Technical analysis of EUR/JPY for October 09, 2014 Market Analysis Review

The pair has been trading below 50Wsma and 20Wsma, it represents selling on every rise in the near term and short term. This week, as of now today the pair was rejected at 20Wsma, 137.93. In the daily chart the pair has been trading below all the near- and short-term moving averages, it represents complete selling. The pair has support at 136.55, below this, 135.80 and 135.70 will act as major support. In case if the pair breaks below 135.70, we can see a free fall. Our positional target is up to 134 levels.

For an intraday view, the prices closed and trading above the hourly moving averages 35DEMA and 12ema levels. The pair is facing strong resistance at 137.95, the 50.0 fib level and 10-hr high. We recommend buying only above 138 levels. Selling will mint money on every rise.

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Technical analysis of GBP/USD for October 09, 2014 Market Analysis Review

The pair gave strong close in yesterday's session. The pair has strong resistance at 1.6210 200Wema and 20Dsma 1.6235 levels. In case, if the pair closes above 20Dsma 1.6235 and the weekly resistance trend line, the near-term trend turns positive. On the down side, the pair has support at 1.6090, 1.6050 and 1.5950 levels. Today as of now, the pound was unable to breach the previous day high of 1.6181 levels. Like EUR/USD, the pound as well breached and closed above the 13-days descending trend line, but is facing strong resistance at the 2-month descending trend line.

Support 1.6090, 1.6050, 1.5950

Resistance 1.6181, 1.6210, 1.6235

For an intraday view, the prices are closed above 12ema. For the last 3 days the prices have been supported by 35DEMA on an hourly closing basis. We recommend fresh buying above 1.6182 only. The pair support is at 1.6129, 1.6091 and 1.6025 levels. Risky traders can start selling below 1.6150 for targets 1.6130, 1.61 and 1.6025 levels. Buy above 1.6182 for targets at 1.62, 1.6235 and 1.6250, may be even 1.63 levels.

Trade-

Buying above 1.6182

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Technical analysis of GBP/JPY for October 09, 2014 Market Analysis Review

The pair again fell back to the symmetric triangle in the weekly chart. In yesterday's session the pair held 20Wsma and pulled back from the lows. The pair is facing resistance at the upper end of the triangle. In the daily chart the pair trading below the 20Dsma, but above 50Dsma. The trading pattern in the daily chart represents the 'selling the rise' strategy. In case if the price closes below 50Dsma (173.77), the short-term trend will turn down. In case if the pair closes above 177.50 on a monthly basis, then we can see 183 levels. But the chances are very remote.

For an intraday view, the prices are closed above 35DEma, but the pair is facing strong resistance at 34hrsma. We recommend selling at the market price of 174.70 with sl 175.05 and targets at 174.74, 174.15. For bulls, above 175.12, it can fly up to 175.90 levels.

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Technical analysis of EUR/USD for October 09, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Trade Balance, French Trade Balance, ECB Monthly Bulletin, ECB President Draghi Speech.The US will release the economic data too such as the Unemployment Claims, Wholesale Inventories m/m, Natural Gas Storage, 30-y Bond Auction, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2801.

Strong Resistance:1.2793.

Original Resistance: 1.2781.

Inner Sell Area: 1.2769.

Target Inner Area: 1.2739.

Inner Buy Area: 1.2709.

Original Support: 1.2697.

Strong Support: 1.2685.

Breakout SELL Level: 1.2677.

Best regards,

Arief Makmur

Official analyst of InstaForex Group

InstaForex Group

http://instaforex.com

email: Arief.jakarta@indo.instaforex.com

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



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Technical analysis of USD/JPY for October 09, 2014 Market Analysis Review

In Asia, Japan will release the Core Machinery Orders m/m, Prelim Machine Tool Orders y/y, and the US will release some economic data such as Unemployment Claims, Wholesale Inventories m/m. Natural Gas Storage, 30-y Bond Auction. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 108.68.

Resistance. 2: 108.45.

Resistance. 1: 108.24.

Support. 1: 107.99.

Support. 2: 107.78.

Support. 3: 107.56.

