Technical analysis of Gold for October 20, 2014 Market Analysis Review

The yellow metal was rejected at 50Dsma, a high made at $1,249.30. The metal has been making lower highs for 3 days. Today, as of now it made a low at $1,234.30, trading above previous lows. The weekly support level is at $1,221.00 levels (20Dsma). In case of a daily close below 20Dsma, the bears again take the metal into their control for a downside target at $1,217, $1,215, $1,209 and $1,200 levels. We can see panic selling below $1,217 levels. For an intraday view, the prices are well supported by 34hrsma at $1,234.00 levels. We recommend selling below $1,234 and safe selling will be triggered below $1,231 for targets at $1,227 levels. For bulls, we recommend buying only above $1,238.00 levels for targets at $1,241-$1,242, strong rising is expected only above $1,242.00 levels. In case, if the metal successfully trades above $1,242 it can fly up to $1,252 and $1,268 levels.

Selling, below $1,234, safe selling, below $1,231.

Buying, above $1,238, strong upward momentum, above $1,242.

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Intraday trading recommendations on USD/CAD for October 20, 2014 Market Analysis Review

The pair made the highest close in 5 years in the weekly chart. For the longer-term perspective, in case if the pair monthly closes above 1.1279 we can see 1.1723 and 1.1938 in the longer term within intermediate resistance. In the previous week's session the pair made a high at 1.1386, but was unable to close above 1.1279, closing at 1.1277. If we go through the daily chart, we can observe a tail shadow and near-term cap at 1.1297-1.1300 levels. We recommend fresh buying only above 1.1300 for targets at 1.1385 levels. In case, if the pair closes above 1.1298 on a daily basis immediately we can see 75-85 pips on the higher side. On the weekly basis, the pair has support at 1.1257, 1.1227 and 1.1211 levels. The weekly support is at 1.1184 (20Dsma). Until the price closes above 1.1184, use s dip to buy. The weekly trading pattern is framed between 1.1184-1.1298 levels.

For an intraday view, the prices have been trading below the key hourly moving averages. In the h4 chart, we can observe lower lows and lower highs. This strategy will be breached once the pair closes above 1.1298 levels. For an hourly view, the pair has support at 1.1260, below this, 1.1249 will act as hourly trend decider level. We recommend selling below 1.1249 for targets at 1.1235, 1.1222, 1.1211 and 1.1200.

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Intraday analysis on EUR/JPY for October 20, 2014 Market Analysis Review

The pair broke below the base of the triangle in the weekly chart, but at the end of the week well managed to closed above it. The economic data from the Euro zone, especially from Germany is pushing the pair towards lower levels. In the daily chart, the pair prepared a minor base at 135.50. For the last 3 days the pair has been giving a strong close. Today, as well in Asia's session, the cross made a low above a previous close, but was unable to trade above 136.71, a previous days close. In case if the pair trades above 136.71 it can travel up to 136.82, the 38.2 fib level, 137.06 and 137.40, 20Wsma. We strongly recommend buying above 136.71 (a previous week's high). On a positional basis, the pair has strong resistance between 137.40 (20Dsma), 137.60 (50Dsma) and 137.81 (100Dsma).

Resistance: 137.40, 137.62, 137.93

Support: 136.47, 136.20, 135.50

Trade-

Buying above 136.71 for targets at 136.82, 137.06 and 137.38. Strong rising is expected above 136.95 (35DEMA) towards next targets.

Selling, below 136.35, panic, below 135.70.

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Weekly forecast and an intraday analysis of EUR/USD for October 20-24, 2014 Market Analysis Review

Weekly key economic data-

The pair has some important key events during this week, especially on Thursday. Traders will eye Thursday's French and German Flash Manufacturing and Services PMIs, Spanish unemployment rate.

Weekly forecast

In the daily chart, the pair closed above the 20Dsma and that provided good support. On a weekly basis, the pair has resistance at 1.2838, 1.287, 1.2901, and above these, 1.2945 (50Dsma) will act as strong resistance. On the down side 1.27, 1.2650 and 1.2570 will act as minor support levels. 1.25 will act as a key support level, below this, we can expect a free fall to 1.2430 and 1.22 (200Msma) levels. We recommend strong buying above 1.2838 levels, for targets at 1.2885 and 1.2900 levels. In case of a daily close below 1.2700, the bears may have an upper hand.

Recommendation- For an intraday view, the prices has been trading below the hourly key moving averages 12ema and 21hrsma. The pair has been taking support at the upper end of the triangle in the h4 chart. For today's session, the pair has support zone at 1.2735 to 1.2728 levels, below these, 1.2706 will act as strong support zone. We recommend buying above 1.2762 for targets 1.2787, 1.2805 and 1.2830 levels, safe buying is expected above 1.2790 levels. We recommend selling below 1.2725 with targets at 1.2706, 1.2680 levels.

