Technical analysis of USD/CHF for October 16, 2014 Market Analysis Review

The pair has been facing strong selling for the last 2 weeks. In yesterday's session, the pair broke below 200WEma and took parallel support at 0.9353, a low made at 0.9361. Currently, the pair is trading above 200Wema. Today the pair opened above the previous close, looking a bit stronger. In yesterday's session the pair broke below the 20Dsma and closed far below that. It represents some noise in the near term. On the up side the pair has resistance at 0.9469 and 0.9505 (20Dsma). On the down side, if the pair falls below 0.9353 it has strong short-term support at 0.9323 50Dsma.

In case, if the pair closes below 0.9323 - the short-term trend turns down- pending

In the h4 chart, we can clearly see the prices broken from the base triangle, height of 219 pips. Until the prices close above the base of the triangle, on the down side gates open for 0.9250 levels within strong supports at 0.9353 and 0.9323 levels. The prices are closed far below the hourly moving averages. The pair has hourly support at 0.9396 below this free fall up to 0.9361. Strong selling will emerge below 0.9353 and panic, below 0.9323. Until the prices close above 0.9469 on h4 chart, we can't see safe buying. Risky traders can use sl 0.9396 and start buying and selling below 0.9396.

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Trading recommendation on USD/CAD of October 16, 2014 Market Analysis Review

The weak US data puts pressure on this pair. In the daily chart, the pair made a minor top at 1.1298 rounded to 1.1300. Currently in Asia's session, the pair is trading below the monthly high at 1.1278 and weekly high at 1.1270. The pair will regain the strength only above 1.1278 levels, 20 pips far from the market price. In case, if this week the pair closes above 1.1278 to 1.1300, the bulls will retain their strength in the new week as well. Today traders eye US unemployment claims and Canada's manufacturing sales. In case, if this week the pair closes above 1.1279, we can see 1.1530 (the 138 fib level) in the next few weeks. For the near-term, we can see 1.1458 in the next few sessions. On the down side, it has support at 1.1150 levels.

For an intraday view, the prices are closed above the hourly key moving averages. The pair has been supported by 21hrsma for 13hrs. The trading pattern is framed between 1.1223 and 1.1275. We recommend selling below 1.1215, for targets at 1.1185 levels. We recommend fresh buying above 1.1276 for targets at 1.1300 and 1.1322.

Trade-

Buying above 1.1276

Selling below 1.1227

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Technical analysis of GBP/CHF for October 14, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF extends its drop below 1.5100 levels for now, and just about to break below the line of support as depicted here. A confirm break below the trend line and subsequently 1.4970 levels, would indicate that a top is in place and that rallies could be sold. It is recommended to remain flat for now and wait for a reaction at current levels. Support is seen at 1.4970, followed by 1.4750 and lower while resistance is seen at 1.5450 and 1.5550 respectively. The 1.5400 levels could be resistance for subsequent rallies from here on.

Trading recommendations:

Remain flat for now. Aggressive trade setup could be to initiate long positions for a counter trend rally, stop at 1.4940, target is at 1.5400.

Good luck!

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Technical analysis of EUR/USD for October 16, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as Italian Trade Balance, Final CPI y/y, Final Core CPI y/y, Trade Balance, Spanish 10-y Bond Auction.The US will release the economic data too such as the Unemployment Claims, Industrial Production m/m, Capacity Utilization Rate, NAHB Housing Market Index, Natural Gas Storage, Crude Oil Inventories, TIC Long-Term Purchases, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2883.

Strong Resistance:1.2876.

Original Resistance: 1.2863.

Inner Sell Area: 1.2850.

Target Inner Area: 1.2820.

Inner Buy Area: 1.2790.

Original Support: 1.2777.

Strong Support: 1.2764.

Breakout SELL Level: 1.2757.

