Trading recommendation on USD/CHF for October 30, 2014 Market Analysis Review

The US dollar gave a stellar performance against most major currencies. The Federal Reserve closed its monthly bond-buying program. The pair took support from the ascending trend line, gave a strong close in yesterday's session. The pair closed above 20Dsma, but is facing strong resistance at the 61.8 fib level of 0.9562. We recommend buying above 0.9562. In the daily chart, we can observe an ascending triangle. The height of the triangle is 164 pips on a closing basis. We can see another huge upswing above 0.9562 for an immediate target at 0.9600 and 0.9625 levels. Above these, 0.9685 and 0.9726 are also possible on a positional basis. Bulls get active only above 0.9562. On the down side, the pair has support at 0.9510, 20Dsma. Below 0.9510 the ascending trend line will provide enough support to push the prices higher. In case, if the prices close below the ascending trend line, the base support at 0.9400 will act as strong support. The pair has been trading within a 160-pip range. A breakout either side will provide more room to trade. For an intraday session, the pair has support at 0.9490. We recommend selling below 0.9490 and buying above 0.9562 levels.

Trade:

Buying above 0.9562 for targets at 0.9600 and 0.9625

Selling below 0.9490 for targets at 0.9440 and 0.9400

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Technical analysis of EUR/USD for October 30, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Prelim CPI m/m, Spanish Flash CPI y/y, Spanish Flash GDP q/q, German Unemployment Change, Italian 10-y Bond Auction. The US will release the Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2694.

Strong Resistance:1.2686.

Original Resistance: 1.2674.

Inner Sell Area: 1.2662.

Target Inner Area: 1.2632.

Inner Buy Area: 1.2602.

Original Support: 1.2590.

Strong Support: 1.2578.

Breakout SELL Level: 1.2570.

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 30, 2014 Market Analysis Review

In Asia, Japan will not release any economic news, but the US will release some economic data such as Advance GDP q/q, Unemployment Claims, Advance GDP Price Index q/q, Natural Gas Storage. 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: 109.61.

Resistance. 2: 109.40.

Resistance. 1: 109.18.

Support. 1: 108.92.

Support. 2: 108.70.

Support. 3: 108.49.

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 30, 2014 Market Analysis Review

At the H4 chart, the USDX rose from the level of 85.20 to the resistance level of 86.01 where the USDX has begun to form a bullish pattern. In the medium term, we can see that the USDX has enough room to rise to the level of 86.40, where one bullish trend line is on this chart. In addition, the MACD indicator remains in positive territory, although the USDX could make a pullback at current levels.

H4chart's resistance levels: 86.01 / 86.75

H4chart's support levels: 85.06 / 84.52

The USDX had a strong bullish momentum above the 200 SMA on the H1 chart. For now, the USDX could begin to form a higher high pattern to attempt a breakout on the resistance level of 86.17. If successful, the next target would be the level of 86.40 in the short term. However, the USDX could perform a retracement to the support level of 85.73, to then continue the bullish trend. The MACD indicator remains in positive territory.

H1 chart's resistance levels: 86.17 / 86.40

H1 chart's support levels: 85.95 / 85.73

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 85.27, take profit is at 85.03, and stop loss is at 85.49.

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Daily analysis of GBP/USD for October 30, 2014 Market Analysis Review

On the daily chart, GBP/USD had a sharp drop from the resistance level of 1.6146 to the 1.6005 level, where the pair is trying to consolidate its current bearish trend, and now this pair could fall to the support level of 1.5883 in the medium term. That level is very strong, as this pair made a rebound at this level a few weeks ago. For now there is no clear view in the short term for the GBP/USD and the MACD indicator is entering neutral territory.

Dailychart's resistance levels: 1.6046 / 1.6146

Daily chart's support levels: 1.5883 / 1.5746

The GBP/USD is forming a lower low pattern below the resistance level of 1.6031, which is below the 200-day moving average. However, the GBP/USD could conduct a retracement to the resistance level of 1.6075, even if the pair could perform a breakout at the support level of 1.5980 to fall to the level of 1.5925, which would be a bearish consolidation.

H1 chart's resistance levels: 1.6031 / 1.6075

H1 chart's support levels: 1.5980 / 1.5925

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 1.5980, take profit is at 1.5925, and stop loss is at 1.6035.

