Elliott wave analysis of EUR/JPY for October 6 - 2015 Market Analysis Review

Technical summary:

Yesterday , a breakout above 135.10 indicated that wave 2 ended at 132.23 and wave 3 higher was already developing. If this count is correct, support at 133.48 must protect the downside for a strong rally higher to at least 141.00 and possibly even higher.

As wave (ii) of 3 was an expanded flat correction, we know that the likelihood of wave (iii) extending is very high. That means wave (iii) should be at least 161.8% times the length of wave (i).

In the short term, we will ideally see support at 134.28, but we must accept the possibility of a deeper corrective decline from 135.71. A breakout below 133.48 will invalidate the bullish count.

Trading recommendation:

We bought EUR at 135.10 and will place our stop at 133.45 expecting to raise it quickly. If you are not long EUR yet, buy EUR near 134.28 or upon a breakout above 135.71 using the same stop.

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Technical analysis of EUR/USD for October 06, 2015 Market Analysis Review

When the European market opens, economic news on the results of the Eurogroup's Meeting, ECOFIN Meeting, Retail PMI, and German Factory Orders m/m is due to be released. The US will publish data about the IBD/TIPP Economic Optimism and Trade Balance. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1249.

Strong Resistance:1.1243.

Original Resistance: 1.1232.

Inner Sell Area: 1.1221.

Target Inner Area: 1.1195.

Inner Buy Area: 1.1169.

Original Support: 1.1148.

Strong Support: 1.1147.

Breakout SELL Level: 1.1141.

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 06, 2015 Market Analysis Review

In Asia, Japan is not expected to release any economic data, but the US will deliver economic news on the IBD/TIPP Economic Optimism and Trade Balance. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 121.12.

Resistance. 2: 120.88.

Resistance. 1: 120.64.

Support. 1: 120.35.

Support. 2: 120.11.

Support. 3: 119.87.

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 advisory if you have any doubts.

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Daily analysis of USDX for October 06, 2015 Market Analysis Review

On the daily chart, the index remains trapped inside a bullish range established below the resistance level of 96.38, which is currently the sellers' area of interest where the USDX is facing strong bearish reaction. By the way, the support level of 95.83 is still a strong, and we are still following the overall bullish bias. The 200 SMA is slightly bullish.

The USDX did some signification rebounds during Monday's session, as it has been performing a consolidation above the 200 SMA with a higher high pattern formation ongoing. The resistance level of 96.16 should be broken in coming hours for a rally towards the 96.30 level. The MACD indicator is still at the positive territory.

Daily chart's resistance levels: 96.38 / 96.91

Daily chart's support levels: 95.81 / 95.26

H1 chart's resistance levels: 96.15 / 96.30

H1 chart's support levels: 95.94 / 95.38

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 96.15, take profit is at 96.30, and stop loss is at 96.00.

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Daily analysis of GBP/USD for October 06, 2015 Market Analysis Review

GBP/USD performed a pullback around the resistance level of 1.5169 on the daily chart, and we should note this move could unleash the bearish force towards support zone of 1.5030. However, the pair has enough bearish momentum to continue doing towards new lows across the board in the mid-term. The MACD indicator is reaching the oversold territory.

On the H1 chart, GBP/USD found strong resistance in the zone around the 200 SMA. The next support located at the level of 1.5103 could be tested in order to perform a breakout and to reach new significant lows in an intraday basis. That is why we consider the current structure a trend-continuation one.

Daily chart's resistance levels: 1.5169 / 1.5256

Daily chart's support levels: 1.5030 / 1.4955

H1 chart's resistance levels: 1.5223 / 1.5284

H1 chart's support levels: 1.5166 / 1.5103

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the resistance level is at 1.5166, take profit is at 1.5103, and stop loss is at 1.5229.

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Intraday technical levels and trading recommendations for GBP/USD for October 5, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area around 1.5900, which has been providing the GBP/USD pair with evident resistance.

A previous weekly candlestick closure above 1.5500 hindered further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supports the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located at the level of 1.5050.

In the short term, the nearest demand level to meet the GBP/USD pair is located around 1.5170 (recent weekly bottom and the origin of a previous bullish engulfing weekly candlestick).

Weekly persistence below the price zone of 1.5170 (the current demand level) is mandatory to allow further bearish decline to occur. On the other hand, persistence above it hinders the current bearish momentum.

Prominent supply/resistance around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, a valid sell entry was suggested for retesting at 1.5770 one month ago. All of its targets were successfully achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish candlestick existed around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

Price actions should be watched around price levels near 1.5150 as it corresponds to a previous prominent weekly bottom.

