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Silver Technical Analysis for August 01, 2016
Technical outlook and chart setups:
Silver is seen to be trading at $20.55 levels for now, after having made highs at $20.65 levels earlier as expected. Please make note that Silver is soon approaching resistance at $20.80/90 levels and it is quite possible that the metal rallies through those levels before finally reversing lower. There might be one last leg rally left before reversing sharply lower for the remaining of August series. If Silver fails to break above $21.13 levels, it should drop lower towards $18.00 levels going forward. The wave structure also indicates that a flat is underway and the metal is expected to turn lower from around $20.80 levels. It is recommended to turn short now, with risk above $21.13 levels. Immediate interim support is seen at $19.20 levels, while resistance is at $21.13 levels respectively.
Trading recommendations:
Remain short from $20.50 levels, stop above $21.13, target is lower.
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Technical analysis of GBP/JPY for August 02, 2016
GBP/JPY is under pressure. The pair is consolidating on the downside below its key resistance at 136.30, which should limit the upside potential. The relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 115.30 is resistance, the pair is likely to decline to 134.50. A break below this level would call for further drop toward 133.85.
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 134.50. A break below this target will move the pair further downwards to 133.85. The pivot point stands at 136.30. If 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 137.10 and the second one at 137.95.
Resistance levels: 137.10, 137.95, 138.75
Support levels: 134.50, 133.85, 133
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Daily analysis of GBP/USD for August 03, 2016
The bulls are still dominating the major pairs as the weakness on the US Dollar remains very strong, following the bad data from the United States last week. A resistance can be found at the 1.3375 level, where a breakout should happen to trigger more bullish force towards the 1.3467 level. MACD indicator is reaching overbought conditions.
H1 chart's resistance levels: 1.3375 / 1.3467
H1 chart's support levels: 1.3266 / 1.3148
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3375, take profit is at 1.3467 and stop loss is at 1.3285.
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GBP/CHF Technical Analysis for August 04, 2016
Technical outlook and chart setups:
The GBP/CHF pair has followed through well after printing fresh lows earlier (1.2720 level). The pair has rallied 5 waves from 1.2720 level now and should probably correct lower in 3 waves from here. The pair is seen to be trading at 1.2945/50 levels at this moment, looking to retrace lower towards 1.2820 levels, which is fibonacci 0.618 support of the entire rally from 1.2720 through 1.2980 levels respectively. It is hence recommended to remain long for now, with risk below 1.2650 levels. Immediate support is seen at 1.2700 levels, while resistance is at 1.3100 levels respectively. Bulls are looking poised to remain in control till prices stay above 1.2700 levels.
Trading recommendations:
Remain long for now, stop at 1.2650, and a target is open.
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Daily analysis of USDX for August 05, 2016
USDX is about to reach the 200 SMA in the H1 chart, where a pullback can happen to resume the overall bearish structure. Ahead of US NFP release that will take place today, the US Dollar is poised to extend the corrective phase where it is trading currently. However, a breakout below the 95.51 level can open the doors to reach the 95.02 level.
H1 chart's resistance levels: 95.93 / 96.32
H1 chart's support levels: 95.51 / 95.02
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.51, take profit is at 95.02 and stop loss is at 96.00.
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Daily analysis of Gold for August 05, 2016
Overview
The gold price showed positive trading after leaning on the EMA50 yesterday. Positive support by stochastic on the intraday time frames keeps the chances of trading positively valid in the upcoming sessions. The price is likely to breach 1,375.00 levels to reinforce the expectations of targeting the 1,400.00 followed by 1,440.00 areas. Therefore, we still expect the bullish trend on the intraday and short-term bases unless breaking and holding below 1,312.00 and 1,297.75 levels. The expected trading range for today is between the 1,345.00 support and the 1,390.00 resistance.
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AUD/NZD Trading Recommendations for 9th August 2016
Price reached our profit target perfectly yesterday. Today we turn bearish below 1.0740 major resistance (horizontal resistance + Fibonacci projection) for a new drop to 1.0630. Stochastics (21,5,3) has turned down strongly from 94% resistance signaling a bearish move is in progress.
Trading Recommendations:
Sell below 1.0740.
Stop Loss at 1.0825.
Take profit at 1.0630.