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USD/CAD intraday technical levels and trading recommendations for October 29, 2014 Market Analysis Review

Overview:

Two months ago, the bearish swing (initiated in March 2014) was stopped at the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper bearish one.

A bullish breakout off the movement channel took place in August. Since then, the pair has been trending-up within the depicted bullish channels.

As mentioned before, breaching the price zone of 1.1230-1.1260 and fixation above it triggered new bullish impulse. Strong bullish momentum has been expressed for a couple of weeks so far. This movement was maintained within a steeper bullish channel.

Bulls were pushing beyond the upper limit of the movement channel. The USD/CAD pair looked overbought on the daily chart.

Few days ago, the USD/CAD pair tested the upper limit of the steeper channel. This corresponded to the price level of 1.1370. Immediate bearish rejection was expressed as anticipated after such a long bullish swing resulting in a bearish correction towards 1.1200.

As anticipated, 4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) allowed the bears to push towards 1.1100 where bullish recovery should be anticipated.

Recommendations:

The low-risk short positions around the price zone of 1.1270-1.1290 was suggested few days ago in previous articles.

On the other hand, for risky traders, 4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) indicated another valid signal with a higher risk/reward ratio.

On the other hand, a short-term positions is suggested at retesting of 1.1190 ( the most recent established bottom on the 4H ) with stop loss located just above 1.1260.

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GBP/USD intraday technical levels and trading recommendations for October 29, 2014 Market Analysis Review

Overview:

The GBP/USD pair has been moving downwards below the depicted downtrend line since July 15 when the ongoing downtrend was initiated.

Many bearish impulses were previously initiated around 1.7180, 1.6630 and 1.6400 where the downtrend line came to meet the pair then.

The price zone of 1.6060 - 1.6090 constituted a transient daily support that paused the bearish movement for a few days since September 9. However, the bears quickly managed to push below reaching down to 1.5890 (depicted on the chart).

Price level of 1.5890 provided a solid daily support level that provided evident bullish recovery. A bullish engulfing daily candlestick is manifest on the chart.

Recently, the bulls has pushed above the downtrend line. Bullish breakout off the downtrend line as well as an inverted bullish Head and Shoulders are already manifest on the chart. Bullish fixation above 1.6060 was anticipated to maintain the bullish scenario.

As suggested, this opens the way for the bulls to push towards 1.6250 initially ( significant bottom established in February 2014 and 23.6% Fibonacci level ).

Trading recommendations:

A valid BUY entry was suggested after fixation above 1.6090 (the broken trend line). This position is running in profits now. Target levels are located at 1.6250 and 1.6310. Stop Loss should be advanced to be just below 1.6050.

Stepping above 1.6180 ( last week's high ) probably confirms a longer-term bullish position (inverted head and shoulders pattern ) towards 1.6380-1.6400 where 38.2% Fibonacci level is located.

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USDCAD Daily Analysis - October 30, 2014 Forex Analysis

USDCAD continued its downward movement from 1.1385, and the fall extended to as low as 1.1121. Resistance is at 1.1265, as long as this level holds, further decline is still possible, and next target would be at 1.1090 area. On the upside, a break of 1.1265 resistance will indicate that the downtrend had completed at 1.1121 already, then further rise to test 1.1385 resistance could be seen.

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USDCHF Daily Analysis - October 30, 2014 Forex Analysis

USDCHF broke above 0.9557 resistance, indicating that the uptrend from 0.9370 has resumed. Further rise to test 0.9687 resistance would likely be seen. Support is at 0.9440, only break below this level could trigger another fall to 0.9300 zone.

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USDJPY Daily Analysis - October 30, 2014 Forex Analysis

USDJPY continued its upward movement from 105.32, and the rise extended to as high as 109.11. Support is located at the bottom of the price channel on 4-hour chart, as long as the channel support holds, further rise could be expected, and next target would be at 109.70 area. Key support is at 107.60, only break below this level could signal completion of the uptrend.

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AUDUSD Daily Analysis - October 30, 2014 Forex Analysis

After touching 0.8898 resistance, AUDUSD pulled back into the trading range between 0.8642 and 0.8898, indicating that the pair remains in downtrend from 0.9401 (Sept 5 high), and the sideways movement in the range could be treated as consolidation of the downtrend. Deeper decline to test 0.8642 could be expected, a breakdown below this level will signal resumption of the downtrend, then next target would be at 0.8400 area. Resistance is at 0.8898, only a clear break above this level could signal completion of the downtrend.