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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Technical analysis of USD/JPY for October 16, 2014 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will release some economic data such as Unemployment Claims, Industrial Production m/m, Capacity Utilization Rate, NAHB Housing Market Index, Natural Gas Storage, Crude Oil Inventories, TIC Long-Term Purchases. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 106.50.

Resistance. 2: 106.30.

Resistance. 1: 106.09.

Support. 1: 105.83.

Support. 2: 105.62.

Support. 3: 105.41.

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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Technical analysis of Gold for October 16, 2014 Market Analysis Review

The weak US data gave strength to the yellow metal and dragged the US dollar. The metal was well supported by the IMF concerns over the slowing German economy and the cooling of the bets that the Fed can raise interest rates in the near term. The metal came out of the minor range bound, adding longs by sustaining above $1,242. In yesterday's session the metal made a high at $1,249.30, but faced strong resistance at 50Dsma $1,252. As of now, today the metal took support at $1,238 levels. The trading pattern is shifted to $1,238-$1,252 from $1,200-$1,242. In case, if the metal closes above $1,252 on a daily basis, then only it can rally up to $1,264, $1,274,$1,278 and $1,285 levels. The short- and medium-term trend still looks bearish. On the down side, in case if the metal breaks below $1,238, it has support at $1,232 and $1,217 levels. Risky trades can start selling below $1,238 and safe traders, below $1,232.

For an intraday view, the prices are trading above 12ema and 35DEMA. In Asia's session the metal managed to trade above $1,242. If the metal sustains above $1,245, it can go to $1,249, $1,254 and $1,257 levels. On the down side, it has support at $1,236, below this, $1,232, $1,228 and $1,221.70 will act as support levels. We can see weakness below $1,236 and selling pressure, below $1,228 levels.

Trade- Fresh buy at $1,245.

Risky traders use sl $1,245 to start selling, cmp $1,243, target: $1,240, $1,238, $1,236.

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Technical analysis of EUR/USD for October 16, 2014 Market Analysis Review

The pair gave a strong close 180 pips in yesterday's session. This week, as of now the pair gave 187 pips (open- cmp). The weak US data depressed the dollar and pumped the euro to a 2-week high. The pair has parallel resistance at 1.2901, a September 23 high, above this, 1.2975 (50Dsma) and 1.2995 will act as strong resistance. The pair managed to close above 20Dsma in the daily chart. The pair has support at 1.2715 20Dsma and between 1.2625-1.2606 levels. We can expect panic selling of 100 pips only below 1.2606 towards 1.2500 levels. In case if the pair manages to breach above 1.2901, it can challenge 75 to 95 pips on the upside aiming at 1.2975 and 1.2995 levels.

Support: 1.2790, 1.2715, 1.2625-1.2606.

Resistance: 1.2901, 1.2975, 1.2995.

For an intraday view, the pair opened on a bearish note higher at 1.2837. In yesterday's session the pair closed at 1.2838, but today the pair opened below the previous close. It represents some weakness in the day trading perspective. We recommend buying only above 1.2838 with targets at 1.2864 and 1.29. We can expect a strong rise only above 1.2901. On the downside, the pair has support at 1.2757, below this, 1.2735 12ema levels. In case if the pair breaks below 1.2695, we can see some selling pressure added to this pair, which adds pressure to fall to 1.2625 levels. In the h4 chart, we can see the bullish flag, height of the pole is 291 pips.

Trade- Buying above 1.2838, strong up move above 1.2901

Selling below 1.2690, panic below 1.2625

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Daily analysis of USDX for October 16, 2014 Market Analysis Review

On the daily chart, we can see that the USDX fell steeply below the resistance level of 85.18, that means the next target will be at the 84.29 support level, because this instrument is currently showing much weakness. And in the medium term, the USDX has enough space on the bearish road to fall to the level of 84.29. The light indicator MACD is moving into negative territory.

