Daily analysis of USDX for October 24, 2014 Market Analysis Review

In the daily chart, the USDX continues to strengthen the bullish trend on the way to the resistance level of 86.20. Currently, the USDX remains strong in the bullish trend, due to the fact that the support level of 84.70 has managed to stop the fall in this instrument , so the USDX could try to make a breakout at the level of 86.20.

Dailychart's resistance levels: 86.20 / 87.35

Dailychart's support levels: 85.18 / 84.29

On the H1 chart, the USDX remains within the range between 85.95 and 85.73 levels. However, the USDX is concentrating efforts to make a definitive breakout on the resistance level of 85.95. However, the USDX could perform a bullish retracement to the level of 85.49.

H1 chart's resistance levels: 85.95 / 86.17

H1 chart's support levels: 85.73 / 85.49

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 85.95, take profit is at 86.17, and stop loss is at 85.73.

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Daily analysis of GBP/USD for October 24, 2014 Market Analysis Review

At the H4 chart, GBP/USD has made a rebound on the support level of 1.6004, where currently, this pair is forming a bearish pattern. This is an indication that the GBP/USD could continue the bearish trend for several more days, because that support level is very weak. However, it is likely that during today's session, the pair moves in a range. The MACD indicator remains in negative territory.

H4chart's resistance levels: 1.6051 / 1.6226

H4chart's support levels: 1.6040 / 1.5951

The GBP/USD found strong support at the 1.6000 level, although the pair remains below the 200 SMA on the H1 chart. However, GBP/USD may perform a bullish retracement to the resistance level of 1.6075. The MACD indicator remains in positive territory.

H1 chart's resistance levels: 1.6075 / 1.6117

H1 chart's support levels: 1.6031 / 1.5980

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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Technical analysis of EUR/USD for October 24, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as GfK German Consumer Climate, Italian Retail Sales m/m, EU Economic Summit, Belgian NBB Business Climate. The US will release the economic data too such as the New Home Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2711.

Strong Resistance:1.2703.

Original Resistance: 1.2691.

Inner Sell Area: 1.2679.

Target Inner Area: 1.2649.

Inner Buy Area: 1.2619.

Original Support: 1.2607.

Strong Support: 1.2595.

Breakout SELL Level: 1.2587.

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 24, 2014 Market Analysis Review

In Asia, Japan will not release any economic events, but the US will release some economic data such as New Home Sales. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 108.50.

Resistance. 2: 108.29.

Resistance. 1: 108.80.

Support. 1: 107.81.

Support. 2: 107.60.

Support. 3: 107.39.

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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Forecast on USD/CAD for October 24, 2014 Market Analysis Review

The pair made a multiple top around 1.2927-1.3000. In yesterday's session the pair took the support at 20Dsma and erased its losses partially. Today, as well the pair opened on a bearish note. Now, as of today the pair was unable to trade above the previous open price. On the downside, it has support at 1.1200 and 1.1184 levels. The 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. In case, if the pair closes below 20Dsma on a daily closing basis, then only the bears get a chance to drag the pair towards 1.1160 and 1.1085 levels. Traders can patiently wait for a direction or risky traders can use sl 1.1257 and start selling at the market price. In the h4 and h1 chart the prices are trading below the hourly moving averages. Safe traders can wait one more day for a clear direction either to 1.1385 or 1.1085 levels.

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Technical analysis on Gold for October 24, 2014 Market Analysis Review

The greenback is supported by the stronger US weekly jobless claims numbers resulted in sell-offs of the metal. In yesterday's session the metal was rejected exactly at 50Sma and held support at 20Dsma. The trading pattern is framed between $1,243.50 (50Dsma) and $1,225.00 (20Dsma). In my previous article, I gave an alert, the metal prices was making a broadening top at $1,249.50. Within one day we can see the result, the asset fell approximately $20. In yesterday's article we recommended selling below $1,236.00, and for risky traders, selling below $1,239.00, a low made at $1,226.00 levels. Currently the metal is trading at $1,230.50, traders can book profit here. In case, the metal closes below $1,225.00, we can see the extension of the fall towards $1,217, below this panic selling will be triggered. We can expect strong upswing only above $1,250 levels. On the higher side, it has resistance at $1,245, 50Dsma, and $1,249.50 levels. The Stochastic in the daily chart is indicating a sell signal.

For an hourly view, the prices have been trading below the 12ema and 34hrsma hourly key moving averages. The metal has support between $1,228 and $1,226 levels. We recommend fresh selling below $1,226 for targets at $1,222.00 and $1,217.50 levels. The panic selling will be triggered below $1,217 for targets at $1,210 and $1,205 levels. Today the metal is facing resistance at 12DEMA. On the other hand, we see some buying above $1,234.50 levels.