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Technical analysis of Gold for August 10, 2016
Gold price has pulled back towards the 61.8% Fibonacci retracement and is showing signs of a bullish reversal. In my last analysis I noted the importance of the support in this area and that would be the last chance for bulls. Otherwise the scenario of a deep pull back towards $1,200 gets the lead.
After the rejection at $1,370-75 area price pulled back towards the 61.8% Fibonacci retracement support. With oscillators diverging and turning upwards, there is a good chance a new leg up has started in Gold with targets above $1,400. Support is at $1,330 and most crucial at $1,300. Resistance is at $1,350 and next at $1,375.
Blue lines - bullish channel
Gold price remains inside the medium-term bullish channel. Price is holding above the weekly tenkan-sen (red line indicator) implying the trend has not changed yet. This holds the bullish scenario for a new high towards $1,425-$1,450 alive. A break below $1,300 will confirm the bearish scenario for a deeper pull back towards $1,180.
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Daily analysis of USDX for August 11, 2016
The index extended losses and it's looking to break the support zone of 95.51. A breakout below that level should expose the bears to the 95.19 level, where a key bottom is located. However, as we saw a dynamic resistance around the 200 SMA price level, that should be taken as a confirmation of a possible bearish continuation.
H1 chart's resistance levels: 95.93 / 96.32
H1 chart's support levels: 95.51 / 95.19
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.51, take profit is at 95.19 and stop loss is at 95.83.
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Daily analysis of USDX for August 12, 2016
USDX is still hovering around the 200 SMA and now it's looking to re-test the support level of 95.51. If the Index achieves in break it, then we can expect a bearish continuation towards the 95.19 level on a short-term basis. By the way, the index could attempt a breakout above the 95.93 level, in a move that could open the doors to test the 96.32 level.
H1 chart's resistance levels: 95.93 / 96.32
H1 chart's support levels: 95.51 / 95.19
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.51, take profit is at 95.19 and stop loss is at 95.83.
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Technical analysis of EUR/USD for Aug 15, 2016
When the European market opens, there is no economic data will be released but the US will release the economic data too such as TIC Long-Term Purchases, NAHB Housing Market Index, Empire State Manufacturing Index, so amid the reports, EUR/USD will move in a low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Breakout BUY Level: 1.1215.
Strong Resistance:1.1209.
Original Resistance: 1.1198.
Inner Sell Area: 1.1187.
Target Inner Area: 1.1161.
Inner Buy Area: 1.1135.
Original Support: 1.1124.
Strong Support: 1.1113.
Breakout SELL Level: 1.1107.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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Daily analysis of GBP/USD for August 16, 2016
The pair is posting more declines below the 1.3000 psychological level, and we can see further weakness toward the support level of 1.2798. The 200 SMA on the H1 chart is pointing to the downside and it can put pressure on GBP/USD. However, if we see a rebound, then the next hurdle will be the 1.2950 level. MACD indicator is entering neutral territory, and that should lead to a sideways range.
H1 chart's resistance levels: 1.3000 / 1.3085
H1 chart's support levels: 1.2894 / 1.2798
Trading recommendations for today: based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2894, take profit is at 1.2798 and stop loss is at 1.2987.
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Technical analysis of USD/JPY for Aug 18, 2016
In Asia, Japan will release the Trade Balance and the US will release some economic data such as Natural Gas Storage, CB Leading Index m/m, Unemployment Claims, Philly Fed Manufacturing Index.So there is a probability the USD/JPY will move with low to medium volatility during this day.
TODAY'S TECHNICAL LEVEL:
Resistance. 3: 100.31.
Resistance. 2: 100.12.
Resistance. 1: 99.92.
Support. 1: 99.68.
Support. 2: 99.46.
Support. 3: 99.29.
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Technical analysis of GBP/USD for August 19, 2016
I warned the GBP/USD bears that a bounce towards 1.32 was imminent after a breakout of the bullish wedge formation that started on August 3rd. The price has broken out and above the wedge and has reached the 61.8% Fibonacci retracement of the decline.
The blue lines - bullish wedge The price has reached the 61.8% Fibonacci retracement of the decline which is an important juncture point. A bearish reversal may start from this area. Next resistance is the 78.6% Fibonacci retracement. Support is at 1.3070.
A break above 1.3260-1.3350 could push the price towards 1.35-1.36 and the weekly cloud resistance area. This is a sell area, and bears are not going to give up easily. I believe the US dollar will strengthen against the pound again, and we will see another round of selling that will eventually push the pair towards 1.25.
