Intraday trading recommendations on USD/JPY for October 21, 2014 Market Analysis Review

The pair has been in a down trend for 2 weeks. In yesterday's session the pair was faced strong resistance at 107.50 parallel resistance and 108.00, 20Dsma. Until the pair closes above 108.00, bears have an upper hand in the near term. In today's Asia's session the pair is trading at 106.95. We recommend selling at the market price target of 106.42, 50Dsma. In case, the pair closes below 106.41 we will add further bearish thoughts in the near term. For the medium term view, after a daily close below 105.90 only, the pair will weaken further.

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Technical analysis of EUR/JPY for October 21, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair printed lows at 134.20/30 levels last week before pulling back towards 137.00 as seen here. Please note that the pair has broken recent trend line resistance and has entered into the buy zone again. Immediate support is seen at 135.80/90, followed by 135.20 and 134.20, while resistance is seen at 138.00, followed by 139.00 and higher up respectively. It is recommended to enter long positions on dips around 135.20/30 levels which is also the fibonacci 0.618 support ( of the rally between 134.25 to 137.00 ). Furthermore, the resistance turned support trend line is coinciding around 135.20/30 levels as seen here.

Trading recommendations:

Look to enter long positions around 135.20/30, stop is at 134.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for October 21, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has bounced off the 1.5000 levels as expected and reached initial resistance at 1.5200/50 as seen here. The pair is expected to pullback towards 1.5100 and further rally towards 1.5320/30 at least. Immediate support is seen at 1.4975, followed by 1.4750/60 and lower, while resistance is at 1.5320/30, followed by 1.5450, 1.5550 respectively. It is recommended to to book profits on long positions taken earlier, and again enter at 1.5100; risk remains at 1.4950. The structure indicates that a top might be in place at 1.5550 and that bears should remain in control till prices remain lower than 1.5500/50. The current rally could just be a counter trend.

Trading recommendations:

Book profits on long positions. Again enter buying around 1.5100 levels, stop is below 1.4950, target is 1.5320.

Good luck!

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Technical analysis on USD/CAD for October 21, 2014 Market Analysis Review

In yesterday's session again the pair was rejected at the highest close level of 1.1297, fell back to 1.1250. At the end of the day it erases its losses and closed just below the opening price. For an intraday view, the prices are 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. But today in Asia's session the pair is facing resistance at the descending trend line. For an hourly view, the pair has support at 1.1268, below this, 1.1260 and 1.1251 will act as hourly trend decider levels. We recommend selling below 1.1251 for targets at 1.1235, 1.1222, 1.1211 and 1.1200. Buying above 1.1300 for targets at 1.1334 and 1.1360 (intraday).

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 1.1195 (20Dsma). The weekly trading pattern is framed between 1.1184-1.1298 levels. We recommend fresh buying only above 1.1300 for targets at 1.1385 levels on a positional basis.

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Technical analysis on USD/CHF for October 21, 2014 Market Analysis Review

The pair fell below the 20 Dsma and closed below that. The pair made a minor base at 0.9400 levels and moving inch higher by making lower lows for 3 sessions. For the near term the trading pattern is framed between 0.9511 (20Dsma) and 0.9401. On the bullish front, in case if the pair closes above 0.9511 levels, we can expect a 50-80-pip rise. In case, if the pair falls below 0.9400, it can extend its fall to 0.9360-0.9345 levels. The weekly support level is at 0.9345 (50Dsma). In case, if the pair closes below 0.9345 levels, we can see a sharp correction to 0. 9300 and 0.9280 levels and even further lower towards 0.9200 (20Wsma). We recommend selling only below 0.9400 levels.

Support: 0.9400, 0.9345, 0.9300

Resistance: 0.9480, 0.9510, 0.9562

For an hourly trading view, the prices are trading below 12ema and 35DEMA. Today in Asia's session the 34hrsma is providing some support at 0.9425 levels. In the h4 chart, the pair fell below the base triangle, the height of the triangle is 219 pips. Couple of times the pair tried to breach the base of the triangle, but was unable to close above the base of the triangle. We recommend selling below 0.9415 for targets at 0.9406, 0.9395 and 0.9345 levels. Buying above 0.9340 for target at 0.9460.