Dailychart's resistance levels: 85.18 – 86.20

Dailychart's support levels: 84.29 – 83.74

During yesterday's session, the USDX fell below the 200 SMA on the H1 chart, because the USDX found strong resistance at 85.95. However, the USDX could begin to form a lower low pattern at current levels, and even, this instrument could make a breakout at the level of resistance at the 85.03 level to rise to the level of 85.23 in the short term.

H1 chart's resistance levels: 85.03 – 85.27

H1 chart's support levels: 84.81 – 84.60

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 84.81, take profit is at 84.60, and stop loss is at 85.03.

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Daily analysis of GBP/USD for October 16, 2014 Market Analysis Review

The GBP/USD is trying to make a breakout on the resistance level of 1.6004 because this pair found strong support near the 1.5850 level on the H4 chart. But the 1.6051 level zone is very strong and the GBP/USD could make a pullback at this level, so it is advisable to be aware of position closings when this pair touches that level. The MACD indicator is moving into positive territory.

H4chart's resistance levels: 1.6004 – 1.6051

H4chart's support levels: 1.5951 - 1.5865

On the H1 chart, GBP/USD is consolidating above the 1.5980 level, but this pair is likely to find strong resistance at the level of 1.6031 because this pair is approaching the 200 SMA But a pullback at current levels, could lead the GBP/USD to fall back to the support level of 1.5925.

H1 chart's resistance levels: 1.5980 – 1.6031

H1 chart's support levels: 1.5925 – 1.5871

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.

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USDCAD Daily Analysis - October 16, 2014 Forex Analysis

USDCAD stays above the upward trend line on 4-hour chart, and remains in uptrend from 1.0810 (Aug 29 low). As long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.1500 area. Only a clear break below the trend line support could signal completion of the uptrend.

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USDCHF Daily Analysis - October 16, 2014 Forex Analysis

USDCHF's downward movement from 0.9687 extended to as low as 0.9370. Resistance is now located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9300 area. Only a clear break above the trend line resistance will signal completion of the downtrend.

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USDJPY Daily Analysis - October 16, 2014 Forex Analysis

USDJPY stays below the downward trend line on 4-hour chart, and remains in downtrend from 110.08, and the fall extended to as low as 105.32. As long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 104.50 area. On the upside, a clear break above the trend line resistance will signal completion of the downtrend, then the following upward move could bring price back to test 110.08 resistance.

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AUDUSD Daily Analysis - October 16, 2014 Forex Analysis

AUDUSD continued its sideways movement in a range between 0.8642 and 0.8898. As long as 0.8898 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 0.9401, another fall to 0.8400 area could be expected after consolidation.

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GBPUSD Daily Analysis - October 16, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6524, the rise from 1.5874 is likely consolidation of the downtrend. Near term resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to continue, and next target would be at 1.5600 area. Key resistance is at 1.6226, only break above this level could bring price back to 1.6400 zone.

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EURUSD Daily Analysis - October 16, 2014 Forex Analysis

EURUSD's upward movement extended to as high as 1.2867. Support is now at the rising trend line on 4-hour chart, as long as the trend line support holds, the uptrend could be expected to continue, and next target would be at 1.2950 area. On the downside, a breakdown below the trend line support will indicate that the uptrend is complete, then another fall towards 1.2200 area could be seen.

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Technical analysis of USD/JPY for October 15, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate in higher range after hitting one-month low 106.17 today. It is undermined by the lower U.S. Treasury yields (10-year at 2.197% versus 2.305% late Friday) as investors pushed back expectations of the first Federal Reserve's rate increase in 2015 after Fed officials signaled a cautious approach to raising interest rates amid deteriorating global growth outlook, weak oil prices (tumbled 4.55% to settle at $81.84/bbl overnight for biggest one-day decline since November 2012) after the International Energy Agency slashed its oil demand growth forecast for this year by more than a fifth to just 700,000 barrels a day, its weakest in five years. USD/JPY is also weighed by the Japan exporter sales and drop in U.S. NFIB Index of Small-Business Optimism to 95.3 in September from 96.1 in August. But USD/JPY downside is limited by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy; broadly stronger USD undertone (ICE spot dollar index last 85.88 versus 85.22 early Tuesday) on relatively better U.S. economic performance versus that of other major economies.

