EUR/USD Intraday Technical Analysis and Trading Recommendations for October 30, 2012 Trend News

The EUR/USD market has been bearish for the last couple of weeks since finding resistance near 1.3140.

The EUR/USD pair attempted to push lower last week, but found a good support at the lower limit of the bullish channel depicted on the DAILY chart above and failed to close outside/below the lower limit giving a bullish hammer daily candlestick. However, yesterday, the pair expressed obvious bearish daily candlestick closure outside the channel, although it failed to break the low of Friday's daily candlestick.

If the market consolidates above 1.2875, it respects the trendline. However, a clear break below 1.2850 is likely a confirmed break of the trendline.

The bias is bullish in the short term, especially if price is able to make a clear break above 78.6% Fibonacci Level around price level of 1.3015 allowing the pair to reach 1.3070 initially.

The H&S bearish scenario (4H chart) also remains intact; but an obvious break back below 1.2950 is needed to continue the bearish pressure retesting the lower limit of the bullish channel and 1.2900 Price Zone.

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Silver Recommendation: Buy On Dips. Look Higher Trend News

Technical Analysis and Chart Setups:

The bullish outlook remains unchanged for the metal. After moving a bit sideways for a few sessions, silver is preparing for break higher from here on. The support at 30.20 level is intact and it instills confidence that this bull trend maybe setting up to register higher highs. A clear break of 32.50 is still required to rule out further downside from here on. 33.20/30, 34.30, and 35.00 are the lined up resistances to be taken off in the coming sessions. Buying dips should be trading mantra for now.

Trading Recommendations:

Hold on long positions. Build further long positions. Stop at 31.00. Target Open.

Good Luck!

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Gold: Low Seems To Be Placed At 1,700.00 Level. Look Higher Trend News

Technical Outlook and Chart /setups:

There is no change in the above structure. The yellow metal has held 1,700.00 level well and bulls would be targeting 1,730.00 level immediately (R1 on the charts). Trading above 1,730.00 level would bring back the metal in the buy zone above dropping trendline. 1,685/90 levels are strong support; prices are bouncing off just ahead. 1,750, 1,775, and 1,795 are the line resistance levels after 1,730.00. Also, in the short term support trend line is opening up for a rally to materialize, carving fresh highs. Bottom line; buy on dips for now.

Trading Recommendations:

Hold on to long positions taken earlier. Buy on dips and add further long positions. Stop at 1,680.00. Target Open.

Good Luck!

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EurJpy Bounces From Past Resistance Turned Support; Hold On To Long Positions Trend News

Technical Outlook and Chart Setups:

The single currency seems to be bouncing from the past resistance turned support levels around 102.50. Furthermore, the 0.5 Fibonacci support ratio is also at 102.35 level. A bullish turnaround from here would possibly carve out fresh highs in the coming sessions. Supports are well placed at 101.00 level followed by 100.00. Also, trendline support is just below 102.00 level at the moment. Intermediary resistance is placed around 103.20, followed by 104.20/30. Considering the above facts and the current chart setup, it is recommended to keep buying on intraday dips for a higher target ahead.

Trading Recommendations;

Hold on to long positions taken from yesterday. Stop below 101.00. Target 104.75.

Good Luck!

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GbpChf: Buy Between 1.49-1.4950 Trend News

Technical Outlook and Chart Setups:

The single currency pair has retraced to 1.5 level since yesterday. Implications are around 1.49-1.4950 levels, these ones would be the optimum buy levels. Intermediary support remains unchanged at 1.48 level, while resistance is just above 1.53 level. It is recommended to start buying at these levels (aggressive trading approach) and add further long positions on dips towards 1.4950 from here on. We are retracing the bull run between 1.48 and 1.51 at the moment. Higher implications would be 1.52 and 1.53 at least. Buy on dips for now.

Trading Recommendations:

Buy around 1.4950 level. Stop at 1.48. Target Open.

Good Luck!

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USD/CHF: Technical Analysis for October 30-31, 2012 Trend News

Forecast:

Strong level (Resistance) will be formed at 0.9430 providing a clear signal for sell deals with the target seen at 0.9320 level. Stop loss is to be placed above 0.9475.

Strong level (Support) will be formed at 0.9240 providing a clear signal for buy deals with the target seen at 0.9380 level. Stop loss is to be placed below 0.9200.

Overview:

USD/CHF: It is necessary to consider that the price is still located between points of 0.9320 and 0.9370, i.e. above the strong resistance level of 0.9430. The pair has already formed a strong resistance at this level of 0.9430 and is presently approaching to the further testing. Therefore, the Swissie is expected to go downwards following the structure which does not look corrective and indicating the bearish opportunity below 0.9430 level. Sell deals are recommended below 0.9430 with the first target seen at 0.9390 level. Thus, the downtrend is likely to continue the bearish movement towards 0.9320 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9240. The saturation is likely to take place around 0.9240. Therefore, it is possible that the market will start showing the signs of a bullish behavior. In other words, buy deals are recommended above 0.9240 with the first target seen at 0.9280 level and if the weekly pivot point (0.93220) will be broken successfully, then the pair will go further at 0.9380 level. It should be noted that the resistance becomes a support after it is broken.



Weekly Pivot Points:

R3: 0.9518

R2: 0.9445

R1: 0.9395

PP: 0.9322

S1: 0.9272

S2: 0.9199

S3: 0.9149

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GOLD Wave Analysis for October 30, 2012 Trend News

Gold Elliott Wave

Since our last analysis gold was trading in a downward move, corrective wave 2 (coloured blue) of the bigger wave (3) (coloured green) was developing. During the Monday's Asian session we could observe ascending movement from 1,710.19 toward the 1,716.43 level. Therefore, during the European and New York sessions this commodity did not manage to hold this level and price drop to the new daily low at 1,705.20 level. We can consider this move as the end of the 2 wave (coloured blue). At the moment gold is developing impulsive 3 wave (coloured blue) of the bigger (3) wave (coloured green) and we are expecting to see price around 1,732.50 level today. 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 1 at 1,732.52 (161.8% of wave 1) and take profit 2 at 1,749,25 (261.8% of wave 1). To reduce the risk, we can use invalidation at 1,698.74 level as stop loss.

Support and Resistance

(S3) 1,664.2 (S2) 1,681.4 (S1) 1,696.7 (PP) 1,713.9 (R1) 1,729.2 (R2) 1,746.4 (R3) 1,761.7



Trading Forecast

Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,714.00 with stop loss 1,698.74, take profit 1 at 1,732.52, and take profit 2 at 1,749.25 are recommended.

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