Best regards,

Arief Makmur

Official analyst of InstaForex Group

InstaForex Group

http://instaforex.com

email: Arief.jakarta@indo.instaforex.com

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



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Technical analysis of EUR/USD for October 09, 2014 Market Analysis Review

Positional technical view-

The pair gave strong close in yesterday's session. The pair breached the descending 2-month trend line and closed above it. The 20Dsma level is acting as a strong resistance level, above this, the weekly support level is acting as resistance. In case the pair closes above 20Dsma (1.2766) and the weekly resistance trend line, the near term-trend will turn positive. This week, as of now the pair is showing strong strength after 25 weeks. Until the price trades above 1.2715 (previous week's high), the bulls have an upper hand towards 1.2765 and 1.28 trend line. If the pair breaches the 1.28 levels, we can expect another 50 pips on the upside.

Resistance: 1.2765, 1.28, 1.2850

Support: 1.2715, 1.2570, 1.2500

For an intraday view, the prices are closed above 12ema. For the last 3 days the prices have been supported by 12ema on an hourly closing basis. In the H4 chart, the pair is in progress to made a higher high after July 2014. The pair support is at 1.2715, 1.2650 and 1.2619 levels. We recommend buying at the market price of 1.2729, sl 1.2715, targets are 1.2750, 1.2775 and 1.28. For bears, sell below 1.2650 with targets at 1.2620 and 1.2580 levels.

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Daily analysis of USDX for October 09, 2014 Market Analysis Review

The USDX is conducting a deep pullback on the daily, because this instrument is trying to make a breakout at the support level of 85.18. The above scenario could happen in the USDX, because the current bullish trend is strong and there is still plenty of space for this instrument to fall in the medium term. The MACD indicator is entering negative territory.

Dailychart's resistance levels: 86.20 – 87.35

Dailychart's support levels: 85.18 – 84.29

On the H1 chart, the USDX is finally consolidating below the 200 SMA and the resistance level of 85.49. The USDX is forming a lower low pattern to make a breakout at the support level of 8527 and fall to the level of 85.03. This bearish outlook could be supported by the current position of the MACD indicator 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 sell (short) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 85.27, take profit is at 85.03, and stop loss is at 85.49.

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Daily analysis of GBP/USD for October 09, 2014 Market Analysis Review

On the daily chart, the GBP/USD is making a breakout at the level of 1.6146, in an attempt to reach the resistance level of 1.6235. These movements could be part of a bullish correction, so the GBP/USD could make a pullback at this resistance level. However, the GBP/USD could touch the 200-day moving average in the medium and long term, because the GBP/USD has been oversold during the last hours. The MACD indicator is trying to get into neutral territory.

Dailychart's resistance levels: 1.6235 – 1.6326

Daily chart's support levels: 1.6146 - 1.6046

On the H1 chart, we can see that this pair had a bullish strong momentum on the support level of 1.6031, so far, this pair is trying to make a breakout on the resistance level of 1.6170, to climb to the resistance level of 1.6252. However, we must stress the fact that this pair could make a pullback at current levels, because the 200-day moving average is serving as dynamic resistance. The MACD indicator would support our bullish outlook for the GBP/USD.

H1 chart's resistance levels: 1.6216 – 1.6252

H1 chart's support levels: 1.6170 – 1.6117

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 1.6216, take profit is at 1.6252, and stop loss is at 1.6176.

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Technical analysis of USD/JPY for October 08, 2014 Market Analysis Review

Fundamental Overview:

USD/JPY is expected to trade in a lower range. It is undermined by the broadly weaker dollar undertone (ICE spot dollar index last 85.66 versus 85.77 early Tuesday) on lower U.S. Treasury yields (10-year at 2.341% versus 2.425% late Monday), smaller-than-expected $13.52 billion increase in U.S. August consumer credit (versus forecast +$21.1 billion) and stronger yen sentiment after lack of hints from the Bank of Japan on Tuesday about future monetary easing as the central bank left its policy unchanged, and PM Abe's comments about the debilitating effects of a weak yen on households, small and mid-sized companies. USD/JPY is also weighed by the Japanese exporter sales and flows to haven JPY amid increased risk-aversion (VIX fear gauge rose 11.25% to 17.2; S&P 500 closed 1.51% lower at 1,935.1 overnight) as worries mount over slowing global growth after weak German industrial output data and the International Monetary Fund slashing its forecast for global growth to 3.8% next year from an earlier view of 4.0%. But USD/JPY losses are tempered by the demand from Japan importers. Spotlight Wednesday on FOMC Sept. 16-17 meeting minutes (due at 1800 GMT) for clues whether the Federal Reserve might raise interest rates ahead of market expectations, which currently time the first increase around mid-2015. Fed's Dudley suggested Tuesday that it is unlikely the economy will heat up in a way that causes the Fed to chart a more aggressive path than most currently expect.

Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 107.95. A break of this target will move the pair further downwards to 107.65. The pivot point stands at 108.80. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 109.25 and the second target at 109.55.

Resistance levels:

109.25

109.55

110

Support levels:

107.95

107.65

107.35

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Technical analysis of USD/CHF for October 08, 2014 Market Analysis Review

Fundamental Overview:

USD/CHF is expected to trade in a lower range. It is undermined by the falling U.S. Treasury yields and broadly weaker dollar undertone (ICE spot dollar index last 85.66 versus 85.77 early Tuesday) on lower U.S. Treasury yields (10-year at 2.341% versus 2.425% late Monday), smaller-than-expected $13.52 billion increase in U.S. August consumer credit (versus forecast +$21.1 billion) and the franc demand on soft CAD/CHF cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy and the franc sales on soft CHF/JPY cross amid stronger yen sentiment and the franc sales on buoyant AUD/CHF cross.

Technical comments:
Daily chart is mixed as stochastics is falling from overbought but MACD is still in bullish mode.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.9535. A break of this target will move the pair further downwards to 0.95. The pivot point stands at 0.9620. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.9650 and the second target at 0.9685.

Resistance levels:

0.9650

0.9685

0.9725



Support levels:

0.9535

0.95

0.9485

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Technical analysis of NZD/USD for October 08, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to range-trade. It is supported by the falling U.S. Treasury yields. But NZD/USD upside is limited by the weak dairy prices, threat of central bank intervention to weaken NZD, the kiwi sales on buoyant AUD/NZD and EUR/NZD crosses and on soft NZD/JPY cross amid stronger yen sentiment and increased investor risk aversion.

Technical comment:

Daily chart is mixed as stochastics is rising from oversold but MACD is still in bearish mode.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7835 and the second target at 0.7870. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7765. A break of this target would push the pair further downwards and one may expect the second target at 0.7730. The pivot point is at 0.7780.

Resistance levels:

0.7835

0.7870

0.7910



Support levels:

0.7765

0.7730

0.77

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Technical analysis of GBP/JPY for October 08, 2014 Market Analysis Review

Fundamental Overview:

GBP/JPY is expected to trade with the bearish bias. It is undermined by the stronger yen sentiment and Japan exporter sales, it is supported by the sterling sales on soft GBP/JPY cross amid stronger yen sentiment and increased investor risk aversion; the sterling sales on soft GBP/AUD and GBP/CHF crosses, and on buoyant EUR/GBP cross. U.K. data were mixed Tuesday as weaker-than-expected 2.5% on-year rise in U.K. August industrial production (versus forecast +2.6%) offset stronger-than-expected 3.9% on-year increase in U.K. August manufacturing output (versus forecast +3.4%) . But GBP/JPY losses are tempered by the demand from Japan importers.

Technical Comment:
Daily chart is negative-biased as MACD is bearish, stochastics stays suppressed at oversold zone, five-day moving average is below 15-day MA and is declining.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 173.50. A break of this target will move the pair further downwards to 172.95. The pivot point stands at 174.50. In case the price moves in the opposite direction and bounces back from the support level, then it will moves above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 175.15 and the second target at 176.

Resistance levels:

175.15

176

176.65

Support levels:

173.50

172.95

172.50

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USDCAD Daily Analysis - October 9, 2014 Forex Analysis

No changed in our view, USDCAD remains in uptrend from 1.0886, the fall from 1.1269 is likely consolidation of the uptrend. Support is located at the lower line of the price channel on 4-hour chart, as long as the channel support holds, the uptrend could be expected to resume, and next target would be at 1.1400 area. Only a clear break below the channel support could signal completion of the uptrend.

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USDCHF Daily Analysis - October 9, 2014 Forex Analysis

USDCHF broke below 0.9516 support, indicating that consolidation of the uptrend from 0.8997 (Aug 15 low) is underway. Deeper decline is still possible, and next target would be at 0.9450 area. Resistance is at 0.9600, only break above this level could trigger another rise towards 1.0000.