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Daily analysis of USDX for August 23, 2016
USDX hasn't reached the 200 SMA on the H1 chart, and currently it is declining towards the support zone of 94.32 which can be tested soon. Below that zone, further weakness will push the index towards the 94.07 level. However, if USDX does a rebound at the current stage, then it can test the 95.00 psychological level.
H1 chart's resistance levels: 94.65 / 95.00
H1 chart's support levels: 94.32 / 94.07
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.32, take profit is at 94.07 and stop loss is at 94.57.
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Daily analysis of USDX for August 24, 2016
The index performed a rebound during Tuesday's session, following a bearish Monday's session that took the USDX to test the support zone of 94.32. However, the risk to the downside is still high and one could expect a breakout below there eventually in order to reach the 94.07 level. 200 SMA on the H1 chart is slightly bearish.
H1 chart's resistance levels: 94.65 / 95.00
H1 chart's support levels: 94.32 / 94.07
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.32, take profit lies at 94.07 and stop loss is at 94.57.
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Daily analysis of USDX for August 25, 2016
USDX is finding resistance at the 200 SMA price zone in an effort to reach the 95.00 psychological level. This stage is key for the current trend's development, as the index can break that level in order to extend the rally towards the 95.49 level. On the other hand, if USDX pulls back, it can test the 94.32 level again.
H1 chart's resistance levels: 95.00 / 95.49
H1 chart's support levels: 94.65 / 94.32
Trading recommendations for today:
Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.65, take profit lies at 94.32 and stop loss is at 94.99.
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EURJPY Technical Analysis for August 26, 2016
Technical outlook and chart setups:
The EURJPY pair is seen to be consolidating at the moment, looks to be in its wave 4 of the 5 wave's decline that resumed from 118.45 levels earlier. It is seen to be trading at 113.50 levels at this moment, looking to continue dropping lower from here. Please note that the pair has reversed lower from 114.00/10 levels as expected which is also fibonacci 0.382 resistance of wave 3. The wave structure remains unchanged for now and indicates that EURJPY has formed major top at 121.90 levels earlier, and has also carved out a lower high at 118.50 levels as seen here. At this moment the pair looks to have terminated wave 4 already, within its 3rd wave drop from 118.50 levels. Bears are expected to remain in control till prices stay below 115.00 levels going forward. It is hence recommended to remain short now with risk above 115.00 levels. Immediate resistance is seen at 115.00 levels, while support is at 110.50 levels respectively.
Trading recommendations:
Remain short now; stop above 115.00, target is open.
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Daily analysis of GBP/USD for August 30, 2016
The H1 chart shows us more declines on GBP/USD, which is trying to find support at the 1.3085 level. Below the 200 SMA on this timeframe, we should expect further decline across the board, with the first target at the 1.3003 level. According to the upside scenario, if the cable manages to consolidate above the 1.3170 price zone, then a rally towards the 1.3258 level can be expected.
H1 chart's resistance levels: 1.3170 / 1.3258
H1 chart's support levels: 1.3085 / 1.3003
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3170, take profit is at 1.3258 and stop loss is at 1.3085.
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Daily analysis of USDX for August 31, 2016
Another bullish day for the US Dollar Index was seen during Tuesday's session, following positive data from the United States. The resistance lies at the 96.14 level where the sellers could resume the downside to taking the index into a corrective phase. In case of a breakout above that zone, we will see a rally towards the 96.49 level.
H1 chart's resistance levels: 96.14 / 96.49
H1 chart's support levels: 95.79 / 95.49
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.14, take profit is at 96.49 and stop loss is at 95.79.
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Daily analysis of USDX for September 01, 2016
USDX is still capped by the resistance level of 96.14, where the sellers are actively trying to push the index lower towards the 95.79 level. A bullish attempt to break that resistance zone should open the doors to reach the 96.49 level, where the index may start performing a complex correction in the nearest term. MACD indicator supports the idea of corrective phase.
H1 chart's resistance levels: 96.14 / 96.49
H1 chart's support levels: 95.79 / 95.49
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.14, take profit is at 96.49 and stop loss is at 95.79.
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TECHNICAL ANALYSIS OF USD/JPY FOR SEPT 02, 2016
In Asia, Japan will release the Consumer Confidence and Monetary Base y/y. The US will release a series of economic data such as Factory Orders m/m, Trade Balance, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m. So there is a probability the USD/JPY pair will move with medium to high volatility during this day.