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GBPUSD Daily Analysis - October 30, 2014 Forex Analysis

GBPUSD failed to break above 1.6226 resistance, indicating that the pair remains in downtrend from 1.6524, and the sideways movement from 1.5951 could be treated as consolidation of the downtrend. Further decline to test 1.5874 support would likely be seen, a breakdown below this level will indicate that the downtrend from 1.6524 has resumed, then next target would be at 1.5600 area. Only break above 1.6226 resistance could bring price back to 1.6400 zone.

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EURUSD Daily Analysis - October 30, 2014 Forex Analysis

EURUSD is facing 1.2613 support, a breakdown below this level will signal resumption of the downtrend from 1.2867, then further decline to test 1.2500 support could be seen. Resistance is at 1.2770, only break above this level could trigger another rise to 1.3000 area.

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Technical analysis of USD/CAD for October 29, 2014 Market Analysis Review

General overview for 29/10/2014 16:50 CET

The count has been a little bit adjusted to fit the complex corrective cycle in still possible wave (2) purple. The wave c green of this correction looks completed and bullish divergence supports this view. The first confirmation of a bullish wave progression to the upside comes with the level of intraday resistance at the level of 1.1182 breakout and then a golden channel upside breakout as well. A failure there means the market is rather very likely to break below the black line and test the demand area between the levels of 1.1070 - 1.1080 again.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1074 - WS3

1.1128 - WS2

1.1182 - Intraday Resistance

1.1185 - WS1

1.1240 - Weekly Pivot

Trading recommendations:

Traders should consider opening buy positions from the current market levels, with SL below the level of 1.1070 and TP above the level of 1.1182.

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Technical analysis of USD/CHF for October 29, 2014 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate with a bearish bias as markets are awaiting Fed's interest rate decision. The Fed is expected to announce the end of its monthly bond-buying program. Market participants will be closely watching the outlook for short-term interest rates which are expected to be raised in the second half of 2015. USD/CHF is undermined by the 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 tilting negative as MACD is in a bearish mode, stochastics is turning bearish.

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 0.9435. A break of this target will move the pair further downwards to 0.9395. The pivot point stands at 0.9515. 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 0.9590.

Resistance levels:

0.9560

0.9590

0.9625



Support levels:

0.9435

0.9395

0.9360

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Technical analysis of USD/JPY for October 29, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to consolidate in a higher range as markets await 1800 GMT Federal Reserve's interest rate announcement: the Fed is expected to announce the end of its monthly bond-buying program. Market participants will be closely watching the outlook for short-term interest rates which are expected to be raised in the second half of 2015. USD/JPY is underpinned by the yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 10.29% to 14.39; S&P 500 rose 1.19% to close at 1,985.05 overnight) on stronger-than-expected rise in U.S. Conference Board consumer confidence index to 94.5 in October--its highest level since 2007--(versus forecast 87.9) from a revised 89.0 in September (first reported as 86.0) and a jump in Richmond Fed's manufacturing index to 20 in October from 14 in September. The data overshadowed a surprise 1.3% on-month drop in U.S. September durable goods orders (versus forecast +0.7%) and a smaller-than-expected 5.6% yearly rise in S&P / Case-Shiller 20-city home price index in August (versus forecast +5.7% and July's +6.7%). USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.299% versus 2.257% late Monday; demand from Japan's importers; ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's exporter sales and caution before Fed's interest rate decision.

Technical comment:
Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turned positive, five-day moving average is 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 108.35 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 107.35. A break of this target would push the pair further downwards and one may expect the second target at 107.05. The pivot point is at 107.75.

Resistance levels:

108.35

108.75

109

Support levels:

107.35

107.05

106.75

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Technical analysis of NZD/USD for October 29, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to consolidate with a bullish bias as markets are awaiting Fed's interest rate decision and 2000 GMT (NZ time 9.00 am Thursday) Reserve Bank of New Zealand's interest rate announcement: RBNZ is expected to keep rates on hold at 3.5%. NZD/USD is supported by the Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment and NZD-USD interest differential. But NZD/USD gains are tempered by the Kiwi sales on buoyant AUD/NZD cross.

Technical comment:

Daily chart is tilting positive as MACD is in bullish mode, stochastics is turning bullish.

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 0.7990 and the second target at 0.8010. 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 0.7910.

