Technical analysis of EUR/USD for September 30, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Retail Sales m/m, French Consumer Spending m/m, French Consumer Spending m/m, German Unemployment Change, Italian Monthly Unemployment Rate, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate, Italian Prelim CPI m/m. The US will release the economic data too such as the S&P/CS Composite-20 HPI y/y, Chicago PMI, CB Consumer Confidence, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2750.

Strong Resistance:1.2742.

Original Resistance: 1.2730.

Inner Sell Area: 1.2710.

Target Inner Area: 1.2688.

Inner Buy Area: 1.2658.

Original Support: 1.2646.

Strong Support: 1.2624.

Breakout SELL Level: 1.2626.

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Technical analysis of USD/JPY for September 30, 2014 Market Analysis Review

In Asia, Japan will release the Household Spending y/y, Unemployment Rate, Prelim Industrial Production m/m, Retail Sales y/y, Average Cash Earnings y/y, Housing Starts y/y and the US will release some economic data such as S&P/CS Composite-20 HPI y/y, Chicago PMI, CB Consumer Confidence. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 109.98.

Resistance. 2: 109.77.

Resistance. 1: 109.55.

Support. 1: 109.28.

Support. 2: 109.07.

Support. 3: 108.85.

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 USDX for September 30, 2014 Market Analysis Review

The USDX continues to show great strength in the current bullish trend in the H4 chart. This strength is because the USDX has found strong support at the bullish trend line there near the 85.50 level, which has helped this instrument consolidate in the current trend and so it is very likely that the USDX will try to go up to the level of 86.75, where another bullish trend line is.

H4 chart's resistance levels: 86.75 – 86.30

H4 chart's support levels: 85.06 - 84.52

In the H1 chart we see that USDX continues moving in a range, due to a bullish consolidation being carried out above the support level of 85.49. If the USDX gets away from that dominated by bearish force area, it would be expected to rise to the resistance level of 85.95 in the short term. The USDX is still holding above the 200-day moving average on this chart.

H1 chart's resistance levels: 85.73 - 85.95

H1 chart's support levels: 85.49 - 85.27

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 85.27, take profit is at 85.49, and stop loss is at 85.03.

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Daily analysis of GBP/USD for September 30, 2014 Market Analysis Review

At the H4 chart, GBP/USD has been in a precipitous drop from the 200 SMA, where the pair performed a pullback, forming various patterns of a bearish fall to the support level of 1.6247. A breakout below this level could lead the GBP/USD to touch the support level of 1.6051 in the medium term.

H4 chart's resistance levels: 1.6435 - 1.6464

H4 chart's support levels: 1.6247 - 1.6051

However, we must stress the bearish consolidation that is taking the GBP/USD on the H1 chart, because this pair still remains below the 200 SMA. However, the GBP/USD had performed a rebound on the support level of 1.6216, but hours later, the pair performed a pullback near the level of 1.6265; next bearish target for this pair is the support level of 1.6218. The MACD indicator is trying to show overbought levels.

H1 chart's resistance levels: 1.6252 – 1.6291

H1 chart's support levels: 1.6216 – 1.6170

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 1.6338, take profit is at 1.6375, and stop loss is at 1.6299.

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Technical analysis of AUD/USD for September 30, 2014 Market Analysis Review

Overview :

• The AUD/USD pair had fallen from the level of 0.8920, and the decline was extended further to as low as 0.8720 yesterday; furthermore, the price has been below 23.6% of Fibonacci retracement levels in the daily chart. Additionally, it should be noted that the price has formed strong resistance at the 0.8920 level and minor resistance at 0.8780. Moreover, this strong level has still been trapped between 23.6% of Fibonacci retracement levels and 00% in the daily chart. As it is known, history usually repeats itself at a certain level. So it will be of the wisdom to use historic quotes to determine future prices; hence, it is probably that the market will show bearish signs again in order to indicate a bearish opportunity at the level of 0.8780 with targets towards the strongest support around the 0.8659 level. Equally important, the market will form a range between two important levels of 0.8720 and 0.8660, so the range will be 80 pips precisely on the last day of September. Also, it should be noted that the double bottom will set at the level of 0.8659.