Trade-

Selling below $1,226.00

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Intraday trading recommendations on EUR/JPY for October 24, 2014 Market Analysis Review

The pair gave a stellar performance in yesterday's session. It erased its 3-day losses in a single session. But the pair made a top at 137.00, the parallel resistance. Today, as of now, the pair is unable to breach the double top at 137.00. The trading pattern is framed between 137.00 and 135.00 levels. The bulls hardly tried to close above 20Dsma, but closed near that. We recommend fresh buying only above 137.00 for an immediate target at 137.50 to 137.60 levels. In case, if the pair closes above 137.93, then only the pair looks for promising buy, until that selling on every rise will be the best strategy. The pair successfully came out of the descending trend line, that is a positive view. Currently the pair is producing some mixed signals. On a daily closing basis, in case if the pair closes above 137.93, then it can go to 139.35 levels. On the other side, in case if the pair closes below 135.00 levels, we can expect 132.90 levels.

For an hourly view, we can expect another strong rise only above 137.00, safe traders can start buying above 137.06 for targets at 137.50 and 137.60 levels. The prices are trading above 12ema and 34hrsma. The cross has support at 136.50, below this, 136.30 and 136.15 will act as intraday support levels. Risky traders can use sl 137.00 and sell at the current market price. The risk reward ratio is very nice at this price. Traders can wait for downside targets at 136.50, 136.30 and 136.15 levels. In case, if the sl is taken off, reverse the trade: immediate buying above 137.06 for targets at 137.50 and 137.60. Those who trade on both sides (if sl taken-off) at the end of the day you will be in profit.

Trade-

Selling sl 137.00, cmp 136.92

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Technical analysis on EUR/USD for October 24, 2014 Market Analysis Review

The greenback is supported by the strong US weekly jobless claims numbers. On Wednesday's session the pair was falling below the ascending symmetric triangle, closed below that and 20dsma as well. In yesterday's session, the pair was rejected at the 20Dsma level. The initial resistance level was at 1.2689 levels. Until the pair closes above 1.2690, sell on every rise. In the h4 chart, the prices are facing a strong resistance level at 12DEMA. On the downside, the pair has support at 1.2625, below this, 1.2606, 1.2584 and 1.2578 are open targets. The selling pressure will increase below 1.2578 (the 80.0 fib level) towards the previous lows at 1.2500 which are strong support and key trend decider levels. On the other side, 1.2676, above 1.2686, 1.2710 and 1.2740 are strong resistance levels. We recommend fresh selling below 1.2625 or wait for an upswing to start selling at 1.2740 levels.

Trade-

Selling below 1.2625

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USDCAD Daily Analysis - October 24, 2014 Forex Analysis

USDCAD remains in uptrend from 1.0810 (Aug 29 low), the fall from 1.1385 is likely consolidation of the uptrend. Deeper decline is still possible, and the target would be at 1.1150 area. Resistance is at 1.1300, a break above this level will indicate that the uptrend from 1.0810 has resumed, then another rise towards 1.1500 could be seen.

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USDCHF Daily Analysis - October 24, 2014 Forex Analysis

USDCHF remains in uptrend from 0.9370, and the rise extended to as high as 0.9557. 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 24, 2014 Forex Analysis

USDJPY's upward movement from 105.32 extended to as high as 108.35. Support is now located at the upward 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 109.00 area. Only a clear break below the trend line support could signal completion of the uptrend.

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AUDUSD Daily Analysis - October 24, 2014 Forex Analysis

AUDUSD is forming a sideways movement in a range between 0.8642 and 0.8898. As long as 0.8898 resistance holds, the sideways move could be treated as consolidation of the downtrend from 0.9401, another fall to 0.8400 area is still possible. Support is at 0.9642, a breakdown below this level will signal resumption of the downtrend. Resistance is at 0.8898, only break above this level will indicate that the downtrend is complete.

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GBPUSD Daily Analysis - October 24, 2014 Forex Analysis

GBPUSD moved sideways in a range between 1.5874 and 1.6226. As long as 1.6226 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.6524, and another fall to 1.5600 area could be expected after consolidation. Support is at 1.5874, a breakdown below this level will signal resumption of the downtrend. On the upside, a break of 1.6226 resistance will signal completion of the downtrend, then the following upward movement could bring price back to 1.6400 zone.

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EURUSD Daily Analysis - October 24, 2014 Forex Analysis

EURUSD's downward movement from 1.2867 extended to as low as 1.2613. Further decline to test 1.2500 support could be expected, a breakdown below this level will indicate that the longer term downtrend from 1.3700 (Jul 1 high) has resumed, then next target would be at 1.2200 area. Resistance is at 1.2750, only break above this level could trigger another rise to 1.2950 area.