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Technical analysis on GBP/USD for October 21, 2014 Market Analysis Review

The pair managed to close above 20Dsma in the previous session. It happened after 18 trading sessions. Whenever the cable closes above 20Dsma, on the very second day the pair closes in the deep red. It represents the 20Dsma acting at the trend decider level. In yesterday's session the pair took support at the descending trend line. The pair has immediate resistance at 1.6181, 1.6196, the 50.0 fib level, above this, the 4-month descending trend line is acting as a strong resistance level. The cable has been struggling to give an upside breakout from the wedge pattern. The pair has good support between 1.6135 to 1.6126, the 38.2 fib level.

Resistance 1.6182, 1.6196, 1.6227

Support 1.6135-1.6126, 1.6080, 1.6030

For an intraday view, the prices are trading above 12ema and 35DEMA. The cable has support at 1.6144, below this, 1.6126 and 1.6116 will act as support levels. The selling pressure will increase below 1.6116 and a candle h4 close below the descending trend line will create panic. We recommend buying above 1.6181 target 1.6226 levels. Selling below 1.6144, with target at 1.6126, 1.6116, 1.6090, 1.6075 and 1.6040 levels. Safe selling below 1.6125.

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Technical analysis of Silver for October 21, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has been trading between $17.20 and $17.50 levels for a few days now. It is quite possible that the metal will re-tests the lows at sub $17.00 levels before rallying towards fresh high above $18.00. Resistance is seen at $17.80 (interim), $18.00, $18.80 and higher, while support is seen at $17.00 levels, followed by $16.60/70 and lower respectively. It is recommended to remain long for now and also look to buy further at lower levels. A push above $18.00 could see prices extending further up towards $18.80 and higher since the outer trend line resistance could be broken. On the flip side, only a break below $16.60/70 would delay matters.

Trading recommendations:

Remain long for now, stop is at $16.40, target is open.

Good luck!

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Technical analysis of EUR/USD for October 21, 2014 Market Analysis Review

When the European market opens, there is no economic news to be released, but the US will release the economic data: Existing Home Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2854.

Strong Resistance:1.2846.

Original Resistance: 1.2834.

Inner Sell Area: 1.2822.

Target Inner Area: 1.2792.

Inner Buy Area: 1.2762.

Original Support: 1.2750.

Strong Support: 1.2738.

Breakout SELL Level: 1.2730.

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 21, 2014 Market Analysis Review

In Asia, Japan will release the Existing Home Sales and the US will release some economic data such as Existing Home Sales. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.31.

Resistance. 2: 107.10.

Resistance. 1: 106.89.

Support. 1: 106.63.

Support. 2: 106.42.

Support. 3: 106.21.

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 21, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold made a high at $1,250.00 levels on October 15, 2014. Currently trading at $1,246.00/47.00, the metal is preparing for a pullback towards $1,208.00/10.00. This could just a correction, before the metal again rallies to a new high at $1,275.00 and $1,295.00 respectively. Immediate resistance is seen at $1,250.00, while support is seen at $1,205.00, followed by $1,183.00 respectively. Please also note that the back side of the inner down trend line could also provide support around $1,208.00/10.00 levels. Furthermore, $1,208.00 is also the fibonacci 0.618 support of rally between $1,183.00 and $1,250.00 levels. Look to again buy on dips.

Trading recommendations:

Remain flat for now and look to buy around $1,208.00/10.00. Aggressive traders may go short with stop at $1,255.50 and a target at $1,210.00.

Good luck!

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Daily analysis of USDX for October 21, 2014 Market Analysis Review

At the H4 chart, the USDX continues to find support on the bullish trend line at the 85.04 level, so that eventually, the USDX could rise to the level of 86.00 in the medium term. On the other hand, if the USDX makes a breakout at the trend line, the next target would be the support level of 84.47.