Technical comment:
Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining but stochastics is turning bullish at oversold zone.

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 105.70. A break of this target will move the pair further downwards to 105.20. The pivot point stands at 107. 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 107.55 and the second target at 107.85.

Resistance levels:

107.55

107.85

108.25

Support levels:

105.70

105.20

104.85

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Technical analysis of USD/CHF for October 15, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade in lower range. It is supported by the broadly stronger USD undertone and lower-than-expected Switzerland September import price index of -1.4% on-year (versus forecast -1.2%); dovish Swiss National Bank's monetary policy. It is also supported by the lower U.S. Treasury yields (10-year at 2.197% versus 2.305% late Friday) as investors pushed back expectations of the first Federal Reserve's rate increase in 2015 after Fed officials signaled a cautious approach to raising interest rates amid deteriorating global growth outlook But USD/CHF gains are tempered by the franc demand on soft EUR/CHF, GBP/CHF and CAD/CHF crosses.

Technical comments:
Daily chart mixed as MACD and stochastics are in bearish mode, but bullish-piercing candlestick pattern was completed on Tuesday.

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 0.9385. A break of this target will move the pair further downwards to 0.9350. The pivot point stands at 0.9525. 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 0.9560 and the second target at 0.9600.

Resistance levels:

0.9560

0.96

0.9635



Support levels:

0.9385

0.9350

0.9315

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Technical analysis of GBP/JPY for October 15, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate with bearish bias. It is undermined by the soft GBP/USD; and Japan exporter sales. But GBP/JPY losses are tempered by the demand from Japan's importers. GBP sentiment is hurt by lower-than-expected U.K. September CPI (came in at five-year low of +1.2% on-year versus forecast +1.4%) which prompted investors to push back expectations of Bank of England's rate increase in 2015.

Technical comment:
Daily chart is negative-biased as bearish outside-day-range pattern was completed on Tuesday, MACD is bearish, stochastics stays suppressed at oversold zone, five and 15-day moving averages are 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 168.25. A break of this target will move the pair further downwards to 167.35. The pivot point stands at 171.20. 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 172.45 and the second target at 173.35.

Resistance levels:

172.45

173.35

174

Support levels:

168.25

167.35

166.75

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Elliott wave analysis of EUR/NZD for October 15 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6219

R2: 1.6166

R1: 1.6140

Current spot: 1.6128

S1: 1.6085

S2: 1.6055

S3: 1.6000

Technical summary:

No news here. We are still locked in a narrow range, with no real signs of a breakout any time soon. As long as we stay locked within the 1.6055 - 1.6219 nothing is going to happen here. We are still looking for a break above 1.6219 to get things going for a new rally towards 1.6446 and even higher to 1.6836. Only an unexpected break below 1.6055 will delay the expected upside pressure for a move closer to 1.6000, but the downside should be very limited.

Trading recommendation:

We are long on EUR from 1.6135 with stop placed at 1.6025. If you are not long on EUR yet, then buy near 1.6055 with the same stop at 1.6025.

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Elliott wave analysis of EUR/JPY for October 15 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 136.06

R2: 135.80

R1: 135.61

Current spot: 135.41

S1: 135.24

S2: 135.15

S3: 135.02

Technical summary:

We are currently looking for a break below support at 135.02, which should provide the acceleration lower in red wave iii that we are looking for. The target for red wave iii is ideally found at 132.66, where red wave iii will be 161.8% the length of red wave i. On the way lower, strong support should be expected at 133.58, which marks the 23.6% corrective target of the rally from 94.10 to 145.69. In the short term, we expect resistance at 136.05 to protect the upside for a break below 135.02.