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Technical analysis of USD/CHF for September 30, 2014 Market Analysis Review

Overview :

• The price of USD/CHF indicates a bullish market on the last day of September. The uptrend started rising from the level of 0.9466 and reached 0.9500. So, the pair is going to move between 0.9470 and 0.9592 during coming hours. Moreover, the price has still been above the support level of 0.9466 since yesterday. Also, it is worthy of note that these levels are coinciding between 50% and 61.8% of Fibonacci retracement levels in the weekly chart.

The weekly chart :

• On the other hand, the pair has already formed strong resistance at the level of 0.9592. So now it is approaching it in order to test it. Therefore, the Swissy's downside momentum is rather convincing and the structure of the fall does not look corrective. In order to indicate a bearish opportunity below 0.9592 (but in the short term). Thus, it will be a good sign to sell below 0.9592 with the first target of 0.9540. It will call for downtrend continuing falling towards 0.9460 to try to break the weekly support on the 30th of September 2014.

Intraday Key Levels :

• Resistance 3:0.9575


• Resistance 2:0.9553


• Resistance 1:0.9532


• Pivot point:0.9510


• Support 1:0.9489


• Support 2:0.9467


• Support 3:0.9446

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GBP/USD intraday technical levels and trading recommendations for September 29, 2014 Market Analysis Review

Overview:

On July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending limited by the depicted downtrend line.

Two bearish impulses were initiated around 1.7180 and 1.6630 corresponding to the downtrend line.

The price level of 1.6140 constituted a prominent weekly support to meet the pair. Bullish rejection was witnessed in the recent daily candlesticks. This led to a previous bullish weekly closure ( above the weekly support level around 1.6250 ).

Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse is expected to be applied.

This price zone corresponds to the upper limit of the depicted channels as well as Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.

Trading recommendations:

Based on the previous data, the market offered a valid SELL opportunity around 1.6460 during last week's consolidations.

This short position remains valid as long as the bears keep defending price zone of 1.6310-1.6400 ( 23.6% Fibonacci level and previous top).

Bearish targets are located around 1.6160 and 1.6080.

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Intraday technical levels and trading recommendations on EUR/USD for September 29, 2014 Market Analysis Review

Around price zone of 1.3800-1.3880 (dotted on the chart), the market paused the previous bullish momentum, thus initiating the current downtrend within the depicted bearish channel.

Several congestion zones were established around the price levels of 1.3515 and 1.3335 before further bearish decline could take place.

Two weeks ago, the pair showed bullish recovery around price level of 1.2860. However, the following bearish engulfing daily candlestick indicated severe weakness of the bulls.

This enhanced the bearish trend towards 1.2750 and 1.2680 as initial target levels.

Today's daily candlestick should be monitored for bullish rejection. The EUR/USD pair is currently testing the lower limit of the ongoing bearish channel. That's why, any signs of bullish reversal should indicate upcoming corrective movement towards 1.3060.

The current short-term bearish trend remains intact as long as bears keep defending the price zone around 1.2995 (the recent weekly high). Moreover, another descending high was established on Wednesday around 1.2920.

The bearish slide below 1.2820 invalidated the possibility of a bullish reversal. Thus, bearish decline towards 1.2750 and 1.2680 took place shortly after achieving the projection targets of the bearish flag pattern.

Careful watching of price action around the current price levels is essential to determine the next destination of the EUR/USD pair.

In case the bulls initiate a corrective movement around the lower limit of the channel being tested today, the first target levels to be visited should be located around 1.2940 and 1.3060.

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USDCAD Daily Analysis - September 30, 2014 Forex Analysis

USDCAD remains in uptrend from 1.0886, the fall from 1.1178 could be treated as consolidation of the uptrend. Support is at 1.1080, as long as this level holds, the uptrend could be expected to continue, and next target would be at 1.1300 area.

