USDCAD Daily Analysis - October 22, 2014 Forex Analysis

USDCAD is facing the support of the price channel on 4-hour chart, a clear break below the channel support could signal completion of the uptrend from 1.0886, then deeper decline to 1.0800 area could be seen. On the upside, as long as the channel support holds, the fall from 1.1385 could be treated as consolidation of the uptrend from 1.0886, one more rise to 1.1500 area is still possible.

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USDCHF Daily Analysis - October 22, 2014 Forex Analysis

USDCHF broke above the downward trend line on 4-hour chart, indicating that the downtrend from 0.9687 had completed at 0.9370 already. Further rise could be expected, and next target would be at 0.9650 area. Support is at 0.9440, only break below this level could trigger another fall to 0.9300 area.

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USDJPY Daily Analysis - October 22, 2014 Forex Analysis

USDJPY remains in uptrend from 105.32, the fall from 107.39 is likely consolidation of the uptrend. Further rise could be expected, and next target would be at 109.00 area. Support is at 106.10, only break below this level could trigger another fall to 104.00 zone.

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AUDUSD Daily Analysis - October 22, 2014 Forex Analysis

AUDUSD moved sideways 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, and another fall to 0.8400 area is possible. Only break above 0.8898 resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - October 22, 2014 Forex Analysis

GBPUSD is facing 1.6226 resistance, as long as this level holds, the price action in the range between 1.5874 and 1.6226 could be treated as consolidation of the downtrend from 1.6524, another fall to 1.5600 area could be expected. On the upside, a break of 1.6226 will signal completion of the downtrend, then further rise to 1.6400 area could be seen.

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EURUSD Daily Analysis - October 22, 2014 Forex Analysis

EURUSD is facing the support of the downward trend line on 4-hour chart, a clear break below the trend line support will indicate that the uptrend from 1.2500 had completed at 1.2867 already, then the following downward movement could bring price to 1.2000 area. On the upside, as long as the trend line support holds, one more rise to 1.2950 area is still possible.

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

Fundamental overview:

USD/JPY is expected to consolidate. USD/JPY is undermined by the weaker USD sentiment (ICE spot dollar index last 85.01 versus 85.31 early Monday) as U.S. Treasury yields inched lower (10-year at 2.192% versus 2.199% late Friday) and Japan's export sales. But USD/JPY downside is limited by the demand from Japanese importers, ultra-loose Bank of Japan monetary policy, yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 15.55% to 18.57; S&P 500 closed up 0.91% at 1,904.01 Monday).

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

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 107.05.

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 21, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate with a bullish bias. It is undermined by the weaker USD sentiment (ICE spot dollar index last 85.01 versus 85.31 early Monday) as U.S. Treasury yields inched lower (10-year at 2.192% versus 2.199% late Friday) and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.

Technical comments:
Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining but stochastics is bullish near 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 0.9525 and the second target at 0.9560. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9360. A break of this target would push the pair further downwards and one may expect the second target at 0.9325. The pivot point is at 0.9390.

Resistance levels:

0.9525

0.9560

0.96



Support levels:

0.9360

0.9325

0.93

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

Fundamental overview:

NZD/USD is expected to consolidate with a bullish bias. It is underpinned by the weaker USD sentiment (ICE spot dollar index last 85.01 versus 85.31 early Monday) as U.S. Treasury yields inched lower (10-year at 2.192% versus 2.199% late Friday), Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment and NZD-USD interest differential and firmer dairy prices. Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average was above 15-day MA and is advancing.

Technical comment:

Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average was 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 0.8050 and the second target at 0.8095. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7880. A break of this target would push the pair further downwards and one may expect the second target at 0.7840. The pivot point is at 0.7945.

Resistance levels:

0.8050

0.8075

0.8095



Support levels:

0.7880

0.7840

0.78

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

Fundamental overview:

GBP/JPY is expected to consolidate with a bullish bias. It is supported by the buoyant GBP/USD 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 in a bearish mode but stochastics rising from oversold.

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 173.05 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:

173.05

173.35

174

Support levels:

170.20

169.75

169.15

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Gold : analysis for October 21, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of 1,253.52 in a volume below average. We are still waiting for a larger volume and stronger price action. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 is again on the test, 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 weak demand and weak price action. Any larger supply may confirm futher bearish movement and a bearish corrective phase. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,227.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,248.47

R2: 1,251.87

R3: 1,257.37

Support levels

S1: 1,237.47

S2: 1,234.07

S3: 1,228.57

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

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

Overview

As shown from the today's H4 chart, the metal is stabilizing above the support level of 17.30 after its failure to break last week. Currently, we must wait for retesting the Support level again and closing below to get the bearish move opportunity according to its rebound from the resistance level of 17.50. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 17.00. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 17.30, this cancels the bearish move scenario.