Trading recommendation:

We are short in EUR from 135.70 and will keep our stop at 136.60. If you are not short in EUR yet, then sell near 136.05 with the same stop at 136.60.

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EUR/NZD analysis for August 15, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading sideways around the price of 1.6130. We are facing very quite market and low acitivity. We are still waiting for larger volume and stronger price action. I have placed Fibonacci expansion from most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.6070 (held successfully). If the price breaks the level of 1.6000, we may see the testing of the level of 1.5900. Be careful when buying and watch for potential selling opportunities after retracement. According to the daily timeframe, we can observe weak demand on the market.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6176

R2: 1.6205

R3: 1.6252

Support levels:

S1: 1.6082

S2: 1.6053

S3: 1.6006

Trading recommendations: Be careful when buying the EUR/NZD pair since we may see short-term bearish continuation.

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Gold analysis for October 15, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,221.67. We can observe rejection from our resistnace level at the price of 1,234.00. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,217.00 and Fibonacci retracement 61.8% at the price of 1,204.00.According to the daily chart, we can observe weak demand in a volume below the average. On the mid term prospective, price rejected from our major Fibonacci expansion 100% at the price of 1,193.00, which caused price to start bullish phase. If the price breaks the level of 1,234.00 in a high volume, we may see the testing of the level of 1,244.00 (Fibonacci retracement 38.2%).

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,237.54

R2: 1,239.31

R3: 1,242.17

Support levels

S1: 1,231.81

S2: 1,230.84

S3: 1,227.07

Trading recommendations: Buying still looks risky since gold is near resistance level

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GBP/USD intraday technical levels and trading recommendations for October 15, 2014 Market Analysis Review

Overview:

On July 15, an extensive bearish impulse was initiated. Since then, the GBP/USD pair has been moving downwards below the depicted downtrend line.

Many bearish impulses were previously initiated around 1.7180 and 1.6630 where the downtrend line came to meet the pair then.

The price zone of 1.6140 - 1.6100 constituted a weekly support that paused the bearish movement on September 9 although the bears quickly touched price level of 1.6060.

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

Until Yesterday, the bulls have been pushing towards the downtrend line (price zone of 1.6225-1.6250) when extensive bearish reaction occurred. This is manifested in yesterday's daily candlestick.

Trading recommendations:

A suggested, a slide below price zone of 1.6045-1.6020 indicated another SELL opportunity with higher risk. It's running in +ve pips as well. Stop loss should be advanced to 1.5990 to secure our profits.

Price level of 1.5890 should be watched for price action. Daily closure is important to determine the next destination of the pair. Bullish correction towards 1.5950 and 1.6000 is more likely to occur.

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Technical analysis of EUR/JPY for October 15, 2014 Market Analysis Review

General overview for 15/10/2014 12:50 CET

The situation hasn't changed much since yesterday as the market keeps making lower lows and lower highs. This might mean, that after completing the internal corrective sub-wave b purple, the golden trendline will be broken and the last wave c purple will be finally made. The projected target level is still the same at the level of 134.66 and a rebound is being expected from this level. The bullish divergence on the awesome oscillator supports the view.

Support/Resistance:

134.62 - WS1

135.08 - Intraday Support

136.05 - Intraday Resistance

136.30 - Weekly Pivot

136.55 - Technical Resistance

136.96 - WR1

136.93 - Technical Resistance

Trading recommendations:

Daytraders should wait if the golden trend line is broken, and then open sell orders with SL above the level of 136.05 and TP at the level of 134.66.