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USDCHF Daily Analysis - September 30, 2014 Forex Analysis

USDCHF remains in uptrend from 0.8997, the fall from 0.9531 is likely consolidation of the uptrend. Near term support is at 0.9450, as long as this level holds, the uptrend could be expected to continue, and next target would be at 0.9700 area. Key support is located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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USDJPY Daily Analysis - September 30, 2014 Forex Analysis

USDJPY's upward movement from 101.50 extended to as high as 109.74. Further rise is still possible, and next target would be at 112.00 area. Key support is located at 108.24, only break below this level could signal completion of the uptrend.

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AUDUSD Daily Analysis - September 30, 2014 Forex Analysis

AUDUSD remains in downtrend from 0.9401. Further decline could be expected, and next target would be at 0.8600 area. Key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance will indicate that the downtrend had completed at 0.8683 already, then the pair will find resistance around 0.8850.

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GBPUSD Daily Analysis - September 30, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6524, as long as 1.6340 resistance holds, the downtrend could be expected to continue, and next target would be at 1.6100 area. On the upside, a break above 1.6340 resistance will indicate that the downtrend is complete, then further rise towards 1.6700 could be seen.

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EURUSD Daily Analysis - September 30, 2014 Forex Analysis

EURUSD remains in downtrend from 1.3411, as long as 1.2765 resistance holds, the downtrend could be expected to continue, and next target would be at 1.2500 area. Key resistance is located at the downward trend line on 4-hour chart, only a clear break above the trend line resistance could signal completion of the downtrend.

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Technical analysis of Silver for September 29, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver remains locked between $17.30 and $18.00 since a few days as seen here. The trend remains bearish with Silver clearly trading in the sell zone at the moment. A push below $17.30 levels would see further lows into $16.00. Immediate support remains at $17.30 (interim) while resistance is seen at $18.00 (interim), followed by $18.60/90 and above respectively. The metal needs to clear $18.00 at least, for bulls to regain control. Furthermore, a break above the sloping trend line, which is passing through $18.90 levels for now, would instill further confidence in the bullish setup.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of Gold for September 29, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold remains in a trading range between $1,00.00/05.00 and $1,230.00/40.00 for now. The metal is attempting to rally at the moment but a break above $1,240.00 would be imminent for bulls to remain in further control. On the flip side, a break below $1,206.00 would drag prices towards $1,180.00/85.00 at least. It is recommended to exit long positions taken last week and remain flat, awaiting a break on either side. Immediate support is at $1,206.00 (interim), followed by $1,180.00 and lower while resistance is seen at $1,230.00/40, followed by $1,275.00 and higher respectively.

Trading recommendations:

Exit long positions for now (remain conservative). Wait for a range break to enter again.

Good luck!

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EUR/NZD analysis for September 29, 2014 Market Analysis Review

Overview:

Our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.6441 in an ultra high volume (buying climax). Our Fibonacci expansion 161.8% at the price of 1.6300 is on the test so be very careful when buying EUR/NZD at this stage. We can observe buying climax according to the 4H time frame, so we may see potential reaction from sellers (bearish correction) before any larger bullish continuation. Anyway, to confirm futher bullish movement, the price needs to break the level of 1.6300 in a high volume and with healthy price action.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.6148

R2: 1.6176

R3: 1.6222

Support levels:

S1: 1.6056

S2: 1.6028

S3: 1.57982

Trading recommendations: Be careful when buying the EUR/NZD pair since we may see a bearish corrective phase

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Gold : analysis for September 29, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,212.10. According to the 4H time frame, we can observe strong rejection again from our Fibonacci retracement 61.8% at the price of 1,229.00, which caused price to start with downward movement. According to previous price action, we got support level at the price of 1,208.00 (swing low like support). If the price breaks the level of 1,208.00 in a high volume, we may see potential testing the level of 1,194.00. According to the daily chart, we can observe indecision bar in a volume below average, so we need to wait for larger supply in an high volume to confirm futher bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,218.84

R2: 1,219.50

R3: 1,220.57

Support levels

S1: 1,216.70

S2: 1,216.04

S3: 1,214.94

Trading recommendations: Buying still looks risky since we got strong rejection from our Fibonacci retracement 61.8%

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#USDX Technical analysis for September 29, 2014 Market Analysis Review

The Dollar index remains in a bullish trend. The up trend is very strong and is now looking parabolic. This means that bulls should be on high alert as a trend reversal will be very strong and swift. On the other hand, I do not prefer going against this trend.

