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

USD/JPY is expected to continue with the upside movement. Overnight, US stocks marched higher amid higher GDP growth, a rally in the Asian and European markets, and soaring oil prices. The Dow Jones Industrial Average rose 2.3% to close at 16,654, the S&P 500 gained 2.4% to 1,987, and the Nasdaq Composite increased 2.5% to 4,812. The US government reported that 2Q GDP grew at an annualized rate of 3.7% (vs +2.3% previously estimated), and initial jobless claims fell to 271K for the week ended August 22 (vs 277K in the prior week). Crude oil soared 10.3% to settle at $42.56 a barrel, the largest percentage gain since March 2009. Meanwhile, gold edged down 0.2% to $1122 an ounce and the 10-year Treasury yield fell to 2.168% from 2.172% in the previous session. Encouraged by the upbeat economic data, the US dollar also climbed higher. EUR/USD touched as low as 1.1201, GBP/USD as low as 1.5369, and USD/JPY was up to 121.40. Regarding USD/JPY, the pair remains on the upside and is still trading within a bullish channel. Support is given by the 20-period intraday moving average (MA), which is above the 50-period one. Besides, the intraday RSI is well-directed and supported by a rising trendline. The continuation of the current rebound could bring the pair to the first upside target at 121.75 (last seen on August 24).

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 121.75 and the second target at 122.35. In the alternative scenario, short positions are recommended with the first target at 119.40 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 120.25.

Resistance levels: 121.75 122.35 122.80

Support levels: 119.40 118.90 118.45

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

USD/CHF is expected to trade with bullish bias as the trend remains bullish. The pair is clearly supported by a bullish trendline established since August 25. At the current stage, the intraday momentum is still strong as the intraday RSI stands firmly above its 50 area without displaying any reversal signals. In this case, the bias remains bullish, as long as 0.9550 is support. Further advance seems to be on the cards towards 0.9730.

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 0.9675 and the second target at 0.9730. In the alternative scenario, short positions are recommended with the first target at 0.9480 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 0.9410. The pivot point is at 0.9550.

Resistance levels: 0.9675 0.9730 0.9765

Support levels: 0.9480 0.9410 0.9375

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

NZD/USD is expected to trade with bearish bias below the key resistance at 0.6515. The pair remains in consolidation on an intraday basis, and is under pressure below its nearest resistance at 0.6515. The upside potential is likely to be limited by this key level. Besides, the intraday RSI lacks bullish momentum. Therefore, as long as 0.6515 is not surpassed, look for a choppy price action with a bearish bias. Our next downside targets are set at 0.6425 and 0.6365.

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 0.6425. A break of that target will move the pair further downwards to 0.6365. The pivot point stands at 0.6515. 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 0.6580 and the second target at 0.66.

Resistance levels: 0.6580 0.66 0.6675

Support levels: 0.6425 0.6365 0.63

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

GBP/JPY is expected to trade in a lower range. The pair remains on the downside and is currently challenging its key resistance at 136.45. And the intraday RSI lacks further upward momentum. The first target to the downside is therefore set at yesterday's low at 185.25. A break below this level would open the way to further weakness towards the horizontal support and overlap at 184.10 in extension. Only a break above the key resistance at 187.25 would call for further upside.

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 185.25. A break of that target will move the pair further downwards to 184.10. The pivot point stands at 187.25. In case the price moves in the opposite direction bouncing back from the support level, it will move above its pivot point. It is likely to move further upside. According to that scenario, long positions are recommended with the first target at 188.15 and the second target at 188.70.

Resistance levels: 188.15 188.70 189.45

Support levels: 185.25 184.10 183.35

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Intraday technical levels and trading recommendations for EUR/USD for August 28, 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. This can be achieved if the current monthly candlestick closes above the weekly high (1.1465) by the end of August.

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

Recently, evident bullish recovery was expressed after hitting the level of 1.0800. Since then, bulls have been trying to achieve an extensive bullish movement towards 1.1500 and 1.1700.

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.

Since last Friday, extensive bullish pressure was applied until bearish rejection was expressed around the price level of 1.1700. That is when extensive bearish rejection was expressed on Wednesday.

The market looked overbought as the bulls were pushing above the price level of 1.1500 (Daily Supply Level). That's why, a bearish corrective movement is currently taking place towards the price level of 1.1160.

Conservative traders should wait for a valid BUY entry anywhere around the price level of 1.1160 (corresponding to the depicted uptrend line as well as 61.8% Fibonacci level). S/L should be placed below 1.1100.

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Daily analysis of SILVER for August 28, 2015 Market Analysis Review

Overview

Silver price continues to rise gradually approaching the previously broken support level of 14.70 that turned into resistance now. It was met by the EMA50 to add more strength accompanied by stochastic in the overbought areas. Therefore, these factors encourage us to keep our bearish overview for the upcoming period, waiting a visit to 13.50 followed by 12.80. Note that the continuation of the bearish trend depends on holding below 14.70 and the most important 15.50.

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

Overview

GBP/JPY broke the support level of 191.96 last week suggesting that the rebound from 184.95 was already completed at 195.25. A fall from there is viewed as the third leg of the consolidation pattern from 195.86. An initial bias is on the downside this week (for 184.95 support and below). We will look for strong support around 61.8% retracement of 174.86 to 195.86 at 182.88 to countinue moving downside in order to rebound.

According to the H4 chart, an uptrend from 116.83 is still in progress. The current rise is likely to test at least 61.8% retracement of 251.09 to 116.83 at 199.80 in the medium term. A break of 174.86 will result in a deeper correction first. We should be cautious when trading around the med-term topping at the 200 and bring a deep correction. Meanwhile, a reak of 174.86 will suggest that the trend has reversed earlier than we expected.

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