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Technical analysis of GBP/USD for October 15, 2014 Market Analysis Review

Trading recommendations :

• The resistance of the GBP/USD pair has already set at 1.6085 on October 15, 2014. Also, it should be noted that the level of 1.6085 is representing the pivot point. Therefore, it will be very profitable to sell above this level for retesting this level in the long term. Consequently, sell deals are recommended below the weekly pivot point with targets at 1.5945 (the level of 1.3838 is representing the weekly support 1). Additionally, the descending movement will probably be lower than the 1.5945. Moreover, it continues toward the level of 1.5903 in order to call for a bearish market from today. The stop loss should always be in account for that it will be very safe to set the stop loss at the level of 1.6115.

Notes :

• We expect a new range about 105 pips today.


• The key level will set at the level of 1.5945.


• The support of the GBP/USD pair has already set at 1.5812. Moreover, the weekly support 2 will set at the same level.


• If the trend fails to close above the level of 1.5945, it will be a good opportunity to sell below 1.5945 with the target at 1.5903.


• The price of 1.6085 is representing the weekly pivot point and 1.6115 is going to form a double top.

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Technical analysis of USD/CAD for October 15, 2014 Market Analysis Review

General overview for 15/10/2014 12:20 CET

The wave progression is developing as anticipated and still higher highs are being made. It looks like the wave (3) might have been done and internal corrective sub-cycle is being made now. The projected level for this cycle to complete is at the level of 1.1321 and the market should rebound. However, if this level is broken, then the next target for the wave (4) is at the level of 1.1277. Only a clear and sustained breakout below this level would invalidate the bullish outlook and made a corrective cycle more complex and time-consuming.

Support/Resistance:

1.1370 - WR2

1.1321 - Intraday Support

1.1291 - WR1

1.1277 - Technical Support|Key Level|

Trading recommendations:

Daytraders should consider opening buy limit orders from the level of 1.1321 with SL below the level of 1.1276 and TP above the last swing high.

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#USDX Technical analysis for October 15, 2014 Market Analysis Review

The Dollar index has made an important bottoming formation around 85 where the 23.6% retracement is found. Some days ago I mentioned that the sideways move in the Dollar index is most probably a consolidation before a new upward move. I remain bullish as long as prices remain above 85.

The Dollar index remains inside the upward sloping channel and is now trying to break above the Ichimoku cloud resistance. Breaking abe 86 will be a bullish sign and we could be at the early stages of another upward move towards 87.17. The higher low at 85.07 is also a good sign specially now that it was followed by a higher high.

In the daily chart the Dollar index has remained above the 23% retracement and has retaken the tankan-sen. This is a bullish sign and I expect at least a double top to be formed if not new higher highs that will bring the index towards 88-89. Long-term trend remains bullish and very strong. Betting against it is very risky and I prefer to raise stop to 85 for any long position.

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Gold Technical analysis for October 15, 2014 Market Analysis Review

Gold has paused its rise at the 38% retracement and reversed short-term trend by breaking below the upward sloping trend line. The upward bounce from $1,180 is most probably over and a new downward move has started with target below $1,180. Longer-term trend remains bearish and so do we expect gold to fall towards $1,000.

Red line= trend line

Blue line= support

The red trendline support is now broken and gold price has given the first sell signal since October 1st. Gold price has reached the 38% retracement of the $1,322-$1,183 decline. Gold price was rejected at that level and the sequence of higher highs and higher lows is now over. This is a sign of trend reversal in the short-term. We now look at support levels at $1,217 and $1,204 to see if the downward pressures expected will break these supports.

Blue line= support

Gold price is falling in an impulsive pattern. The high at $1,238 is important resistance and bears do not want to see this level broken. On the other hand, bulls need to hold price above $1,216 and $1,204 important support levels. Breaking these two levels will confirm down trend and increase the chanes of making a new lower low below $1,183. My target is at $1,050 for the end of the entire downward move in Gold.