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USDJPY Daily Analysis - October 9, 2014 Forex Analysis

USDJPY is in consolidation of the uptrend from 101.06 (Jul 10 low). Range trading between 107.00 and 110.08 would likely be seen over the next several days. As long as 107.00 support holds, the uptrend could be expected to resume, and another rise towards 115.00 is possible after consolidation.

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AUDUSD Daily Analysis - October 9, 2014 Forex Analysis

AUDUSD's upward movement extended to as high as 0.8859. Further rise would likely be seen, and the target would be at 0.8900 - 0.8950 area. Support is at 0.8730, only break below this level could trigger another fall towards 0.8000.

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GBPUSD Daily Analysis - October 9, 2014 Forex Analysis

GBPUSD broke above the downward trend line on 4-hour chart, indicating that the downtrend from 1.6524 had completed at 1.5951 already. Further rise is still possible, and next target would be at 1.6300 area. Support is at 1.6030, only break below this level could trigger another fall towards 1.5600.

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EURUSD Daily Analysis - October 9, 2014 Forex Analysis

EURUSD broke above 1.2698 resistance, indicating that the downtrend from 1.2994 had completed at 1.2500 already. Further rally would likely be seen, and the target would be at 1.2850 area. Support is at 1.2600, only break below this level could trigger another fall towards 1.2000.

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Elliott wave analysis of EUR/NZD for October 8 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6255

R2: 1.6242

R1: 1.6228

Current spot: 1.6213

S1: 1.6194

S2: 1.6161

S3: 1.6142

Technical summary:

The break below 1.7078 is disappointing, and indicates, that we are not yet ready to a new impulsive rally. Therefore we should expect resistance near 1.6245 will be able to turn prices back down towards the support-line near 1.5977 before a new impulsive rally can be expected. Short-term break below support at 1.6161 will confirm renewed downside pressure towards 1.5977.

Trading recommendation:

Our stop at 1.6075 was hit for a nice little profit. We will re-buy EUR at 1.5985.

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Elliott wave analysis of EUR/JPY for October 8 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.32

R2: 137.18

R1: 137.08

Current spot: 136.95

S1: 136.90

S2: 136.84

S3: 136.69

Technical summary:

With a new low below 136.87 we should be looking for the third and final zig-zag correction lower to 136.28 before the correction from 141.22 is over. Once this correction is over, we should be looking for a new strong rally higher towards 141.22 on the way towards 143.79. At this point, only a break below important support at 135.80 will invalidate the bullish count for a move lower towards 133.52 and maybe even lower to 125.98

Trading recommendation:

Our stop+reverse at 136.85 was hit and we are now short EUR and will place a new stop+reverse at 137.85 and take profit, will be lifted to 136.35.

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Intraday technical levels and trading recommendations on EUR/USD for October 8, 2014 Market Analysis Review

Several congestion zones were established at meeting the downtrend line around price levels of 1.3800, 1.3580 and 1.3335 before further bearish decline took place.

The recent bearish slide below 1.2870 invalidated the previous attempt of bullish reversal. Thus, bearish decline towards 1.2680 and 1.2570 took place shortly after achieving the projection targets of the recent flag pattern.

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

The EUR/USD pair looked oversold and was trading beyond the lower limit of the channel.

This week, some bullish recovery was expressed off 1.2500 to push towards 1.2650 ( back inside the breached channel ). Thus, a bullish engulfing pattern is depicted on the chart.

The current short-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2870 (the recent consolidation zone).

The bearish slide below 1.2820 invalidated the possibility of a short-term bullish reversal.

A short-term bullish head and shoulders pattern is being established on the 4H chart. 4H closure above 1.2700 is essential to confirm the reversal.

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

Recommendation :

A conservative trader should wait for daily closure again inside the channel to look for long positions.

In case the bulls initiate a corrective movement around the lower limit of the channel being breached today, the first target levels to be visited should be located around 1.2870 and 1.2940 where the upper limit of the channel and significant Fibonacci level are located.