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Technical analysis of USD/JPY for October 23, 20143 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate with a bullish bias. USD/JPY is underpinned by the positive USD sentiment (ICE spot dollar index last 85.75 versus 85.39 early Wednesday) as U.S. Treasury yields inched higher (10-year at 2.219% versus 2.208% late Tuesday) after U.S. September CPI rose 0.1% in line with expectations, calming fears about the spread of deflation. USD/JPY is also supported by the demand from Japan importers, ultra-loose Bank of Japan's monetary policy and wider-than-expected Japan September trade deficit. But USD/JPY gains are tempered by Japan's export sales and selling of yen crosses amid increased risk aversion (VIX fear gauge rose 11.13% to 17.87, S&P 500 closed 0.73% lower at 1,927.11 overnight) amid reports of shootings in Canada's parliament building.

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 108.30 and the second target at 108.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.10. A break of this target would push the pair further downwards and one may expect the second target at 106.75. The pivot point is at 107.50.

Resistance levels:

108.30

108.75

109

Support levels:

107.10

106.75

106.35

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Technical analysis of USD/CHF for October 23, 20142 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade in a higher range. It is supported by the positive USD sentiment (ICE spot dollar index last 85.75 versus 85.39 early Wednesday) as U.S. Treasury yields inched higher (10-year at 2.219% versus 2.208% late Tuesday) after U.S. September CPI rose 0.1% in line with expectations, calming fears about the spread of deflation, dovish Swiss National Bank's monetary policy and franc sales on soft CHF/JPY cross and contagion from weak EUR on CHF.

Technical comments:
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 0.9560 and the second target at 0.9590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9465. A break of this target would push the pair further downwards and one may expect the second target at 0.9435. The pivot point is at 0.9510.

Resistance levels:

0.9560

0.9590

0.9625



Support levels:

0.9465

0.9435

0.9390

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Technical analysis of NZD/USD for October 23, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a lower range. It is undermined by the lower-than-expected New Zealand 3Q CPI of +0.3% on-quarter (versus forecast +0.5%), the positive USD sentiment (ICE spot dollar index last 85.75 versus 85.39 early Wednesday) as U.S. Treasury yields inched higher (10-year at 2.219% versus 2.208% late Tuesday) after U.S. September CPI rose 0.1% in line with expectations, calming fears about the spread of deflation, Kiwi sales on buoyant AUD/NZD cross and Kiwi sales on soft NZD/JPY cross amid increased investor risk aversion. But NZD/USD losses are tempered by the NZD-USD interest differential.

Technical comment:

Daily chart is mixed as MACD is bullish, but stochastics is turned bearish at overbought 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 0.7805. A break of this target will move the pair further downwards to 0.7775. The pivot point stands at 0.7885. 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 0.7915 and the second target at 0.7955.

Resistance levels:

0.7915

0.7955

0.7985



Support levels:

0.7805

0.7775

0.7735

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Technical analysis of GBP/JPY for October 23, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to trade in a higher range. It is undermined by the bullish GBP sentiment and by sterling demand on soft EUR/GBP cross. GBP/JPY gains are tempered by the dovish October Bank of England MPC meeting minutes showing the committee split 7-2 in favor of keeping rates on hold, with the majority far from convinced for an early rate increase.

Technical comment:
Daily chart is negative-biased as MACD is bearish, stochastics is reverting to bearish mode ,five and 15-day moving averages declining.

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 174 and the second target at 174.95. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 171. A break of this target would push the pair further downwards and one may expect the second target at 170.20. The pivot point is at 172.05.

Resistance levels:

174

174.95

175.65

Support levels:

171

170.20

169.75

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EUR/NZD analysis for October 23, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6140 in an ultra high volume (buying climax). Price rejection from the level of 1.5910 (swing high like support), which pushed the price to start upward movement. I have placed Fibonacci retracement to find potential resistance level and I got Fibonacci retracement 38.2% at the price of 1.6110 and Fibonacci retracement 61.8% at the price of 1.6235. According to the 4H time frame, we can observe demand in an ultra high volume. Be careful when buying EUR/NZD since the price is near the resistance level and we got buying climax on the market. Anyway, of the price breaks the level of 1.6110 in a high volume, we may see testing the level of 1.6235.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.5977

R2: 1.5997

R3: 1.6029

Support levels:

S1: 1.5914

S2: 1.5894

S3: 1.5863

Trading recommendations: Be careful when buying the EUR/NZD pair since our resistance level is on the test and we got buying climax on the market.

