USD/CAD Intraday Technical Analysis and Trading Recommendations for October 25, 2012 Trend News

The USD/CAD bullish movement managed to break above the upper limit of the depicted long-term channel (0.9725). It was considered to be a bullish signal in the long term with a confirmed bullish 123 reversal pattern appearing on the DAILY chart. It is targeting 0.9980 as long as the pair is consolidating above 0.9880.

Last week, considerable bullish price action was expressed towards 0.9770 (the newly established ascending bottom) which is considered to be a quite strong bullish manifestation.

Price zone 0.9820 - 0.9850 is now considered to be an Intraday Support zone. In order to resume the targets for the bullish patterns targeting around 0.9980 there should remain consolidating above this zone.

Price area 0.9960-0.9975 corresponding to the upper limit of the newly established 4H bullish channel is considered to be a strong Intraday Resistance zone where a bearish retracement is probably taking place towards 0.9820 - 0.9850 before further continuation of the bullish movement.

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AUD/USD Wave Analysis for October 25, 2012 Trend News

AUD/USD Elliott Wave

Since our last analysis the AUD/USD pair was trading in an upward move, corrective wave C (coloured blue) of the bigger wave (2) (coloured green) was developing.

Yesterday during the Asian and European sessions we could observe strong ascending movement from 1.0258 towards the 1.326 level. Therefore, during the New York session the

AUD/USD pair continued trading in a bullish mood and price reached a new daily high at 1.0365 level. Today this currency pair finished developing of the corrective C wave and we are expecting to see price lower when development of the impulsive (3) wave (starts).

In accordance with our wave rules and taking into account that the wave 3 should retrace 161.8% of the wave 1, we can define the potential targets with measuring wave 1, with take profit at 1.0209 (100% of wave 1). To reduce the risk, we can use resistance at 1.0410 level as stop loss.



Support and Resistance

(S3) 1.0220 (S2) 1.0261 (S1) 1.0286 (PP) 1.0327 (R1) 1.0368 (R2) 1.0393 (R3) 1.0434

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the downward movement. That is why short positions at level 1.0355 with stop loss 1.0410 and take profit at 1.0209 are recommended.

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GOLD Wave Analysis for October 25, 2012 Trend News

GOLD Elliott Wave

Gold was trading in a downward move yesterday, corrective (C) wave (coloured green) of the bigger wave (4) (coloured orange) was developing.

During the European session we could observe sideways move between 1,711.85 and 1,705 level. Therefore, during the early New York session this commodity did not manage to hold this levels and price pushed lower reaching a new low at 1,698.74 level and we can consider this move as the end of the 5 wave (coloured blue) of the bigger wave (C) (coloured green). Gold is trading around 1,711 level at the moment and we are expecting to see price higher in the next few days.

In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1 with take profit at 1,808.42 (100% of wave 1). To reduce the risk, we can use invalidation at 1,698.74 level as stop loss.



Support and Resistance

(S3) 1,679.0 (S2) 1,688.9 (S1) 1,695.5 (PP) 1,705.4 (R1) 1,712.0 (R2) 1,721.9 (R3) 1,728.5

Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,715.00 with stop loss 1,698.74 and take profit at 1,808.42 are recommended.

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Gold Holds 1,700.00 And Rallies Through 1,713.00 Level. Reversal / Pullback Due Trend News

Technical Outlook and Chart Setups:

Gold threatened to break past 1,700.00 levels last evening but managed to hold it good and further follow it up through 1,713.00 level. This is an indication that further gains are lined up from here on. Any intraday pullbacks from here should be considered as opportunities to go long again. Immediate support is placed and intact at 1,695/90 levels. The next resistance level is lined up at 1,730.00 levels. This would instill further confidence in the bullish structure. It is recommended to look for buying opportunities.

Trading Recommendations:

Stay long for now. Stop at 1,680.00 level. Target open.

Good Luck!

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Silver Bullish Setup Materializes... Buying On Dips Recommended Trend News

Technical Outlook and Chart Setups:

Silver rallies through 32.00 level indicating further bullish scenario for the metal in the coming sessions. The next resistance is placed at 32.50 and a push through it will further confirm strength here. Support remains strong at 30.20 level. It appears that the pullback from sub 35.00 level may be over near 31.60 level (around yesterday’s lows). It is recommended to stay long and look to add positions on intraday dips from here on. Next immediate bullish target is 32.50 level. Long for now.

Trading Recommendations:

Stay long for now and add on intraday dips. Stop at 31.00. Target open.

Good Luck!

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EurJpy May Spike To 104.70 Levels Before Pulling Back Trend News

Technical Outlook and Chart Setups:

As it was depicted above, the short-term support at 103.00 was broken yesterday. It is quite possible that the single currency pair rallies through the resistance area around 104.20/30; then a pullback occurs. On the other hand, a possibility still remains for a rally through 104.75 region before a meaningful reversal materializes. Either way, it is recommended to look for selling opportunities. Intermediary support is placed at 101.75, followed by 101.00 and 100.00 respectively. Resistance is placed at 104.50/60 at the moment.

Trade Recommendations:

Look for selling opportunities around 104.20/30 or 104.70 region, stop at 105.50. Target at least 102.00.

Good Luck!

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GbpChf Meets Resistance At 1.4950 Trend News

Technical Outlook and Chart Setups:

As we discussed yesterday, the single currency pair has fulfilled expectations of rising through the resistance area around 1.4950 region. As it was depicted above, this region is reinforced by the trend line resistance and also the past resistance turned support region. A reaction is expected around price range 1.4950/60. It is highly recommended to give respect to the bearish setup until the R1 is intact i.e. around 1.5050 as shown above. If a bearish setup is materialized here, expect 1.4700 to be the minimum downside target.

Trading Recommendations:

Short now (1.4950). Stop at 1.5100. Target at 1.4700.

Good Luck!

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NZD/USD: Technical Analysis for October 25, 2012 Trend News

Overview:

The NZD/USD pair is expected to continue the movement from the point of 0.8165. Thus, the kiwi shows the signs of strength, following the breakdown of the highest level 0.8165. This fact can be considered as a good signal for BUY deals above this strong support (0.8165) with the first targets at 0.8230 and 0.8290 (it will serve as a strong resistance level and is considered to be appropriate for take profit orders). It is necessary to mention that this level will coincide with the weekly resistance 2 (0.8287). However, in case of the reverse movement and if the NZD/USD pair fails to break through the resistance level of 0.8287, the market will show a further decline to the level of 0.8165 (it is the weekly pivot point) indicating a bearish mood in order to retest the weekly support 1 at the level of 0.8103.

Weekly Pivot Points:



R3: 0.8344

R2: 0.8287

R1: 0.8222

PP: 0.8165

S1: 0.8100

S2: 0.8043

S3: 0.7978



If you have any questions or requests, please feel free to contact me mourad.elkeddani@analytics.instaforex.com.

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