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Gold analysis for October 08, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,220.40. I have placed Fibonacci retracement to find potential resistance level and I got Fibonacci retracement 61.8% at the price of 1,219.00. According to the daily chart, we can observe demand in a volume below the average. According to previous price action, we got resistance level at the price of 1,221.00 (swing high like resistance). Any l arger supply in a high volume may confirm further bearish movement. Anyway, if the price breaks the level of 1,221.00, we may see testing the level of 1,230.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,214.07

R2: 1,.216.69

R3: 1,220.93

Support levels

S1: 1,205.59

S2: 1,202.97

S3: 1,198.73

Trading recommendations: Buying still looks risky since our Fibonacci retracement 61.8% is on the test

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Technical analysis of EUR/JPY for October 8, 2014 Market Analysis Review

General overview for 08/10/2014 10:30 CET

The overall Elliott Wave count has been changed to give the last chance for this triple zig-zag scenario to work out. The invalidation line is at the level of 135.80 and any breakout lower invalidates the alternate impulsive bullish count. That would mean the market is back to the triangle zone and the last breakout to the upside was a false one. On the other hand, the first bullish confirmation comes with golden channel breakout and the second confirmation comes with the key level breakout to the upside. Bullish divergence on momentum oscilator supports the upside case. Support/Resistance:

135.81 - Invalidation Level

136.24 - WS1

136.55 - Intraday Support | Wave B Low|

137.03 - Intraday Resistance

137.68 - Weekly Pivot

138.45 - WR1

138.97 - 139.15 - Demand Breakthrough Zone Trading recommendations:

Only a valid breakout above the level of 137.05 allows daytraders to open buy positions with SL below the level of 136.55. Otherwise, please refrain from trading for now.

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#USDX technical analysis for October 8, 2014 Market Analysis Review

The Dollar index continues to remain inside the upward sloping long-term channel and continues to be in a fully bullish trend. There are some short-term worries regarding a possible trend reversal as the weekly chart gives signs of a possible top. Until the end of the week, we will have a better picture of whether this trend is over.

Green line = price channel

The Dollar index continues to trade inside the upward sloping price channel and above the Ichimoku cloud. Tenkan-sen and kijun-sen have not crossed and the index continues to trade above 85.50 and 85 support levels. Soon we will know if at 86.75 we have seen the highs or we should prepare for a new higher high towards 87.17 or 87.70.

The weekly chart remains bullish as price has held the 23% retracement at 85. Holding above this level will re-energise bulls and may push the index back above 86 towards 87. Important daily and weekly support is found at 85.50 and 85. A weekly close below 85 will signal that the top is in and we could expect a pull back towards 84.10 at least.

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Gold Technical analysis for October 8, 2014 Market Analysis Review

Gold price continues higher towards $1,220 resistance. Price has broken above the downward sloping channel but remains below the Ichimoku cloud. Gold price has been below the Ichimoku cloud since August 15th and the $1,300 price level. Longer-term trend remains bearish. I still expect a move towards $1,000.

Blue line= support

Green line= price channel

Gold price is testing important short-term resistance at $1,220-25. The support at $1,180 has provided a strong upward bounce that I believe is corrective of nature and that the longer-term down trend is still in control. At $1,235 we find the 38% retracement of the decline and the possible end of the bounce if we break above $1,225.

Blue line = support

In the 30 minute chart above you see the short-term trend is bullish. This will be the case as long as Gold price is above the blue upward sloping trend line and above the Ichimoku cloud. Support is found at $1,210 and $1,202. Holding above these levels is critical for the short-term trend. Short-term target is $1,235 at th 38% retracement.

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Technical analysis of USD/CAD for October 8, 2014 Market Analysis Review

General overview for 08/10/2014 09:30 CET

The lower channel line is still providing a support for bulls as the market keeps bouncing from it every now and then. From Elliott Wave point of view, the price has made a triangle shaped structure and the market is ready for an upside breakout. The first level of interest would be weekly pivot at the level of 1.1211 and the next one would be the lest swing high at the level of 1.1263. Please notice, that the alternative labeling indicates more complex corrective cycle in wave (2) and the recent upward progression might be wave X brown of this cycle. Only breakout higher above the level of 1.1277 invalidates this view. Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1110 - Intraday Support

1.1154 - WS1

1.1194 - Intraday Resistance

1.1211 - Weekly Pivot

1.1278 - Technical Resistance Trading recommendations:

Buy stop orders from the level of 1.1183 with SL below the level of 1.1110 and TP at the level of 1.1222 has been triggered and are in play. SL might be now moved higher to the level of 1.1129.

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