Gold beginning to retrace. 1,330-1,285 levels of interest here Trend News

Technical outlook and chart setups:

Perhaps, Gold needs to retrace now. As depicted here, the levels of interest are 1,300-1,285. It is recommended to initiate long positions around 1,285.00, which is confluence of the following:

1. Fibonacci 0.618 support, retracement level.

2. Backside of the resistance line, which provides support now.

3. A possible right shoulder of inverted head and shoulder reversal.

Resistance begins from 1,350/75 to the 1,410/1,440 levels and higher; while support is around 1,250.00, followed by 1,210 and 1,180 respectively. Looking to go long upon retracement now.

Trading recommendations:

Look to buy around 1,300-1,285.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via Gold beginning to retrace. 1,330-1,285 levels of interest here . Thanks for your support on Gold beginning to retrace. 1,330-1,285 levels of interest here

EURJPY retreats from intraday highs at 135.50 Trend News

Technical outlook and chart setups:

The currency pair is producing an engulfing bearish candle stick formation at current levels, after printing intraday highs at 135.50 yesterday. It is indicative of next move lower from here on. We would either like to go long after a retracement, around 132.20; or to initiate short positions upon a trend line break. Initial support begins from 131.00, followed by 128.00, and then 125.00; while resistance is at the 135.50 area (intermediary). Please note that till the time prices remain above the 131.00 levels, they are heading higher towards 136.00 and above. Only a break of trendline and subsequent 131.00 would give control back to bears.

Trading recommendations:

Remain flat for now.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via EURJPY retreats from intraday highs at 135.50 . Thanks for your support on EURJPY retreats from intraday highs at 135.50

GBPCHF at support around 1.44. Adding longs recommended Trend News

Technical outlook and chart setups:

The currency pair is around the fibonacci 0.618 mark at 1.44, as expected earlier. It is likely to produce a bullish reversal here; hence it is recommended to hold long positions and also look to add further at the current levels. The immediate support is at 1.42, followed by 1.4075 and lower; while initial intermediary resistance is now at 1.46, followed by 1.47, 1.48 and 1.5 respectively. The overall structure indicates that the 1.49 levels are strong resistance for a trend reversal to materialize. The short-term bullish structure would be confirmed upon a bounce at the current levels.

Traing recommendations:

Hold long positions and look to add more; set stop below 1.42, target is at 1.49

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via GBPCHF at support around 1.44. Adding longs recommended . Thanks for your support on GBPCHF at support around 1.44. Adding longs recommended

GBP/JPY technical levels and trading recommendations for October 23, 2013 Trend News

Overview

From the today's H4 chart, yesterday's closing below the resistance level 159.50 gave the price an opportunity for a bearish move after specially after breaking the upward trend line. As shown here, currently the price is trying to continue its bearish move by breaking the support level 156.70 which is tested now. In that case, we may get another opportunity for more sell signals, and it opens the way towards 156.00, as first target, and then the price should test the support level 155.20 to continue its bearish move. But as long as the price stabilizes above the support level 156.70, it cancels the first scenario.

Resistance and support levels: R3 (159.50) R2 (158.70) R1 (158.00), S1 (156.70), S2 (156.00), S3 (155.20).

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via GBP/JPY technical levels and trading recommendations for October 23, 2013 . Thanks for your support on GBP/JPY technical levels and trading recommendations for October 23, 2013

#USDX analysis for October 23, 2013 Trend News

The Dollar index ended its upward corrective move yesterday and broke below the short-term trendline. A new low came as expected after the downward break of the support trendline.

The trend remains downward. The index continues to make lower lows and lower highs, and the slope of the Moving averages remains neagative supporting our bearish view. Important support levels are 78.75-79 and important resistance levels are 80.20-70.

The dollar index is currently trying to make an upward bounce that could push towards 79.50 or 79.80. Breaking above 79.95 could start a bigger degree upward correction that could challenge the 80,.0 resistance. Concluding we remain bearish biased and look for another bounce to sell again with new lows as target and 79.95 as stop.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via #USDX analysis for October 23, 2013 . Thanks for your support on #USDX analysis for October 23, 2013

USD/CAD H1 analysis for October 23, 2013 Trend News

General overview for 23/10/2013 09:15 CET

So far the anticipated upside movement is slowly in progress, two waves to the upside are missing .

The overall shape of this pattern wolud be abc green Irregular Flat and then some downside movemend is expected to finish the bigger cycle wave C green.

The alternate count is a little different: it indicates the possibility that wave B navy of a higher cycle has been finished in place of wave A green and now the price is developing wave C navy to the upside. In this scenario the more retrace current wave to the upside, the better for alternate count.

Possible target for wave c green is Fibo Cluster area of 1.0361 - 1.0364

Support/Resistance:

1.0269 - Intraday Low

1.0308 - Intraday Support

1.0312 - Weekly Pivot

1.0319 - Wave (iv) low/support

1.0330 - Technical Resistance

1.0343 - Fibo Cluster | Intraday Resistance |

1.0348 - WR1

1.0361 - 1.0364 - Target Zone for wave c green

Trading recommendations:

In anticipation if wave (v) of c to the upside long positions should be in play with entry at 1.0319 and SL at 1.0307 with potential TP1 at 1.0343 and TP2 at 1.0361.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via USD/CAD H1 analysis for October 23, 2013 . Thanks for your support on USD/CAD H1 analysis for October 23, 2013

EUR/JPY H1 analysis for October 23, 2013 Trend News

General overview for 23/10/2013 09:00 CET

Yesterday's level of 134.56 did not hold as a top for wave X brown and after NFP extension went up just to go lower in the overnight trade.

This count still indicates a very large WXY brown corrective wave (ii) green possibility and a shape of this correction is a Running Flat.

Currently, there are two count available here and the alternate one is more likley to be invalidated if 133.72 is taken out. The main count is in last stage of wave Y brown, which suppoed to be developed in five waves to the downside.

Target levels for wave Y are in the chart, but genneraly I expect a move below 133.72 to 133.33 to finish the Running Flat possibility and then more upside wave progression.

Support/Resistance:

135.48 - Intraday High

135.25 - WR2

134.75 - WR1

134.05 - 50%Fibo

133.72 - 61%Fibo

133.68 - Weekly Pivot

133.60 - Intraday Support

133.33 - Intraday Support | Wave Y brown Target|

133.24 - WS1

Trading recommendations:

The golden trendline downside test should be in play with entry at the 134.40 area with TIGHT SL and potential TP1 at 133.72 and TP2 at 133.33.

The material has been provided by InstaForex Company - www.instaforex.com



For detail explanation and best discovery on market trends you may visit via EUR/JPY H1 analysis for October 23, 2013 . Thanks for your support on EUR/JPY H1 analysis for October 23, 2013