H4 chart's resistance levels: 85.06 / 85.65

H4chart's support levels: 84.52 / 83.86

The USDX is consolidating below the 85.03 level. However, remember that this instrument has found strong support at the 84.81 level in the past. On the other hand, it is noteworthy that the USDX remains below the 200 SMA in the H1 chart, so the bearish bias is very strong in the USDX. The MACD indicator is entering neutral territory.

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 sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 84.81, take profit is at 84.60, and stop loss is at 85.02.

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Daily analysis of GBP/USD for October 21, 2014 Market Analysis Review

The GBP/USD is making a breakout at the resistance level of 1.6146, because this pair is in a corrective move in the daily chart. However, we must emphasize that the resistance level of 1.6235 is very strong, and those corrective movements on the GBP/USD could stop. The MACD is strengthening the current bullish bias on this pair, but we must not rule out a possible pullback to the 1.6235 level

Daily chart's resistance levels: 1.6235 / 1.6326

Dailychart's support levels: 1.6146 / 1.6046

In the H1 chart, GBP/USD is forming a higher high pattern above the support level of 1.6117 so the GBP/USD is trying to make a breakout at the level of 1.6170. This pair has formed a fractal above the 1.6170 level. However, if the GBP/USD takes a pullback at current levels, it would be expected to fall to the support level of 1.6117.

H1 chart's resistance levels: 1.6170 / 1.6216

H1 chart's support levels: 1.6117 / 1.6075

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 1.6170, take profit is at 1.6216, and stop loss is at 1.6126.

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Intraday technical levels and trading recommendations on EUR/USD for October 20, 2014 Market Analysis Review

Last week, the EUR/USD pair looked oversold and was trading beyond the lower limit of the channel before bullish momentum could get it back inside the channel.

That's why, price action around 1.2580-1.2600 (the lower limit of the channel) was important to determine the next destination.

Bullish recovery was expressed off 1.2500 and 1.2600 to push towards 1.2700 and 1.2830 (back inside the channel).

The origin of the bullish engulfing pattern (around 1.2600) provided a good BUY position as suggested in previous articles. It's running in profits now.

The upper limit of the movement channel (1.2880-1.2900) is being approached. Bearish pressure is anticipated to be applied offering a valid SELL entry.

The medium-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2880-1.2900 (the recent consolidation zone).

A short-term bullish Head and Shoulders pattern was established on the 4H chart. 4H fixation above 1.2700 confirmed the reversal and allowed the bulls to reach 1.2850.

A valid BUY position was suggested around the origin of the bullish Head and Shoulders pattern (price level of 1.2660). The final target is being approached today around 1.2900.

Recommendation :

Price action should be watched around 1.2870-1.2900 (upper limit of the channel and previous broken demand level) for one more SELL position.Stop loss for this short position should be located above 1.2965.

On the other hand, price level of 1.2730-1.2760 should be watched for price action. A break below this price zone ( the lower limit of the 4H channel ) indicates a SELL position towards 1.2620 initially.

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USDCAD Daily Analysis - October 21, 2014 Forex Analysis

USDCAD remains in uptrend from 1.0886, the fall from 1.1385 could be treated as consolidation of the uptrend. Support is located at the bottom 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 1.1500 area. Only a clear break below the channel support could signal completion of the uptrend.

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USDCHF Daily Analysis - October 21, 2014 Forex Analysis

USDCHF stays below the downward trend line on 4-hour chart, and remains in downtrend from 0.9687. As long as the trend line resistance holds, the rise from 0.9370 could be treated as consolidation of the downtrend. Further decline could be expected, and next target would be at 0.9300 area. On the upside, a clear break above the trend line resistance will signal completion of the downtrend, then the following upward movement could bring price to 1.0000 zone.

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USDJPY Daily Analysis - October 21, 2014 Forex Analysis

USDJPY is now in uptrend from 105.32, the fall from 107.39 is likely consolidation of the uptrend. Near term support is at 106.10, as long as this level holds, the uptrend could be expected to continue, and next target would be at 109.00 area. Only break below 106.10 support could trigger another fall to 104.00 zone.

