550 in extension. Only the downside break of the key resistance at 0.3 would turn the intraday outlook bearish.

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 0.9505 and the second target at 0.9550. In the alternative scenario, short positions are recommended with the first target at 0.9245 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 0.92. The pivot point is at 0.93.

Resistance levels: 0.9505 0.9550 0.96

Support levels: 0.9245 0.92 0.9160

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Technical analysis of NZD/USD for August 25, 2015 Market Analysis Review

NZD/USD is expected to trade in a lower range. Currently trading at 0.6445, the pair remains capped by its declining 20- and 50-period MAs, which should limit any upward attempts. The intraday RSI is below its neutrality level at 50. Besides, a key resistance at 0.6575 maintains strong selling pressure on the prices. In these perspectives, as long as 0.6575 holds on the upside, a new pullback is expected to test 0.6485, and in case of a breakout, look for a further decline to 0.6450.

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 0.6485. A break of that target will move the pair further downwards to 0.6450. The pivot point stands at 0.6575. 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 0.6630 and the second target at 0.6650.

Resistance levels: 0.66300.6650 0.6685

Support levels: 0.6485.6450 0.6425

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