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Gold : analysis for October 23, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways downwards. As we expected, the price tested the level of 1,231.96. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 took place successfully, which caused the price to go downwards. According to the daily time frame, we can observe weak demand and weak price action. Gold is now in a bearish corrective phase so I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,227.00 and Fibonacci retracement 61.8% at the price of 1,210.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,249.10

R2: 1,251.34

R3: 1,254.97

Support levels

S1: 1,241.84

S2: 1,239.60

S3: 1,235.97

Trading recommendations: Watch for potential intraday selling opportunities

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Technical analysis of EUR/JPY for October 23, 2014 Market Analysis Review

General overview for 23/10/2014 12:00 CET

The complex corrective structure in wave -ii- blue looks to be completed and impulsive bullish breakout above the descending golden channel is the first confirmation that higher prices should be seen soon. The first target is at the level of 137.00 but even higher extension above this level is expected, up to the level of 137.93. On the other hand, any failure here on this key level would possibly lead to the test of the golden channel lower trend line before any impulsive wave progression will continue.

Support/Resistance:

137.86 - WR1

137.77 - 137.94 - Supply Zone

136.99 - Intraday Resistance

136.25 - Intraday Resistance|Key Level|

135.99 - Weekly Pivot

135.50 - Intraday Support

135.27 - WS1

134.11 - Swing Low

Trading recommendations:

Buying the dips advised yesterday was very profitable and now partial profit taking might take place at the current price levels. Swing traders should put SL below the level of 135.27 and wait for further impulsive wave progression to the upside.

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Technical analysis of AUD/USD for October 23, 2014 Market Analysis Review

Overview :

• The price of AUD/USD pair has still been trapped between 0.8727 and 0.8929. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bullish signs. In other words, it will be a good sign to buy above 0.8700 - 0.8727 with the first target at 0.8845 and the price will climb towards 0.8932 in order to test the first resistance. Also, it should be noted that the level coincides with the ratio of 32.8% Fibonacci retracement levels. However, if the pair fails to break 0.8932, the market will indicate a bearish opportunity below 0.8932. Then the level will really act as strong resistance, it wil be a good sign to sell below 0.8932 with the first target at 0.8878 and it will call for a downtrend in order to continue bearish movement towards 0.8813.
  

Intraday technical levels :

• Projected high: 0.9024


• Breakout (buy stop): 0.8945


• Strong resistance (sell limit): 0.8929


• Current pivot: 0.8790


• Strong support (buy limit): 0.8727


• Breakout (sell stop): 0.8692


• Projected low: 0.8641

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Technical analysis of USD/CAD for October 23, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the USD/CAD pair is still moving between the levels of 1.1205 and 1.1270. The resistance will set at the level of 1.1270 which sets around the ratio of 61.8% of Fibonacci retracement levels in H1 chart. So, the key level is placed at 1.1270. As we know, history will probably repeat itself at this level again. Therefore, sell below 1.1270 with the first target at 1.1240, then it will go towards 1.1200 in order to test this strong support. If the trend does not fail to close above the support at 1.1200; then the trend will continue downward towards the new bottom at the point of 1.1165. Please check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Notes :

• Supports are placed at the levels of 1.1200 and 1.1165.


• Breakout level (resistance) sets at the level of 1.1270.


• In the short term, we expect a bearish market and a range of 65 pips today.

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Elliott wave analysis of EUR/NZD for October 23 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6243

R2: 1.6168

R1: 161.39

Current spot: 1.6108

S1: 1.6080

S2: 1.6057

S3: 1.6045

Technical summary:

The rally from 1.5903 does look impulsive and indicates that the series of waves 1/2's is the correct scenario. That said, we still need a break above resistance at 1.6243 to confirm this scenario, but in the short term we will be looking for a rally to 1.6168 followed by a correction to the 1.6045 - 1.6057 area before next impulsive rally higher than above 1.6243 that confirms a rally higher to 1.6446 on the way towards 1.6800.

Trading recommendation:

We are long in EUR from 1.6085 and will move our stop to break-even and take profit at 1.6160. If our take profit is hit a new EUR-buy order will be placed at 1.6065 with a stop at 1.5900.

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Elliott wave analysis of EUR/JPY for October 23 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.27

R2: 137.00

R1: 136.78

Current spot: 136.15

S1: 136.00

S2: 135.76

S3: 135.44

Technical summary:

We are currently looking for signs to confirm whether wave B has ended early at 136.71 that a break below 135.63 and more importantly a break below 135.20 will confirm. However, if resistance at 137.00 is broken, then the B-wave is still unfolding for the final rally higher to 137.76 before wave C lower will be ready to take over for a decline to 130.59.

Trading recommendation:

We are short in EUR from 135.76 and will place our stop at 137.10. If you are not short in EUR yet, then sell after a break below 135.63 with the same stop.

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