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AUDUSD Daily Analysis - October 21, 2014 Forex Analysis

AUDUSD continued its sideways movement in a range between 0.8642 and 0.8898. Resistance is at 0.8898, as long as this level holds, the sideways movement could be treated as consolidation of the downtrend from 0.9401 (Sept 5 high), another fall to 0.8400 area could be expected after consolidation.

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GBPUSD Daily Analysis - October 21, 2014 Forex Analysis

GBPUSD broke above the upper line of the price channel on 4-hour chart. Further rise to test 1.6226 resistance is possible, a break of this level will signal completion of the downtrend from 1.6524, then next target would be at 1.6400 area. On the downside, as long as 1.6226 resistance holds, the price action from 1.5951 would possibly be consolidation of the downtrend from 1.6524, another fall to 1.5600 area is still possible after consolidation.

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EURUSD Daily Analysis - October 21, 2014 Forex Analysis

EURUSD stays above the upward trend line on 4-hour chart, and 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 signal completion of the uptrend, then the following downward movement could bring price to 1.2000 area.

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

Fundamental overview:

USD/JPY is expected to trade in a higher range. It is underpinned by the yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 12.74% to 21.99; S&P 500 closed up 1.29% at 1,886.76 Friday) after surprise rise in University of Michigan preliminary U.S. October consumer sentiment index to 86.4 from the final September reading of 84.6 (versus forecast 84.0) and stronger-than-expected 6.3% on-month increase in U.S. September housing starts (versus forecast +4.6%); hints that U.K. monetary policy tightening could be delayed and that the European Central Bank would start more stimulus efforts within days. USD/JPY is also supported by the demand from Japanese importers, ultra-loose Bank of Japan's monetary policy amd higher U.S. Treasury yields (10-year at 2.199% versus 2.155% late Thursday) and the positive dollar sentiment (ICE spot dollar index last at 85.28 versus 84.96 early Friday) on upbeat U.S. consumer sentiment and housing data. But USD/JPY gains are tempered by Japan's export sales.

Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is rising from the oversold zone.

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 107.55 and the second target at 108.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 106.05. A break of this target would push the pair further downwards and one may expect the second target at 105.70. The pivot point is at 106.50.

Resistance levels:

107.55

107.85

108.15

Support levels:

106.05

105.70

105.50

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

Fundamental overview:

USD/CHF is expected to trade in a lower range. USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. USD/CHF losses are restricted by the positive dollar sentiment (VIX fear gauge eased 12.74% to 21.99; S&P 500 closed up 1.29% at 1,886.76 Friday) after surprise rise in University of Michigan preliminary U.S. October consumer sentiment index to 86.4 from the final September reading of 84.6 (versus forecast 84.0) and stronger-than-expected 6.3% on-month increase in U.S. September housing starts (versus forecast +4.6%), dovish Swiss National Bank's monetary policy and franc sales on buoyant GBP/CHF cross.

Technical comments:
Daily chart is mixed as MACD is in a bearish mode but stochastics is turning bullish near the oversold zone, inside-day-range pattern was completed on Friday.

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 0.9500. 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 0.9525 and the second target at 0.9560.

Resistance levels:

0.9525

0.9560

0.96



Support levels:

0.9385

0.9350

0.9315

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

Fundamental overview:

NZD/USD is expected to trade with a bullish bias. It is supported by the positive dollar sentiment (VIX fear gauge eased 12.74% to 21.99; S&P 500 closed up 1.29% at 1,886.76 Friday) after surprise rise in University of Michigan preliminary U.S. October consumer sentiment index to 86.4 from the final September reading of 84.6 (versus forecast 84.0) and stronger-than-expected 6.3% on-month increase in U.S. September housing starts (versus forecast +4.6%). But NZD/USD losses are tempered by the Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment, NZD-USD interest differential and firmer dairy prices.

Technical comment:

Daily chart is still positive-biased as MACD and stochastics is in bullish mode five-day moving average above 15-day MA and is advancing.

