Daily analysis of Silver for September 09, 2015 Market Analysis Review

Overview

Silver price breached 14.70 level and settled above it, opening the way towards visiting the bearish channel's resistance near 15.15 in the upcoming sessions, noticing that stochastic reaches the thresholds of the overbought levels now, which supports bouncing lower to resuming the overall bearish trend according to the trading rules within the price channels. Therefore, the bearish trend will remain valid on the short-term basis, it might be proceeded by some temporary rise as we mentioned, taking into consideration that breaching 15.15 level will stop the negative scenario and pushes the price to achieve more gains on the intraday and short-term basis.

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Daily analysis of GBP/JPY for September 09, 2015 Market Analysis Review

Overview

Intraday bias in GBP/JPY remains neutral for consolidation above 180.36 temporary low. A further decline is expected as long as 187.36 resistance holds. Below 180.36, key support levelis expected at 174.86. However, a decisive break of 187.36 will turn focus back to 195.26 resistance instead. The break of the medium term trend line support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in weekly MACD. Besides, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

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Technical analysis of USD/JPY for September 09, 2015 Market Analysis Review

USD/JPY is expected to trade in a higher range. Overnight US stocks rallied as Chinese and global markets showed signs of stabilization. The Dow Jones Industrial Average rose 2.4% to 16492, its biggest one-day percentage and point gain in almost two weeks, the S&P 500 gained 2.5% to 1969, and the Nasdaq Composite was up 2.7% to 4811. Nymex crude oil edged down 0.2% to settle at $45.94 a barrel, gold was flat at $1120 an ounce, while the 10-year US Treasury yield rose to 2.191% from 2.128% last Friday. Meanwhile the US dollar fell against most other currencies amid a lack of certainty that the US Federal Reserve would hike interest rates in September.. The pair is trading on the upside with strong upward momentum. It has broken above the upper Bollinger band as those bands are widening. The 20- and 50-period intraday moving averages are ascending, and the intraday RSI has exceeded the over-bought level of 70 but shows no signs of a bearish divergence. Therefore, all technical indicators are pointing to a continued bullish bias. The first upside target is set at 121.45 (around the September 3 high) and the second at 121.75 (last seen on September 1).

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 121.45 and the second target at 121.75. In the alternative scenario, short positions are recommended with the first target at 119.60 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 119.20. The pivot point is at 119.95.

Resistance levels: 121.45 121.75 122.35

Support levels: 119.60 119.20 118.90

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Technical analysis of USD/CHF for September 09, 2015 Market Analysis Review

USD/CHF is expected to trade with a bullish bias. The pair is still moving in an uptrend, backed by a bullish 50-period intraday MA. A strong support base around 0.9735 has been formed allowing for stabilisation. Currently, the pair seems more likely to consolidate, as the intraday RSI is turnes down, and is moving into its neutrality area around 50. Nevertheless, as long as 0.9750 (our stop loss) is not broken, the intraday outlook remains positive with targets at 0.98200 and 0.9850.

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 0.9735 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 0.970. The pivot point is at 0.9750.

Resistance levels: 0.9820 0.9850 0.99

Support levels: 0.9735 0.97 0.9670

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GBP/USD intraday technical levels and trading recommendations for September 9, 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 moved 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.

Please note that persistence below the levels of 1.5450 (lower limit of the broken consolidation range) and 1.5350 (Recent Weekly Bottom) enhances further bearish decline in the near future and vice versa.

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Technical analysis of NZD/USD for September 09, 2015 Market Analysis Review

NZD/USD pair is turning up. The pair formed a "rounding bottom" pattern on an intraday basis confirming a bullish trend reversal. A continuation of the technical rebound is mpre likely to be headed towards 0.6430, as the 20- and 50-period intraday MAs are on the upside, and act as resistance levels. The intraday RSI is well-directed and calls for a new upward move. In these perspectives, as long as 0.6335 is not broken, look for further advance to 0.6430 & 0.6470 in extension.

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 0.6430 and the second target at 0.6470. In the alternative scenario, short positions are recommended with the first target at 0.6310 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 0.6260. The pivot point is at 0.6335.

Resistance levels: 0.6430 0.6470 0.65

Support levels: 0.6310 0.6260 0.6315

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USD/CAD intraday technical levels and trading recommendations for September 9, 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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