Red line = resistance

The Dollar index remains in a bullish trend. Price is above the Ichimoku cloud and still inside the upward sloping channels. Resistance is at 85.80. A short-term pull back is justified towards 85.50. This is the short-term support level. Breaking below that level could push the index towards 85.

The parabolic rise in the Dollar index is strong. It is prefered to stay neutral than trade against this strong up trend. However, bulls should also take their precautions as a pull back could bring the index as low as 84.40 in a very fast manner. Such parabolic rises also bring strong reversals, so it is prefered to raise stops in order to lock in profits. A normal correction would bring the index towards the 83.50 level. In conclusion, we remain fully bullish with our stops raised in order to protect profits. Betting against this strong trend is not advisable.

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Elliott wave analysis of EUR/NZD for September 29 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6514

R2: 1.6475

R1: 1.6446

Current spot: 1.6345

S1: 1.6308

S2: 1.6300

S3: 1.6266

Technical summary:

We have seen the expected acceleration higher to 1.6407 after the break above the base channel resistance line. After a minor pause towards 1.6308, we should see a continuation higher towards 1.6830 as the next upside target. Longer term we are looking for much higher levels towards 1.6996 and 1.7274 on the way towards 1.8133 and likely even higher.

Trading recommendation:

We are long in EUR from 1.5826 and will move our stop higher to 1.6100. If you are not long in EUR yet, then buy near 1.6308 with the same stop at 1.6100.

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Gold Technical analysis for September 29, 2014 Market Analysis Review

Gold price has held support at $1,207 on Friday and made a higher low at $1,212. Short-term trend is sideways and I prefer to stay neutral for now. My longer-term view remains bearish. My target remains at $1,000. We first need to break below $1,180. This will strengthen our bearish scenario.

Blue line = support

Green line = price channel

Gold price as shown above in the 4 hour chart remains in a bearish trend. Price is below the Ichimoku cloud and still inside the downward sloping green channel. However, price remains above the short-term support at $1,208. Breaking below that support will probably push Gold price towards $1,180. Breaking above $1,233 resistance could push Gold price towards $1,250-60.

Red line= resistance

Blue line = support

In the 30-minute chart, we see the higher low made on Friday and this could signal a move towards $1,225-30 where resistance is found. Gold price is forming a sideways triangle as long as it trades between $1,233 and $1,212. The triangle is getting narrower and we should soon expect a break out. I prefer to stay neutral and wait for the break out before opening a position. A longer-term trend remains bearish, so we should also keep in mind that opening a long position is against the larger trend.

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Technical analysis of USD/CAD for September 29, 2014 Market Analysis Review

General overview for 29/09/2014 09:00 CET

The market is developing in the anticipated way, still making higher highs as the impulsive wave progression has not been finished yet. The recent swing high at the level of 1.1177 has been labeled as wave -iii- top, so now this pair is in the corrective cycle wave -iv-. This means one more wave to the upside is still missing and when correction is done this wave will materialize. Please notice, that any violation of the level of 1.1126 will invalidate blue bullish impulsive count.

Support/Resistance:

1.1175 - Swing High

1.1148 - Intraday Support

1.1125 - Blue Impulsive Count Invalidation Line

1.1100 - Weekly Pivot

1.1082 - Red Impulsive Count Invalidation Line

1.1035 - WS1

Trading recommendations:

Swing traders and day traders should consider moving the trailing stop loss orders for all buy positions just below the level of 1.1125 in case the corrective cycle will be more complex and deeper in retracement.

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