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 0.8 and the second target at 0.8050. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7840. A break of this target would push the pair further downwards and one may expect the second target at 0.8. The pivot point is at 0.7885.

Resistance levels:

0.8000

0.8050

0.8075



Support levels:

0.7840

0.78

0.7760

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Technical analysis of GBP/JPY for October 20, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to trade with a bullish bias. It is supported by the buoyant USD/JPY pair and Bank of England's chief economist Andy Haldane saying he favors keeping interest rates "lower for longer" as a weaker global economy, low inflation pressures and wage growth had forced him to reassess U.K.'s economic outlook and demand from Japanese importers. But GBP/JPY gains are tempered by Japan's export sales.

Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is rising from the oversold zone, bullish parabolic stop-and-reverse signal was hit on Friday.

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 173.35 and the second target at 174. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 170.20. A break of this target would push the pair further downwards and one may expect the second target at 169.15. The pivot point is at 171.35.

Resistance levels:

173.35

174

174.25

Support levels:

170.20

169.75

169.15

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EUR/NZD analysis for October 20, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.6026. Since we got strong rejection from our resistance level at the price of 1.6230б it is still very risky to buy. I have placed Fibonacci expansion from the most recent swings to find support levels. I got Fibonacci expanson 61.8% at the price of 1.5980. If the price breaks the level of 1.5980 (Fibonacci expansion 61.8%), we may see testing the level of 1.5810 (Fibonacci expansion 100%). Be careful when buying and watch for potential selling opportunities after retracement. According to the daily time frame, we can observe weak demand in a volume below the average.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6202

R2: 1.6247

R3: 1.6319

Support levels:

S1: 1.6057

S2: 1.6012

S3: 1.5939

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 20, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of 1,245.00. We are still waiting for larger volume and stronger price action. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 is again on the testб so be careful when buying gold. If the price breaks the level of 1,245.00 in a high volume, we may see potential testing the level of 1,262.00 (major Fibonacci retracement 38.2%). According to the 4H time frame, we can observe sideways movement in aт average volume. . Be careful when buying and watch for potential selling opportunities. Any larger supply may confirm futher bearish movement.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,239.08

R2: 1,240.42

R3: 1,242.60

Support levels

S1: 1,234.72

S2: 1,233.38

S3: 1,231.20

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

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Weekly technical levels of GBP/USD for October 20-24, 2014 Market Analysis Review

Overview :

• As it is known, the sellers are asking for a higher price. And the supply zone has set between the levels of 1.6070 and 1.6187. The minor support is going to set at 1.6031. And this level is going to represent the weekly pivot point. So, the major support had already set at the price of 1.6031. Moreover, the double bottom also coincides with the major support. Thus, the support will be formed at the level of 1.6031 providing a clear signal for buy deals with the target seen at the 1.6135 level in order to break the double top. If the trend breaks the double top (1.6135), it will continue towards the weekly resistance 1 at the price of 1.6187 However, the stop loss should never exceed your maximum exposure amounts. So, it is to be placed below 1.6005.

The weekly technical levels of GBP/USD pair.

Review :

• The double top of the GBP/USD pair will set at the level of 1.6125.


• The support is going to set at 1.6031. And this level is going to represent the weekly pivot point for October 20-24, 2014.


• Moreover, the double bottom also coincides with the major support in H1 chart.


• The price hit the weekly pivot point and the support 1 last week, because of the series of relatively equal highs and equal lows.


• We expect a range of 293 pips this week.


• It should be noted that the weekly range was large between 251 pips and 335 pips in the last three weeks.

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Weekly technical levels of EUR/USD for October 20-24, 2014 Market Analysis Review

The weekly technical levels of EUR/USD pair.