TODAY'S TECHNICAL LEVELS:
Resistance. 3: 103.72.
Resistance. 2: 103.51.
Resistance. 1: 103.31.
Support. 1: 103.06.
Support. 2: 102.86.
Support. 3: 102.66.
Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
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Daily analysis of GBP/USD for September 05, 2016
GBP/USD is still performing a higher consolidation above the 200 SMA on H1 chart, following the less-than-expected NFP figure in the United States last Friday. Currently, we should expect a test of the resistance zone of 1.3360, where a breakout should open the doors to rally towards the 1.3480 level. MACD indicator remains on negative territory and possibly is calling for a correction in coming days.
H1 chart's resistance levels: 1.3360 / 1.3458
H1 chart's support levels: 1.3358 / 1.3270
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3360, take profit is at 1.3458 and stop loss is at 1.3241.
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Daily analysis of GBP/USD for September 06, 2016
The pair found resistance at the 1.3360 level and now will look to break higher in order to rally towards the 1.3480 price zone. Currently, bulls are struggling to make new highs, but the corrective phase could extend to the support level of 1.3258, where a breakout should open the doors to test the 1.3170 level, which is slightly below the 200 SMA on H1 chart.
H1 chart's resistance levels: 1.3360 / 1.3458
H1 chart's support levels: 1.3358 / 1.3270
Trading recommendations for today: Based on the H1 chart, buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.3360, take profit is at 1.3458 and stop loss is at 1.3241.
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Daily analysis of USDX for September 08, 2016
The index is recovering from the losses posted during Tuesday's session, and now we should expect a rise towards the 200 SMA at H1 timeframe. However, keep in mind that the bears are still strong across the board, and the greenback's weakness is likely to continue until the next Fed's meeting at least. If the USDX manages to break the 94.78 level, then the next target will be found at 94.29.
H1 chart's resistance levels: 95.49 / 95.79
H1 chart's support levels: 94.78 / 94.29
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 94.78, take profit is at 94.29 and stop loss is at 95.27.
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EUR/USD Technical Analysis for September 13, 2016
Technical outlook and chart setups:
The EUR/USD pair rallied through 1.1325 level last week before reversing sharply lower towards 1.1240 level as depicted on the hourly chart. The pair is trading at 1.1230 level at this moment after printing interim highs at 1.1268 level, looking to turn lower again. The wave structure indicates that the pair has dropped lower in 5 waves earlier from 1.1325 through 1.1200 levels. Furthermore, the rally from 1.1200 through 1.1268 levels has unfolded in 3 waves (a-b-c), which is corrective. A bearish reversal from the current levels remains highly probable, with minimum downside potential towards 1.1150 level going forward. It is hence recommended to remain short from current levels, with risk above 1.1350 levels. Immediate resistance is seen at 1.1325 level, while support is at 1.1190 level respectively.
Trading recommendations:
Remain short now, stop is above 1.1350 level, a target is at 1.1150 at least.
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Daily analysis of USDX for September 14, 2016
The index is rallying above the 200 SMA on the H1 chart and the focus is placed at the 95.79 level, which is the last hurdle standing before the 96.00 psychological zone. With that being said, we're seeing that the USDX is trapped inside a sideways range, but a breakout above the 96.23 level should invalidate that pattern.
H1 chart's resistance levels: 95.79 / 96.23
H1 chart's support levels: 95.49 / 95.02
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.49, take profit is at 95.02 and stop loss is at 95.97.
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Daily analysis of USDX for September 15, 2016
USDX found strong sellers' reaction around at the 95.65 price level, and we're watching now that it struggles to consolidate below the 200 SMA on the H1 chart. If the index manages to do it, then we can expect a breakout below the 95.02 level in order to test the 94.74 zone. MACD indicator is supporting the bearish scenario.
H1 chart's resistance levels: 95.49 / 95.79
H1 chart's support levels: 95.02 / 94.74
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.02, take profit is at 94.74 and stop loss is at 95.29.
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Daily analysis of USDX for September 16, 2016
The index found resistance at the 95.49 level, following the mixed data published in the US. Currently, the USDX is hovering around the 200 SMA area on H1 chart and we could expect a decline towards the support level of 95.02. If a breakout happens there in coming hours, then the next support at the 95.02 level could be tested.