Note that daily fixation below 1.5150 indicates a quick bearish movement towards the price level of 1.4970 (Weekly Demand Level).

Trade Recommendation:

A valid sell entry was suggested around the zone of 1.5550-1.5580 (recent resistance zone). It is already running in profits. S/L should be lowered to 1.5250 to secure our profits.

On the other hand, a low-risk buy entry can be offered if the current bearish momentum persists towards the weekly demand level at 1.4970. S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for October 5, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level at 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection which exists around the price level of 1.1450.

In the long term, a projection target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high at 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of the current month (low probability).

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Continuous bullish pressure has been applied until significant bearish resistance was expressed around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, bearish movement took place towards the level of 1.1150 (61.8% Fibonacci level), which has been providing evident bullish rejections several successive times (note the recent daily candlesticks during last week's consolidations).

On the other hand, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come).

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) is needed to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.

Conservative traders should wait for a bearish pullback towards the zone of 1.0980-1.1000 (the depicted uptrend line) for a low-risk BUY entry.

S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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Technical analysis of USD/JPY for October 05, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias above 119.75. The pair keeps trading on the upside (now at 119.96) and around the 50-period intraday moving average (now at 119.87), which is currently playing a support role. And the intraday RSI is within the buying area between 50 and 70. The first upside target is set at the horizontal resistance at 120.365; and the second one, at 120.95.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 120.65 and the second target at 120.95. In the alternative scenario, short positions are recommended with the first target at 119.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.20. The pivot point is at 119.75.

Resistance levels: 120.65 120.95 121.30

Support levels: 119.45 119.20 119.00

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Technical analysis of USD/CHF for October 05, 2015 Market Analysis Review

USD/CHF is expected to trade with a bullish bias. The pair broke above its 20-period MA, which acts as support. Furthermore, the ascending 50-period MA suggests that the pair still has potential for further upside. The intraday RSI is bullish calling for further upside. As long as 0.9680 holds on the downside, look for further upside to 0.9795. A break above this level would call for a further advance to 0.9825.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.9795 and the second target at 0.9825. In the alternative scenario, short positions are recommended with the first target at 0.9635 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.9665. The pivot point is at 0.9680.

Resistance levels: 0.9795 0.9825 0.9860

Support levels: 0.9635 0.9580 0.9525

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Technical analysis of NZD/USD for October 05, 2015 Market Analysis Review

NZD/USD is expected to trade with a bullish bias as the pair is expected to prevails upside. Technically, the pair is still in a bullish trend, and is now challenging its nearest resistance at 0.6435. The 20-period and 50-period MAs are heading upward, which should confirm a positive outlook. Besides, the intraday RSI is well directed above its neutrality area of 50. In which case, as long as 0.6435 (a strong support base) is not broken, look for further advance to 0.6560 & 0.6585 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6560 and the second target at 0.6585. In the alternative scenario, short positions are recommended with the first target at 0.64 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6350. The pivot point is at 0.6435.

Resistance levels: 0.6560 0.6585 0.6635 Support levels: 0.64 0.6350 0.6320

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Technical analysis of GBP/JPY for October 05, 2015 Market Analysis Review

TheGBP/JPY pair is supported by an ascending trend line (since Sept 21) in line with a positive outlook. Furthermore, the rising 20-period and 50-period MAs maintain an upside bias. In addition, the intraday RSI is above its neutrality level of 50 and lacks downward momentum. As long as 1841.80 holds on the downside, look for more room upside to 183.30 and even 183.85.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 183.30 and the second target at 183.85. In the alternative scenario, short positions are recommended with the first target at 181.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 180.80. The pivot point is at 181.80.

Resistance levels: 183.30 183.85 184.25

Support levels: 181.30 180.80 180.30

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GBP/USD intraday technical levels and trading recommendations for October 5, 2015 Market Analysis Review

Overview:

On April 9, the bearish trend was resumed towards the level of 1.4550 where a lower daily bottom was reached. That is where the depicted bullish trend was initiated.

The next bullish swing extended up to the levels of 1.5750-1.5800, which offered valid sell entries for traders (depicted with red numbers).

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the Triple-Top reversal pattern was confirmed.

The support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair found the current support zone at 1.5170-1.5150 where a valid intraday buy entry can be offered if enough bullish rejection is expressed today.

Conservative traders should wait for a bullish pullback towards the level of 1.5340 for a low-risk sell entry.

On the other hand, bearish persistence below the level of 1.5170 brings further bearish decline towards the level of 1.5100 initially then 1.5050 (bearish Flag projection target).