Resistance levels:

0.7990

0.8010

0.8045



Support levels:

0.7880

0.7840

0.7805

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Technical analysis of GBP/JPY for October 29, 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to consolidate in a higher range as markets are awaiting Fed's interest rate decision. GBP/JPY is supported by the broadly weaker JPY undertone amid the positive risk sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales and by sterling sales on buoyant EUR/GBP cross.

Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is 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 174.95 and the second target at 175.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 173.25. A break of this target would push the pair further downwards and one may expect the second target at 172.90. The pivot point is at 173.75.

Resistance levels:

174.95

175.90

176.75

Support levels:

173.25

172.90

172.55

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Gold : analysis for October 29, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of 1,225.25 in an average volume. Our Fibonacci retracement 38.2% at the price of 1,234.00 held successful, that action led the price to start downward movement. According to the daily time frame, we can observe demand in a volume below the average I have placed Fibonacci retracement to find resistance levels that price breaks the level of 1,234.00 and I got Fibonacci retracement 61.8% at the price of 1,242.00. Anyway, if we see larger reaction from sellers aroud our resistance, a testing of the level of 1,211.00 (Fibonacci retracement 61.8%) will be possible.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,234.11

R2: 1,237.25

R3: 1,242.33

Support levels

S1: 1,223.95

S2: 1,220.81

S3: 1,215.73

Trading recommendations: Buying gold at this stage looks risky since price didint broke Fibonacci retracement 38.2%.

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Technical analysis of USD/CAD for October 29, 2014 Market Analysis Review

Overview :

• The USD/CAD pair is still moving between 1.1165 and 1.1217. So, we expect a large range about 52 pips in coming hours but the weekly range will be around 195. The breakout seen at the ratio of 50% Fibonacci retracement level (1.1097) for that the key level is set at the level of 1.1165 because it represents strong support and it coincides with the 61.8% Fibonacci retracement level. As it is known, history will probably repeat itself at this level again. Thereupon, the ascendant movement will probably be higher than the 1.1165. Consequently, it will be a good idea to buy above 1.1165 with the first target of 1.1215. It will call for an uptrend in order to continue its bullish movement towards 1.1263. Also, it should be noted that the level of 1.1263 is acting as strong resistance for 28-31 October, 2014. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double bottom at the price of 1.1075.

Review :

• The first resistance of USD/CAD pair is projected at the level of 1.1217 today.


• The second resistance had already fixed at 1.1263.


• The area of 1.1097 / 1.1150 is a useful spot to buy in the long term this week.


• We expect a range of 50 - 60 pips on October 28, 2014. And 180 -200 pips would make a profit of 94 pips.


• The value of 50% Fibonacci retracement levels is: 1.1097.


• Volatility: 249.28. As a rule, the market is highly volatile if the last day had a huge volatility.

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Technical analysis of AUD/USD for October 29, 2014 Market Analysis Review

Overview :

• The AUD/USD pair has still moved between 0.8727 and 0.8929 since the 3rd of October 2014. Equally important, the resistance has set at the price of 0.8929 and the support at the 0.8727 price. But today, the minor support has set at 0.8773. Accordingly, if the trend fails to close below the level of minor support (0.8773), then it will be a good opportunity to buy above 0.8773 with the first target at 0.8866, then it will be continued straight towards 0.8929 in order to test the weekly resistance. Notwithstanding, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the level of 0.8720.

Intraday technical levels :

Date:29/10/2014

Pair:AUD/USD

• R3: 0.8934


• R2: 0.8887


• R1: 0.8869


• PP: 0.8822


• S1: 0.8804


• S2: 0.8757


• S3: 0.8739

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Technical analysis of NZD/USD for October 29, 2014 Market Analysis Review

Overview :

• The double bottom of NZD/USD pair will set at the level of 0.7800 and supports are going to be set at the 0.7855 and 0.7895 levels. It should be noted that the price hit the weekly pivot point, resistance 1, and support 1 last week. Moreover, this week the weekly pivot point sets at the point of 0.7895; for that it will act as support in coming days. However, the resistances are already placed at 0.7991 and 0.8033. So, according to the previous events, the price of the EUR/USD pair is going to move between 0.7902 and 0.7973. Another thought, we expect a range of 208 pips this week. Additionally, the market is calling for the bullish market from the level of 0.7855 and 0.7895 (The level of 0.7895 represents the weekly pivot point). Therefore, it will be very useful to buy the price of 0.7895 in the short term with the first target at 0.7963; but if the trend is able to break the minor resistance at 0.7975, then it might resume to 0.7991. On the contrary, the double top sets at the 0.8030 price in H1 chart. Consequently, it will be a good opportunity to sell below 0.8030 with the first target at 0.7960, then it will be continued towards 0.7891.