H1 chart's resistance levels: 95.49 / 95.79
H1 chart's support levels: 95.02 / 94.74
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 95.02, take profit is at 94.74 and stop loss is at 95.29.
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Daily analysis of GBP/USD for September 19, 2016
USDX had a strong rally last Friday and now we're seeing a consolidation above the 200 SMA on H1 chart. Currently, the index is facing the resistance zone of 96.14, which is the last hurdle before to reach the 96.50 level on a short-term basis. We should note that the USDX already did a rebound above the dynamic support offered by the 200-hour moving average and gave it a fresh momentum to the upside.
H1 chart's resistance levels: 96.14 / 96.51
H1 chart's support levels: 95.79 / 95.49
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.14, take profit is at 96.51 and stop loss is at 95.76.
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Technical analysis of EUR/JPY for September 20, 2016
General overview for 20/09/2016:
The main scenario that included the triangle pattern possibility has been invalidated as the wave c green had broken below the support at the level of 113.81. Currently, the next best count is an impulsive structure in development that might have been completed already. The bottom for the wave (2) would be at the level of 113.48 and if the count is correct, then we should see an impulsive trend resumption to the upside.
Support/Resistance: 112.92 - WS1
113.41 - Intraday Support
114.00 - Golden Trend Line Support
114.29 - Intraday Resistance
114.49 - Weekly Pivot 115.04 - WR1
116.36 - Local Swing High
Trading recommendations:
Day traders should consider opening buy orders from current price levels with SL just below the level of 113.40 and TP open for now.
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Daily analysis of USDX for September 28, 2016
The index failed to consolidate above the 200 SMA at H1 chart during Tuesday's session, the day of the US presidential debate. Currently, it's expected that the USDX index can resume the bearish bias to reach the psychological level of 95.00. However, if we see a breakout above the resistance level of 95.79, then further gains are expected. MACD indicator is showing overbought conditions.
H1 chart's resistance levels: 95.49 / 95.79
H1 chart's support levels: 95.01 / 94.61
Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 95.49, take profit is at 95.79 and stop loss is at 95.19.
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Technical analysis of USDX for September 29, 2016
There is nothing new in the Dollar index as the price remains trapped inside the medium-term trend triangle pattern and inside the short-term trading range. Traders should better be cautious and patient and focus on 96.50 and 94.60 levels.
Green lines - trading range
Blue line - important support trend line
Red line - important resistance trend line
The Dollar index is trading below the Ichimoku cloud but still inside the trading range. The price is still inside the triangle pattern depicted by the red and blue trend lines. Short-term support is at 95.25 while resistance lies at 95.70. A breakout of this short-term trading range may push the index towards the triangle boundaries.
Green line -support
The price continues to trade sideways above the green trend line support and below the Ichimoku cloud. There is no clear trend as we trade sideways. Traders need to be patient and wait untill the market provides a breakout.
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Technical analysis of USDX for October 4, 2016
The Dollar index has broken short-term resistance levels and is testing horizontal resistance where a previous double top rejection occurred. Short-term trend is bullish with increased chances of making medium-term trend bullish again as we are heading towards 96.50 resistance.
Red line - resistance Black line - horizontal resistance Blue line -support The Dollar index is above the 4-hour Ichimoku cloud and is breaking above and out of the triangle pattern. Next resistance is at the previous highs at 96.50. A clear break above that level will open the way for a push towards 97.50. Support is found at 95.70. The next one is at 95.
Green line - important medium-term support
The Dollar index is holding above the green trend line support and is now testing the Ichimoku cloud resistance at 96.50. A break above it will be a bullish sign. Bulls will need to defend the green trend line support no matter what. Otherwise a huge wave of sellers will come. A break out above the weekly cloud will open the way for new highs.
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Technical Analysis of Silver for October 05, 2016
Technical outlook and chart setups:
Silver has broken below the consolidation structure around $18.60 levels and is still expected to continue decline to $16.00 level at least. The wave structure also indicates that the metal is in its C wave correction within the 3 wave A-B-C drop that began from $21.10 levels earlier. Please note that the metal may produce intraday rallies towards $18.20/30 levels which should be considered as opportunities to sell again. The metal looks to be in its 3rd wave within 5 waves into the C wave as depicted here, hence expect lower levels. It is recommended to remain short for now and look to add further at higher levels. Immediate resistance is seen at $20.10 levels, while support lies at $17.00 levels.