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USD/CAD intraday technical levels and trading recommendations for October 5, 2015 Market Analysis Review

Overview:

Several months ago, when bulls pushed the price above the 79.6% Fibonacci level, the market looked quite overbought. That is why, the price failed to hold above 1.2650 - 1.2680 (previous highs), resulting in lower highs (within the depicted consolidation zone) enhancing the bearish side of the market.

Daily fixation below 1.2300 opened the way towards the levels of 1.2000 and 1.1940 (the depicted weekly uptrend).

Bullish support was found around these levels. Higher lows were reached. Bullish pressure was applied to the resistance levels of 1.2450 and 1.2500 (previous tops).

A bullish breakout above the zone of 1.2770-1.2800 has been executed.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls have pushed beyond this level since two weeks ago.

However, a bearish corrective movement towards the level of 1.2750 (breakout level) was expected since USD/CAD bears managed to defend the resistance zone of 1.3400-1.3450 (Fibonacci Expansion 141% level) and 1.3280 (Fibonacci Expansion 100%).

Moreover, bearish persistence below 1.3270 (Fibonacci Expansion 100%) is needed to maintain enough bearish pressure to expose the next support level around 1.3100, 1.2910, and 1.2750 where long-term buy entries can be considered.

Trading recommendations:

A counter-trend sell entry was suggested around the levels of 1.3400-1.3450 (Fibonacci Expansion 141% levels). S/L should be lowered to 1.3200 to secure some profits. T/P levels were placed at 1.3300,1.3220 (both were reached) and 1.3050 (yet to come).

On the other hand, conservative traders should wait for further bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level constitutes a strong support level.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Daily analysis of GBP/JPY for October 05, 2015 Market Analysis Review

Overview

GBP/JPY stays neutral for the moment. On the downside, a break of the 180.36 support will make the whole fall from 195.86 resume and will target a test at the 174.86 key support level. On the upside, above 184.41, resistance will extend the sideways trading from 180.36 with another rise. The break of the medium-term trend-line support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the 200 psychological level. A break of 174.86 will confirm the trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring reversal finally.

Daily Pivots: (S1) 180.83; (P) 181.70; (R1) 182.77;

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Daily analysis of SILVER for October 05, 2015 Market Analysis Review

Overview

The silver price continues fluctuating near the critical resistance at 15.40, waiting for breaching this level to reinforce the expectations for the bullish correctional trend, where the next targets located at 15.85 and then 16.30 are. In general, we will keep preferring the bullish bias if the price settles above the 14.35 level, which gets good support from the EMA 50, where breaking the mentioned level represents negative factor that will push the price to return to the main bearish track. The EMA 50 supports the suggested rise, which its a continuation conditioned by holding above the 14.35 level, pointing that stochastic's current negativity might cause some temporary sideways fluctuation before resuming the expected bullish trend.

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EUR/NZD analysis for October 05, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. The price tested the level of 1.7218. In the daily time frame, we can observe an up-thrust bar (sellers came in). The intraday trend is downward. According to the M30 chart, we can observe an absorption volume from the Friday volume spike, which is a sign that buying looks very risky. Watch for potential selling opportunities after retracement. Anyway, major daily support at the price of 1.7265 is on the test (daily swing lows). Watch for a potential breakout of the support to confirm further downward movement. If the price breaks the level of 1.7265, we may see possible testing of the level of 1.7010.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7575

R2: 1.7645

R3: 1.7750

Support levels:

S1: 1.7365

S2: 1.7300

S3: 1.7190

Trading recommendations: Be careful when buying and watch for potential selling opportunities.

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Gold analysis for October 05 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,141.06. The intraday trend is neutral. In the daily time frame, we can observe a testing of Fibonacci retracement 61.8% at the price of $1,136.70. In the M30 time frame, we can observe a massive volume spike (Friday news) and buying climax. After the volume spike, we created a small trading range and potential distribution phase. I have placed Fibonacci retracement to find potential support levels. I got Fibnacci retracement 38.2% at the price of $1,127.00, Fibonacci retracement 50% at the price of $1,123.00 and Fibonacci retracement 61.8% at the price of %1,118.50. A potential downward target is near the price of $1,110.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,138.40

R2: 1,139.15

R3: 1,140.30

Support levels:

S1: 1,136.00

S2: 1,135.30

S3: 1,134.20

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities after retracement.