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Elliott wave analysis of EUR/NZD for October 29 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6089

R2: 1.6062

R1: 1.6043

Current spot: 1.6023

S1: 1.6023

S2: 1.5995

S3: 1.5970

Technical summary:

The correction in red wave ii has reached its 1.6025 target. Now, we will be looking for a break above minor resistance at 1.6062 as the first good indication, that red wave iii higher to 1.6446 is developing. However, to confirm that red wave ii is over a break above 1.6089 is needed. The risk now is a break below support at 1.5960 and more importantly a break below 1.5903 that will revive the expanding diagonal alternative count.

Trading recommendation:

We are long in EUR from 1.6065 with stop placed at 1.6000. If you are not long in EUR yet, then buy a break above 1.6089 with the same stop at 1.6000

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Technical analysis of NZD/USD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The NZD/USD pair has entered into a pullback mode after it made lows at the 0.7700 levels on September 29, 2014. The pair seems to be on its way higher towards the 0.8230/40 and 0.8400/50 levels before resuming the larger down swing extension. Support is seen at the 0.7800 level, followed by 0.7700, while resistance is seen at 0.8140, followed by 0.8270 and higher respectively. It is recommended to initiate long positions at the current price 0.7940/50, risk remains just below the 0.7800 levels. Bulls should remain in control till prices stay above 0.7800 for now.

Trading recommendations:

Remain long, stop below 0.7800, the target is open.

Good luck!

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Elliott wave analysis of EUR/JPY for October 29 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.95

R2: 137.80

R1: 137.75

Current spot: 137.72

S1: 137.48

S2: 137.23

S3: 136.90

Technical summary:

The target for wave B at 137.82 has been reached. Now, we will be looking for a break below minor support at 137.21 and more importantly a break below support at 136.90 to confirm that wave B is over and wave C lower to 130.73 is developing. As long as support at 137.21 protects the downside, we could still see a move slightly higher to 137.95, but the upside potential should be limited from here.

Trading recommendation:

We are short in EUR from 137.70 with stop placed at 138.10. If you are not short in EUR yet, then sell near 137.82 or upon a break below 137.21 with the same stop at 138.10.

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#USDX Technical analysis for October 29, 2014 Market Analysis Review

The Dollar index continues its downward pullback towards short-term support at 85.20-85.30. Breaking below 85.20 could start a bigger downward move that will put 84.45 in danger and bring the index towards 84 where the 38% retracement from 79.75 is found.

Black line = previous resistance

The Dollar index is now testing cloud support at 85.20-85.30. Price remains above the Ichimoku cloud and above the downward sloping trend line that was once resistance. Short-term resistance is found at 85.60-85.70. Breaking above this level will put 86 level to the test. Important resistance level at 86 needs to be broken in order for the up trend to resume towards 87.20.

The daily chart continues to be bullish but could also justify a pull back towards the cloud support at 84 where we also find the 38% retracement. The bullish flag pattern remains valid with 91 as first target. My strategy is to buy on signs of strength and not try to pick a bottom.

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Gold Technical analysis for October 29, 2014 Market Analysis Review

Gold price remains below weekly resistance at $1,237 and also remains in a short-term bearish trend as price has broken below the Ichimoku cloud. My longer-term view remains unchanged with $1,050 as target.

Gold price remains below Ichimoku cloud and has short-term resistance at $1,237 and short-term support at $1,222. The short-term pattern looks like a bearish flag and I believe it is more probable to see a push lower towards $1,200 if $1,220 support fails to hold price.

Blue line = resistance

Black line = support

The weekly chart remains bearish as Gold price is making lower highs with consistent lows at $1,180. Combined with the rejection at the Ichimoku cloud I believe that Gold price will at best bounce towards $1,300. Howeverб I believe that eventually Gold price will break below $1,180 and will move to $1,000 as the lower highs are a sign of bulls getting weaker and weaker.