Resistance and support levels: R3 (18.00), R2 (17.75), R1 (17.50), S1 (17.30), S2 (17.00), S3(17.75).

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

Trading recommendations :

• According to the previous events, the NZD/USD pair has still been moving between 0.7900 and 0.8070. It should be noted that the key level is set at the level of 0.7900 which represents the ratio of 23.6% Fibonacci retracement levels in H4 chart. Equally important, the double top will be formed at the 0.8070 level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good idea to buy above 0.7900 with the first target of 0.8030. It will call for an uptrend in order to continue its bullish movement towards 0.8070. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be set below 0.7900 at the price of 0.7853.

Notes :

• We expect a new range about 161 pips this week.


• The key level will set at the level of 0.8070.


• The resistance will set at the price of 0.8070.


• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.

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

Overview :

• The USD/CHF pair is going to set strong resistance at the level of 0.9525 and the minor resistance has set at 0.9485. The supports set at levels of 0.9400 and 0.9360 respectively. Also, it should be noted that the weekly pivot point has already set at the price of 0.9440. Equally important, the price is still moving around the key level at 0.9494 today. Moreover, the USD/CHF pair has still been below 50% of Fibonacci retracement levels since October 15, 2014. As a result, the price has already formed the strong support at this spot of 0.9400 - 0.9360 and it is now approaching it in order to test it. Another thought, the RSI calls for an uptrend. Therefore, the USD/CHF pair will get an upside rather convincing momentum and the structure of the fall does not look corrective. Indicating a bullish opportunity above the 0.9400 level, it will be a good sign to buy above 0.9400 with a first target of 0.9485 (this level coincides with weekly resistance 1) and it will call for an uptrend to continue bullish towards 0.9525. The level of 0.9525 coincides with the ratio of 50% Fibonacci retracement levels.

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

General overview for 21/10/2014 11:40 CET

The golden channel trend line has capped the market at the level of 1.1293, making this level a high for wave (b) blue. Currently the most appropriate labeling would suggest another wave down to complete wave (c) blue of the overall cycle. If this assumption is correct, then the price should test the level of 1.1209 and possibly break it.

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 day traders.

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

General overview for 21/10/2014 11:10 CET

Quiet trading conditions have caught the current market in a range zone between the levels of 136.26 - 137.00, but the more expected breakout of this range seems to be to the upside as the internal sub-cycles have not been completed yet. For the upside cycle, the projected target levels are in the supply zone between the levels of 137.77 - 139.94 and price should be capped around this zone and reverse.

Support/Resistance:

137.86 - WR1

137.77 - 137.94 - Supply Zone

136.99 - Intraday Resistance

136.26 - Intraday Support

135.99 - Weekly Pivot

135.27 - WS1

134.11 - Swing Low

Trading recommendations:

The market is still trading above the level of 135.99 and the intraday uptrend is intact - higher prices are expected here. Please notice that this is wave B which is making such trading conditions. It might get choppy but overall buying the dips is the way to trade this market.

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Elliott wave analysis of EUR/NZD for October 21, 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6186

R2: 1.6146

R1: 1.6082

Current spot: 1.6045

S1: 1.6025

S2: 1.6000

S3: 1.5951

Technical summary:

The complex correction from 1.6446 has produced a spike lower to 1.5951, which could be that final nail in this corrections coffin that we needed, but short term a break above 1.6082 is needed to indicate that the correction finally is over at 1.5951, while a break above resistance at 1.6243 will be the final confirmation, that a new impulsive trend higher towards 1.6446 on the way towards 1.6830 is developing.

Trading recommendation:

Our stop at 1.5985 was hit and we will only buy after a break above 1.6082 with stop at 1.5945.

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#USDX Technical analysis for October 21, 2014 Market Analysis Review

The Dollar index continues its downward pullback towards 84 which was our target for this downward correction once 85 was broken. Short-term trend remains bearish although we should not ignore the daily and weekly break out that occurred and changed longer-term trend to bullish. So this downward pull back should be considered a buy opportunity for the longer-term.

Red line = price channel

Black line= resistance trend line

Blue line = support

The Dollar index remains below the Ichimoku cloud and below the black downward sloping resistance trend line. As I said in my last analysis, as long as the index remains below the trend line and the cloud, the trend is bearish and we should expect to see the index at the 38% retracement at 84.

Black line= resistance trend line

The Dollar index has seen the tenkan-sen and kijun-sen cross over and this was a bearish sign as I noticed yesterday. I expect the index to move towards the Ichimoku cloud and the 38% retracement. So trend remains bearish for the short-term. The chikou span is approaching strong support and we should soon know if the correction will continue towards 82.50 or it will stop at 84.

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