On a positional basis, overall the pair favors bears. Selling will mint the money.

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Technical analysis of EUR/USD for October 20, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German PPI m/m, Current Account, German Buba Monthly Report. The US will not release any economic data, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2808.

Strong Resistance:1.2800.

Original Resistance: 1.2788.

Inner Sell Area: 1.2776.

Target Inner Area: 1.2746.

Inner Buy Area: 1.2716.

Original Support: 1.2704.

Strong Support: 1.2692.

Breakout SELL Level: 1.2684.

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 20, 2014 Market Analysis Review

Today, Japan and the US will not release any economic data. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.73.

Resistance. 2: 107.52.

Resistance. 1: 107.31.

Support. 1: 107.05.

Support. 2: 106.84.

Support. 3: 106.63.

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 October 20, 2014 Market Analysis Review

On the daily chart, the USDX is trying to stay in the bullish trend above the support level of 85.18. However, the USDX could find resistance at current levels and fall to the support level of 84.29, because this instrument is forming a lower low pattern. The MACD indicator remains in negative territory, which could favor the bearish bias on this chart.

Dailychart's resistance levels: 85.18 / 86.20

Dailychart's support levels: 84.29 / 83.74

The USDX is trying to form a bullish pattern below the resistance level of 85.27, because the USDX has found strong support at the 84.81 level on several occasions, but in the H1 chart, the USDX still remains below the 200-day moving average, so the bearish outlook still remains alive in the USDX. However, caution is advised because the MACD indicator is entering overbought area.

H1 chart's resistance levels: 85.27 / 85.49

H1 chart's support levels: 85.03 / 84.81

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 85.03, take profit is at 84.81, and stop loss is at 85.25.

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Daily analysis of GBP/USD for October 20, 2014 Market Analysis Review

In the H4 chart, the GBP/USD continues to consolidate above the support level of 1.6051, so this pair has formed a fractal near the 1.6110 level, which could exert strong resistance on the GBP/USD. This pair is approaching the 200-day moving average resistance at the level of 1.6226, which would be the nearest bullish target on the road.

H4chart's resistance levels: 1.6100 – 1.6226

H4 chart's support levels: 1.6051 - 1.6004

The GBP/USD has found strong resistance at the level of 1.6117. This pair is still trying to consolidate above this level. On the H1 chart, the MACD indicator remains in negative territory and GBPUSD has made a rebound at 200 SMA.

H1 chart's resistance levels: 1.6117 / 1.6170

H1 chart's support levels: 1.6075 / 1.6031

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 1.6117, take profit is at 1.6170, and stop loss is at 1.6065.

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USDCAD Daily Analysis - October 20, 2014 Forex Analysis

USDCAD stays in the upward price channel on 4-hour chart, and remains in uptrend from 1.0886, the fall from 1.1385 is likely consolidation of the uptrend. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.1500 area. Only a clear break below the channel support could signal completion of the uptrend.

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USDCHF Daily Analysis - October 20, 2014 Forex Analysis

USDCHF remains in downtrend from 0.9687, the rise from 0.9370 could be treated as consolidation of the downtrend. Resistance is 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. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 0.9370 already, then the following upward movement could bring price to 1.0000 zone.

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USDJPY Daily Analysis - October 20, 2014 Forex Analysis

USDJPY broke above the downward trend line on 4-hour chart, indicating that the downtrend from 110.08 had completed at 105.32 already. Further rally would likely be seen in a couple of days, and next target would be at 109.00 area. Support levels are at 106.10 and 105.32, only break below these levels could trigger another fall to 104.00 zone.

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AUDUSD Daily Analysis - October 20, 2014 Forex Analysis

AUDUSD stays in the trading range between 0.8642 and 0.8898. The price action in the range is likely consolidation of the downtrend from 0.9401. As long as 0.8898 resistance holds, the downtrend could be expected to resume, and another fall to 0.8400 area is possible.

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GBPUSD Daily Analysis - October 20, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6524, the price action from 1.5951 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 resume, and next target would be at 1.5600 area. Key resistance is at 1.6226, only break above this level will indicate that lengthier consolidation of the longer term downtrend from 1.7190 (Jul 15 high) is underway, then further rise to 1.6400 area could be seen.

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EURUSD Daily Analysis - October 20, 2014 Forex Analysis

EURUSD remains in uptrend from 1.2500, as long as the trend line support holds, the fall from 1.2867 could be treated as consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 1.2950 area. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 1.2867 already, then the following downward movement could bring price to 1.2000 area.

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