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Technical analysis of GBP/JPY for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/JPY is facing resistance around 175.00 levels and extends up to 175.80/176.00 respectively. The earlier support at 169.30/40 levels has been taken out and the pair is pulling back higher for now, before it resumes its down swing. The level of interest to initiate short position is around 175.50/80, but it is recommended to initiate 50% short positions at the current price (174.30/40) and the remaining higher. Support is seen at 168.00 (interim), followed by 164.00 on the daily chart view, while resistance is seen at 175.80/176.00, followed by 178.00, and 180.00 respectively. Selling intraday rallies should be a preferred trading strategy here.

Trading recommendations:

Initiate 50% short positions now (174.30/40), the remaining at 175.80/176.00, stop above 178.00, target 163.00 and 160.00.

Good luck!

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Technical analysis of USD/CAD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/CAD pair has has been rallying from 0.9700 levels and a major support has now been formed at 1.0600 levels as seen here. The pair has hit a temporary resistance around the 1.1350 levels and is seen to be pulling back at the moment. Minimum drop could be up to the 1.1093 levels i.e fibonacci 0.382 support. A push below that could drag prices towards 1.0912 i.e fibonacci 0.618 support. Hence, it is recommended to initiate 50% short positions at current price 1.1160/70, risk remains at 1.1300. Support is seen at 1.1100, followed by 1.0850 and lower, while resistance is seen at 1.1300, followed by 1.1350 respectively.

Trading recommendations:

Initiate 50% short positions now, stop above 1.1300, target is open.

Good luck!

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Technical analysis of GBP/USD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/USD pair is into the buy zone clearly and has bounced off the resistance turned support trend line at the 1.6000 level as depicted here. Furthermore, 1.6000 is also the 0.618 fibonacci support of the rally between 1.5875 and 1.6175. The pair seems to be on its way towards 1.6375/1.6400 levels according to fibonacci extensions seen here. Hence, it is recommended to initiate long positions (at least 50%) at the current levels (1.6150), risk remains just below the 1.6000 mark. Furthermore, intraday dips could be bought, till prices remain firmly above 1.6000 levels. Support is seen at 1.6000, followed by 1.5950 and lower, while resistance is seen at 1.6175, followed by 1.6225 and higher respectively.

Trading recommendations:

Remain/initiate long positions, stop below 1.6000, the target is open.

Good luck!

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Technical analysis of USD/CHF for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/CHF pair looks to be in a deeper correction mode with downside extensions pointing towards 0.9150 levels at least, as depicted on the daily chart view here. Interim support is seen at 0.9350, followed by 0.9300, 0.9150 and lower, while resistance is seen at 0.9550 (interim), followed by 0.9680/0.9700 respectively. It is recommended to initiate at least 50% short positions at current level (0.9460/70), risk remains above 0.9600. The structure indicates that bears remain in control for a while. On the flip side, a push through 0.9550 levels would indicate that the pair is heading towards fresh highs.

Trading recommendations:

Remain 50% short from current levels, set stop at 0.9600, target is 0.9150.

Good luck!

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Technical analysis of USD/JPY for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/JPY pair has rallied into the resistance zone around 108.00/20, as depicted here on the Daily chart view. Please note that the 108.20 levels is also convergence of past support turned resistance and fibonacci 0.681 of the fall between 110.00 and 105.00. A bearish reversal remains high probability from current levels and hence it is recommended to initiate short positions now, risk remains above 109.50 at least. Resistance is fixed at 110.00 levels, while support is seen at 106.50, followed by 105.00 and lower respectively. On the flip side, a push through 110.00 would negate the bearish outlook for the pair.

Trading recommendations:

Remain/Initiate short positions now (108.00/10), set stop above 109.50, target is 102.00.

Good luck!

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Technical analysis of EUR/USD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD is setting up for a counter trend rally towards at least 1.3100 levels and subsequently into 1.3500's before resuming down trend. The pair is currently trading at 1.2730/40 levels and it is recommended to initiate long positions now, risk remains below 1.2600 levels. Support is seen at 1.2600 (fibonacci 0.618), followed by 1.2500, while resistance is seen at 1.3000, followed by 1.3150 and higher respectively. The pair could witness a powerful counter trend rally towards 1.34/1.35 levels in the weeks to come by, before it reverses towards the larger down trend. Bulls shall remain in control till prices are above 1.2500/50 levels.

Trading recommendations:

Remain long, set stop at 1.2540, target is 1.3100 and 1.3500.

Good luck!