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Technical analysis of EUR/JPY for October 15, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY has taken out potential support at 135.80 and tested 135.00 levels before bouncing back. As seen here, the pair is clearly in the sell zone of the resistance/downtrend line and a break of at least to 136.50/138.00 would be required for bulls to take control back. Resistance is seen at 136.50/70, followed by 138.00 and higher while support is seen at 135.00 (interim), followed by 134.00 and lower respectively. In short term, a rally towards 136.80 remains possible, but a bearish reversal there could take prices lower towards 134.00 at least. Bears shall remain in control till prices stay below 138.00 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for October 15, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair was expected to bounce off the Fibonacci levels earlier, but the pair has now dropped to a potential stronger support zone at 1.5180-1.5200 levels, which is also the Fibonacci 0.618 support of the rally from 1.4975 to 1.5550 levels as depicted here. Furthermore, the pair has produced a bullish Morning Star candlestick pattern indicating a potential reversal. Support is seen at 1.5100, followed by 1.4975 and lower while resistance is seen at 1.5450 and 1.5550 respectively. It is recommended to initiate long positions now (1.5180/90), risk remains just below 1.5100 levels. The bulls might just want to take back control from here on.

Trading recommendations:

Initiate long positions now, stop below 1.5100, target is 1.5800/50.

Good luck!

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Technical analysis of Gold for October 15, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold is seen to be pulling back at the moment trading at $1,225.00 level. The metal had touched $1,237.00 level yesterday, and is now expected to retrace lower towards $1,205.00 level before resuming the rally. Immediate downside target for bears would be around $1,217.00/18.00 level, which is also Fibonacci 0.382 support for rally between $1,183.00 and $1,237.00 respectively. Good support is seen at $1,205.00, followed by $1,183.00 and lower while resistance is around $1,240.00, followed by $1,275.00 and higher respectively. It is recommended to initiate long positions at lower levels again.

Trading recommendations:

Remain flat for now. Look to buy around $1,205.00 levels.

Good luck!

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Technical analysis on USD/JPY for October 15, 2014 Market Analysis Review

The pair fell back into the bullish flag in the weekly chart. The pair held the 38.2 fib level and started moving upwards. The pair has been facing resistance at the top end of the flag. Fresh buyers can start buying above 107.60 levels. On the upper side, above 107.60 it can fly up to 107.87, the 23.6 fib level, 108.25, 108.32 and 108.50, 20Dsma levels. In case the pair closes above the 23.6 fib level, it can gain some strength on a weekly basis. In case, if the pair closes above 108.50 20Dsma, the bulls can confront towards 109.23, 109.85 and 110.0 levels. In the daily chart, the trading pattern of the pair came out at the 8-day downward trend line, this represents the correction is going to end in the near term. This view becomes invalid, if the pair closes below 106.50, 38.2 fib level. The monthly support level is at 106.39 200M Sma.

For an intraday view, the prices are trading above 35DEMA and 12ema, but facing strong resistance at 21hrsma in the h4 chart. We recommend safe buying above 107.60 with targets at 107.87, 108.15-108.25 levels. Safe selling will be triggered below 107.00 for target at 106.84 and panic below this for 106.65 to 106.50 levels.

Trade-

Buying above 107.60

Selling below 107.00

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Review on сrude oil for October 15, 2014 Market Analysis Review

The IMF global growth forecast, excess supply and concerns about global economic growth pushed the oil prices below $84. The oil prices break down from a verge of symmetric triangle in the weekly and monthly chart. In case, if the prices close below the bottom of the triangle or 84 level on a weekly basis, a new large bearish wave will generate. Earlier we recommended selling on every rise on September 05, 2014 and October 10, 2014 for a downside target at 88.81-80 levels recorded at 94.50 levels. In yesterday's session we made a low at 81.63 near our second target. A 13$ gain in one and a half month. On October 10, 2014 we recommended, a break below 84.06 the prices would extend its fall to 83.65, 82.10 in the near term, within 2 days it touched my targets. The long-term view indicates strong bearish targets aiming at 77.00, a June 2012 low, the 71.50 multi-month low and 69.50 200Msma.

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