Technical analysis of USD/JPY for September 08, 2015 Market Analysis Review

USD/JPY is expected to trade with a bullish bias. Key resistance is seen at 119.50. US markets were closed yesterday. This morning, Japan's government reported that the country's 2Q GDP (annualized, seasonally-adjusted) declined 1.2% from the previous quarter (vs -1.8% expected, -1.6% previously estimated). In Australia, the ANZ Roy Morgan Consumer Confidence Index dropped 5.8% from the previous week to 106.7 in the week ended on September 6. The pair is still trading below the key resistance level of 119.50. It is now around the overlapping 20- and 50-period intraday moving averages (MAs, at 119.33). If 119.50 isn't breached, the upside bias will remains calling for an upward movement back to the first upside target at 120.20 .

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 118.50 and the second target at 117.85. In the alternative scenario, short positions are recommended with the first target at 119.20 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 119.50.

Resistance levels: 120.20 120.65 120.95

Support levels: 119.20 118.90 118.25

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Technical analysis of USD/CHF for September 08, 2015 Market Analysis Review

USD/CHF is expected to trde with a bullish bias as the pair is challenging 0.9705. The pair stands firmly above 0.9705, and is likely to challenge the upper boundary of its intraday range between 0.975 and 0.9820. Technically, the RSI is above its neutrality area of 50, which should indicate positive momentum. Moreover, the 50-period intraday MA still acts as support. To conclude, as long as 0.9705 is not broken, a new upward movement to 0.9820 and then to 0.9850 is expected.

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 0.9820 and the second target at 0.9850. 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 0.9670. The pivot point is at 0.9750.

Resistance levels: 0.9820 0.9850 0.99

Support levels: 0.97 0.9670 0.9630

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Technical analysis of NZD/USD for September 08, 2015 Market Analysis Review

NZD/USD is expected to trade in a higher range. The pair has been well supported by its 20-period and 50-period intraday MAs and remains on the upside. The intraday RSI stays above its 50% neutral area and is positively oriented. Further upside is therefore expected with the next horizontal resistance and a high of 0.6350. A break above this level would call for further advance toward 0.64.

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 0.6350 and the second target at 0.64. In the alternative scenario, short positions are recommended with the first target at 0.6220 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 0.6190. The pivot point is at 0.6250.

Resistance levels: 0.6350 0.640 0.6430

Support levels: 0.6220 0.6190 0.6150

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Technical analysis of GBP/JPY for September 08, 2015 Market Analysis Review

GBP/JPY is turning up and expected to trade in a higher range. The pair has crossed above its 20-period and 50-period intraday MAs and is reversing up. The intraday RSI is above its 50% neutrality area and is well-directed. Further upside is expected with the next horizontal resistance and overlap set at the horizontal support and overlap at 185.70 first. A break above this level would call for further advance toward 186.20 in extension. Only a break below the horizontal support at 183.30 would open the way to further weakness toward Sept. 4's low at 182.55 at first.

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 185.70 and the second target at 186.20. In the alternative scenario, short positions are recommended with the first target at 182.55 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 181.65. The pivot point is at 183.30.

Resistance levels: 185.70 186.20 187

Support levels: 182.55 181.65 181.15

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GBP/USD intraday technical levels and trading recommendations for September 8, 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 swing 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 at the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls pursued 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.

The nearest support zone to meet the GBP/USD pair was located at 1.5200-1.5170 where a valid Intraday buy entry was offered as suggested in yesterday's article.

On the other hand, another sell entry can be offered near the resistance level of 1.5470 (lower limit of the previous consolidation range) if the current bullish pullback persists above the level of 1.5330.

Persistence below the zones of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) enhances bearish momentum in the market.

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USD/CAD intraday technical levels and trading recommendations for September 8, 2015 Market Analysis Review

Overview:

Few months ago, 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 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).

On the other hand, the previous weekly candlestick was rather 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 target was projected towards the level of 1.3270 (100% Fibonacci Expansion) where bearish pressure should be expected. Bulls are revisiting this level today.

Bearish corrective movement towards the level of 1.2750 (Breakout Level) should be expected as long as USD/CAD bears keep defending the Fibonacci Expansion zone around 1.3270 - 1.3300.

Moreover, bearish persistence below 1.3100 (lower limit of the depicted Flag pattern) 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:

A counter-trend sell entry can be offered around the level of 1.3330 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400.

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 the recent 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 and T/P levels to be placed at 1.3200 and 1.3050.

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Technical analysis of Silver for September 08, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver rallied higher towards the level of $14.75 against our expectation of a continued drop. The metal might be looking to test resistance at $15.00 again. It is hence recommended to exit short positions, take profits, and remain flat for now. Immediate support is seen at $14.00 followed by $13.00 and lower, while resistance is seen at $15.60 levels followed by $16.40/50, $17.75, and higher respectively. The metal should remain bearish untill prices stay below $15.60.

Trading recommendations:

Book profits/exit in short positions, remain flat for now.

Good luck!

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