Daily analysis of USDX for September 24, 2015 Market Analysis Review

On the daily chart, the USDX continues to trade below the resistance level of 96.38, where a pullback is currently taking place. That is why we expect a fall to the support level of 95.83. Currently, a breakout above the level 96.38 is expected to push the index higher until new 2-month highs at least. The MACD indicator is at the positive territory.

The index is currently performing a correction from the resistance level of 96.51 and now it is testing the support zone of 96.15. On the H1 chart, we should note a bullish pattern formation which could push the USDX higher across new highs, becauses bullish momentum seems to be still strong in an intraday basis.

Daily chart's resistance levels: 96.38 / 96.91

Daily chart's support levels: 95.81 / 95.26

H1 chart's resistance levels: 96.35 / 96.51

H1 chart's support levels: 96.15 / 95.94

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.35, take profit is at 96.51, and stop loss is at 96.19.

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Daily analysis of GBP/USD for September 24, 2015 Market Analysis Review

GBP/USD is headed lower making new downside moves below the resistance level of 1.5256. It is expected to form a lower low pattern by the end of the week. Currently, our outlook remains bearish towards the support zone of 1.5169, where a rebound should happen in order to correct the current decline.

On the H1 chart, the pair is showing a bearish consolidation in place below the 200 SMA and this indicator is also pointing to the downside. A breakout below the support level of 1.5223 will enable the pair to test the level of 1.5166 in coming hours. The MACD indicator is entering the neutral territory.

Daily chart's resistance levels: 1.5256 / 1.5344

Daily chart's support levels: 1.5169 / 1.5030

H1 chart's resistance levels: 1.5285 / 1.5341

H1 chart's support levels: 1.5223 / 1.5166

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5223, take profit is at 1.5166, and stop loss is at 1.5283.

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Daily analysis of Silver for September 23, 2015 Market Analysis Review

Overview

Silver price traded with clear negativity to retest the bearish channel's resistance that was breached previously and now turns into key support level at 14.70. As we mentioned in our recent articles, holding above this level represents the key condition to continue the bullish correctional scenario. Its targets begin by breaching the 15.40 level to open the way towards 15.85 followed by 16.30. Stochastic generates oversold signals that support the waited rise, reminding you that a break of the 14.70 level will push the price to the previously recorded low at 13.96 initially.

In general, holding above the 14.70 level keeps our bullish trend expectations valid for the upcoming period, reminding you that breaching the 15.40 level will extend gains of silver price to 15.85 followed by 16.30.

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Daily analysis of GBP/JPY for September 23, 2015 Market Analysis Review

Overview

According to the attached H4 chart, the break of the 184.22 support suggests that a rebound from 180.36 has been already completed at 188.28. Intraday bias is turned back to the downside for the 180.36 support. Break will extend the whole fall from 195.86 to the 174.86 support. In case of recovery, risk will stay on the downside as long as 188.28 holds. The break of the medium-term trendline support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the 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 trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring a reversal finally.

Daily Pivots: (S1) 183.46; (P) 185.23; (R1) 186.38

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USD/CAD intraday technical levels and trading recommendations for September 23, 2015 Market Analysis Review

Overview:

Several months ago, when bulls pushed the price 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 established. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

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 this week.

Bearish corrective movement towards the level of 1.2750 (breakout level) should be expected as long as USD/CAD bears keep trading below the Fibonacci Expansion zone around 1.3300 - 1.3330.

Moreover, bearish persistence below 1.3100 (Recent Support level) 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 at the current price levels around 1.3300 (Fibonacci Expansion 100%). S/L should be placed above the level of 1.3400. T/P levels should be placed at 1.3200 and 1.3050.

On the other hand, 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 level.

S/L 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 EUR/USD for September 23, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established 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 in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection which exists around the price level of 1.1450.

In the long term, a projection target is still seen 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 can take place only if the monthly high of 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above a weekly high of 1.1465 by the end of the current month (low probability).

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.

Extensive bullish pressure was applied until bearish resistance was expressed around the level of 1.1700.

The market looked overbought as bulls were pushing further beyond the price level of 1.1500 (daily supply level).

Hence, bearish movement took place towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejection (note the recent daily candlesticks).

As anticipated, the intraday supply zone of 1.1300-1.1330 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 and 1.1050.

On the other hand, daily persistence below the level of 1.1150 (61.8% Fibonacci level) is mandatory to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders should wait for more bearish pullback towards the price zone of 1.0980-1.1000 (the depicted uptrend line) for a valid buy entry.

S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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Intraday technical levels and trading recommendations for GBP/USD for September 23, 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 has been providing evident resistance for the GBP/USD pair.

Previous weekly candlestick closure above 1.5500 hindered further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

Recent weekly candlesticks came as bearish engulfing ones, closing below the level of 1.5450 (Head and Shoulders neckline).

It supports the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located at the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5170 (recent weekly bottom and the origin of a bullish engulfing WEEKLY candlestick).

Weekly persistence below 1.5500 is mandatory to allow further bearish decline to occur.

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

The level of 1.5550, which corresponded to the 50% Fibonacci level and the previous prominent top, was temporarily broken enabling further bearish decline towards 1.5350 where an ascending bottom was established.

Prominent supply/resistance around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, a valid sell entry was suggested for retesting at 1.5770 three weeks ago. All of its targets were successfilly achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish rejection took place (bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5560, which provided the current extensive bearish rejection.

Price action should be watched around the price level of 1.5170 as it corresponds to a previous weekly double bottom. Bullish rejection should be expected around these levels.

Trade Recommendation:

A valid sell entry was suggested around the zone of 1.5550-1.5580 (recent resistance zone). It is already running in profits today.

T/P levels to be projected towards 1.5200, then 1.5050, while S/L should be placed above 1.5680.

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