Trading recommendations:
Remain short for now, stop above $20.05, target is open.
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Technical analysis of gold for October 6, 2016
Gold price remains in a short-term bearish trend approaching the first important medium-term support levels of $1,250 where I
https://forex-images.instaforex.com/...5f6ab14773.jpg
Red line - resistance trend line
Blue lines - bearish channel
Gold price is inside a downward sloping bearish channel. With short-term oscillators starting to give some bullish divergence signals, we are soon to expect a bounce most probably towards the red trend line resistance which was once support. Only above $1,330-50 we will have a medium-term trend reversal signal.
https://forex-images.instaforex.com/...5f74e8a7a4.jpg
Gold price is correcting the entire rise from $1,045 and this is most probably the first part of the decline expected to reach $1,250. A bounce towards $1,300-$1,330 will then be expected. The final and third part of the correction could push price towards $1,170. This is a rough roadmap on what we could expect.
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Technical analysis of USDX for October 7, 2016
With the British pound collapsing overnight and a widespread Dollar strength, price has broken above important support levels and previous short-term highs. Is this a real breakout or a fake one as a result of a thin overnight market? With the announcement of the NFP today, a very interesting trading day is promised.
Blue lines - bullish channel
The Dollar index remains in its bullish upward sloping channel. Price is now testing the upper channel boundaries. Trend remains bullish. Support is at 96.25 and if broken we could see a decline towards 95.75. Below 95.50 we will have a confirmation of a fake breakout and a very important bearish reversal signal.
On a weekly basis we finally see the weekly candle break above the weekly cloud resistance. This is an important bullish signal for the longer-term trend of the Dollar index. A rejection today could only be caused by the NFP numbers announced later in the day. A rejection here will be a very bearish signal. Important support levels are now at this week's lows and at 95.20. Next important resistance is at 97.60 the July high. A break above it will increase the chances of a new bull trend starting targeting new highs above 102-103.
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Daily analysis of GBP/USD for October 10, 2016
GBP/USD plummeted to a new multi-year low below the 1.2000 handle during early Friday's session, but it managed to recover some ground following that flash crash. Currently, the pair is being supported by the 1.2388 level and weakness is still alive. A breakout below that zone should help to extend the decline towards the 1.2312 level.
H1 chart's resistance levels: 1.2468 / 1.2552
H1 chart's support levels: 1.2388 / 1.2312
Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2388, take profit is at 1.2312 and stop loss is at 1.2464.
More analysis - at instaforex.com
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Technical analysis of Gold for October 11, 2016
Gold price continues to trade inside the downward sloping channel despite the bounce from $1,241 to $1,266. The current price formation implies that this is just a pause in the downward trend and a new low towards $1,215 should follow. However, this will change only if we see a break above $1,266.
Dark blue lines - bearish channel
Price is below the Ichimoku cloud and inside the bearish channel. Price drop has stopped just above the 78.6% Fibonacci retracement of the rise from $1,200 to $1,375. Short-term support is at $1,255 while resistance is at $1,266.
On a weekly basis price has stopped the decline at the 38% Fibonacci retracement of the entire rise from $1,045. A bounce should come from these levels but if we break to new lows, price will be in danger of reaching $1,214 and the weekly Ichimoku cloud support and also 50% Fibonacci retracement. My longer-term view remains bullish. This downward move could bring price even towards $1,170 but this will be a gift for bulls.
More analysis - at instaforex.com
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Technical analysis of USDX for October 12, 2016
The Dollar index has broken above critical trend line resistance. Price is in a bullish trend and looks ready to challenge the previous highs. 98.60 is the next important hurdle to surpass in order to continue higher. Short-term view justifies a pullback.
Dark blue lines - bullish channel
Blue line - critical long-term support
The Dollar index is testing the upper channel boundary. With oscillators overbought, I expect price to get rejected at current levels and pull back at least towards the lower channel boundary at 97. Price is above the Ichimoku cloud and this confirms the bullish trend.
Red line - resistance
Green line - long-term support
Price has broken above both the weekly Ichimoku cloud and the downward sloping red trend line resistance. Next resistance is found at 98.60 where the 78.6% Fibonacci retracement of the decline from 100.50 to 91.90. Only a reversal and a new low below this week's lows will be a bearish reversal signal. All other pullbacks are considered to be buy opportunities.
More analysis - at instaforex.com