Overview :

• The support of the EUR/USD pair has set at the price of 1.2625 and this price coincides with the double bottom. The double bottom is set at the price of 1.2620. Therefore, the first key level will set at the price of 1.2620 and the second key level will set at the 1.2625 level today. Moreover, it should be noted that the area between 1.2600 and 1.2625 is representing strong support in H1 chart. Equally important, the price of the EUR/USD pair is still moving between 1.2600 and 1.2755. Also, it should be noticed that the weekly pivot point is placed at the price of 1.2755 on October 20, 2014. Additionally, we should bear in mind that the range was about 266 pips last week, but we expect a large range about 280 to 300 pips this week. Furthermore, the trend was very clear indicating up move. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.2650. As a result, buy at the price of 1.2650 with the first target of 1.2766 , it might resume to 1.2885 in order to test the weekly resistance 1 around 1.2880 - 1.2890. On the other hand, your stop loss should be placed below the support 1 level, hence it will be beneficial to set it at the price of 1.2595 this week.

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Elliott wave analysis of EUR/NZD for October 20, 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6243

R2: 1.6186

R1: 1.6146

Current Spot: 1.6057

S1: 1.6025

S2: 1.6000

S3: 1.5970

Technical summary:

This correction grows more and more complex by the day, but it does begin to look like a triangle, which could be a good explanation, why this correction has become a complex as it has. If it is a triangle it also confirms, that this is wave iv of 3 and wave v should take us higher to 1.6830 before the next correction takes over. In the short term we would like to see support at 1.6025 protect the downside for a break above 1.6246 confirming a new rally to 1.6446 and the way higher to 1.6830.

Trading recommendation:

We are long in EUR at 1.6190 with a stop placed at 1.5985 and we will place our take profit at 1.6800.

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Elliott wave analysis of EUR/JPY for October 20, 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.27

R2: 137.00

R1: 136.78

Current spot: 136.63

S1: 136.47

S2: 136.23

S3: 136.00

Technical summary:

Wave a of Y ended a little early and we are correctly in wave b of Y, which could move higher to 137.67 before wave c lower takes over for a decline towards 130.59 - 131.52. The wave count in wave a has not been very clear, which has made it very hard to track probably, but with the break above minor resistance at 136.23 there can be no more doubt that wave b is unfolding before wave c lower.

Trading recommendation:

Our stop at break-even was hit and we will look for a EUR-selling opportunity near 137.67.

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

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

The first resistance level has been broken and price has made a higher high on the intraday chart. The most important level right now is the narrow supply zone between the levels of 137.77 - 137.94 and any breakout higher confirms further upward price progression in wave B black. On the other hand, it looks like the weekly pivot will play a key role in intraday developments and a possible bounce and rebound is expected on that level. Only a breakout below weekly pivot should be considered as intraday bearish.

Support/Resistance:

137.86 - WR1

137.77 - 137.94 - Supply Zone

136.99 - Intraday Resistance

136.45 - Intraday Support

135.99 - Weekly Pivot

135.27 - WS1

134.11 - Swing Low

Trading recommendations:

As long as the price trades above the level of 135.99 the intraday uptrend is intact and higher prices are expected here. Please notice that this is wave B in the making so trading conditions might get choppy but overall buying the dips is the way to trade this market.

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

General overview for 20/10/2014 09:45 CET

The count has been slightly changed as the previous waves 1 and wave 2 overlapped. The main reference level for this count is the key zone at the level of 1.1070, because any violation of this level invalidates the purple impulsive count and makes main labeling very probable. The current corrective cycle might be the beginning of a very large degree correction that will be complex and time consuming but there is no confirmation of this kind of wave progression just yet and it is still very possible that the impulsive wave sequence in form of 1-2, (i) - (ii), i-ii, (1)-(2) pattern will result with explosive upward progression soon. The first projected target is at the level of 1.1725.

Support/Resistance:

1.1381 - WR1

1.1293 - Intraday Resistance

1.1281 - Weekly Pivot

1.1209 - Intraday Support

1.1178 - WS1

1.1070 - 1.1080 Demand Zone |Key Level|WS2

Trading recommendations:

As long as the price trades above the level of 1.1070 the uptrend is intact and higher prices are expected here. Buying the dips is the way to trade this market, both for swing and daytraders.

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