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Trading recommendation on USD/CAD for October 29, 2014 Market Analysis Review

USD/CAD

The pair was beaten heavily in the previous session, closed below 20Dsma. The soft US data pulled the pair to a 2-weeks low. The nearest support exists at 1.1155 levels. Below this we can expect 50 or 80 pips down towards 1.1080 or 1.1070 levels. In the near-term perspective the pair is in a bear grip. The following reasons will explain my view. The pair is trading below 1.1185 which is not a good sign in the near term. The monthly candle is turning red and the pair is trading below 1.1198 levels. These two factors give an indication of weakness. We recommend fresh buying above 1.1200. Today traders eye the FOMC announcement and BOC Governor Poloz speech. Today's closing will provide clear direction for the near and short term. In the h4 chart, we can clearly see lower low swings and lower high swings forming. We recommend selling below 1.1150 levels. In the h4 chart the momentum indicators are in oversold zone. We expect pull back from these levels. Risky traders can buy at the market price of 1.1167 with sl 1.1155 and target at 1.1195. We recommend selling below 1.1150 for a downward target at 1.1140, 1.1100 and 1.1072 levels.

Trade:

Buying at a market price with sl 1.1155

Selling below 1.1150

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Trading recommendation on USD/JPY for October 29, 2014 Market Analysis Review

The pair finally managed to close above 20Dsma. In the previous session, the pair closes at the highest point of the day. We recommend fresh buying above 108.35 levels. The pair has erased most of its losses this week, and more than half of its monthly losses on a monthly basis. We are expecting a strong upswing above 108.35 towards 108.75, 109.00 and 109.10 levels. On the other side, the pair has support at 107.60, below this, 107.00 will act as strong support zone. Below 107.00 we can see some long unwinding, which represents selling pressure towards 105.90 and even more downwards. For an intraday view, we expect huge volatility ahead the FOMC announcement. We recommend selling below 107.95 levels, for targets at 107.70, 107.60 levels. In case, if the prices falls below 107.60 we can see heavy selling pressure towards 107.40, 107.10 and 106.80 levels.

Trade:

Buying above 108.35

Selling below 107.95, panic below 107.60

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Trading recommendation on GBP/JPY for October 29, 2014 Market Analysis Review

The pound gained against the yen closing above the key moving averages in the daily and weekly chart. This week, as of now the cross took the support from 20Wsma trading above a 2-weeks high. The cross managed to close above 50Dsma in the previous session after 12 trading sessions. On the higher side, the cross has resistance at 175.00, 175.41 and 175.92, the 61.8 fib levels. On the other side, the cross has support at 173.90, 50Dsma, 173.40, 100Dsma, and 173.15, 20Dsma. The cross looks weak only below 173.40 levels. In the h4 chart, the 200sma acts as a major resistance level. The cross has been facing strong resistance at 174.76, 200sma.We recommend fresh buying above 174.80, with targets at 175.00 and 175.16, may be even at 175.40 levels. The pair looks weak below 174.00, 12ema, and selling pressure below 173.70. We recommend selling below 173.70 for targets at 173.25 and 173.00.

Trade-

Buying above 174.80

Selling below 173.70

Risky traders, use sl 174.78, sell at market price.

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Trading recommendation on Gold for October 29, 2014 Market Analysis Review

GOLD

The yellow metal gave back some of its gains in yesterday's session. We recommended buying in yesterday's session that gave good money. Traders eye today's Federal Reserve announcement. Expectations are high, the US central bank is expected to hike interest rates in 2015. In yesterday's session the metal managed to close above 20Dsma. Today in Asia's session the asset took the support at 20Dsma trading at $1,228.00 levels. On the higher side, the metal has resistance between $1,239.00 and $1,240.00 levels. In case, the metal closes above $1,240.00, we can expect some upswing in the near term. On the other side, the metal has support between $1,221.50 and $1,217.00 levels. The metal will experience panic selling below $1,217.00 levels. On the other side, we can see strong momentum only above $1,240.00 levels. For an intraday view, the metal prices have been trading below 34hrsma. Until the prices close below 34hrsma at $1,235.00, sell on every rise. We recommend buying above $1,230.00 and safe buying, only above $1,236.00 levels. The metal has resistance at $1,230.00 levels. Above this, it can go towards $1,235.00 and $1,236.00 levels. We recommend selling below $1,225.00 and safe selling, below $1,221.00 levels.

Support $1,226.00, $1,221.00, $1,217.00

Resistance $1,230.00, $1,236.00, $1,240.00

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