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Technical analysis of EUR/USD for October 5, 2015 Market Analysis Review

Review:

• The double top of the EUR/USD pair will be at the level of 1.1318 and the double bottom is going to be set at the 1.1204 level. It should be noted that the last range was very small, around 184 pips only. But we expect a large range of 320 pips this week.
• The price hit only resistance 1 last week.
• The major support will be at 1.1204. And the resistance has already been set at the price of 1.1207. But the major weekly resistance has already placed at the level of 1.1405.
• So, according to the previous events, the price of the EUR/USD pair will move between 1.1204 and 1.1405.
• The level of 1.1221 is representing the weekly pivot point. Therefore, it will be very useful to buy above the price of 1.1221 in the short term with the first target at 1.1305.
• Moreover, if the trend is able to break the double top at 1.1318, it might resume to 1.1402.

The weekly technical analysis of the EUR/USD pair:

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Technical analysis of GBP/USD for October 5, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Overview:

• According to the previous events, the price of the GBP/USD pair has been still trading between the levels of 1.5112 and 1.5246. Additionally, the level of 1.5176 represents the weekly pivot point. It should be noted that the weekly pivot point coincides with the ratio of 50% Fibonacci retracement levels. So, sell below 1.5176 in the short term with the first target of 1.5112 in order to test the weekly support 1. Moreover, a double bottom is at the point of 1.5106. If the GBP/USD pair breaks the weekly support 1 and the double bottom around the area of 1.5112 and 1.5106, it might resume to 1.5075. The stop loss should never exceed your maximum exposure amounts. Subsequently, it will be rather profitable to set your stop loss at the level of 1.5250.

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Global macro overview for 05/10/2015 Market Analysis Review

Global macro outlook for 05/10/2015:

The worse-than-expected UK PMI services figures ( 53.3 vs. 56.4 and 55.6 prior) were released today. Moreover, the September is the weakest quarter since Q2 2013 from total business activity perspective and the longer-term outlook sank to the weakest since August 2014. The good news was that the employment rose to the highest level in three months. Nevertheless, please remember that the UK services index is the largest sector contributing to the total UK GDP. Bank of England governor Mark Carney still hasn't changed his mind about a possible rate hike by the end of the year.

The GBP/USD pair looks a little bit stronger as the it managed to bounce from support at the level of 1.5105 and is currently trading ahead of the resistance at the level of 1.5244.

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Global macro overview for 05/10/2015 Market Analysis Review

Global macro outlook for 05/10/2015:

Weaker-than-expected data from the US labor market published last Friday ( 142k vs. 202k) and downward revision of the August data depressed the US dollar. After an initial rally, the market returned to pre-NFP levels. Moreover, weakly US figures might weight on the Fed that did not cut the rates in September and possibly will not cut rates in December as well. The data - depended members of the Fed committee are likely to prefer to wait a little longer to seebetter improvement in the labor sector.

The US dollar index technical picture did not change much: after the initial rally up, the market wasn't strong enough to breakout above the bunch of moving averages around the level of 96.50. Currently, it is trading slightly below 96. The next support is seen at 95.21.

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Technical analysis of EUR/JPY for October 5, 2015 Market Analysis Review

General overview for 05/10/2015 10:20 CET

There are two possible scenarios for this pair on the H4 chart. The first scenario indicates a possible continuation of a range-bounded trading inside the golden channel. The Elliott wave labeling for this count is ABCDE back as a part of the wave B navy. The alternative count indicates a possible completion of the wave B blue at the level of 132.21 and the current up move might be a part of the more impulsive wave C blue to the upside. To confirm this scenario, the market should break out above the golden trend line and head towards the 161% Fibo at the level of 140.94. So far on lower time frames like H1 there is not much impulsive wave development to the upside as the current moves look more like three-wave corrective cycles. This kind of wave development suggests that the more complex and time-consuming wave B blue is still in progress.

Support/Resistance:

133.15 - Technical Support

133.79 - WS1

134.41 - Weekly Pivot

134.88 - Intraday Support

135.36 - Intraday Resistance

135.43 - WR1

136.12 - WR2

Trading recommendations:

Daytraders should consider opening buy orders, if the level of 135.36 is violated, and place SL below the level of 134.88 and TP at the level of 136.12.

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Technical analysis of USD/CAD for October 5, 2015 Market Analysis Review

General overview for 05/10/2015 10:00 CET

The wave c green has retraced 78% of the recent swing up and the bullish divergence if giving clues about a possible rebound coming soon. Please notice that as long as the technical support at the level of 1.3010 is not clearly violated, the preferred count is still an ending diagonal, which means there might be another top sooner or later.

Support/Resistance:

1.3455 - Swing High

1.3310 - WR1

1.3229 - Weekly Pivot

1.3147 - Intraday Resistnace

1.3178 - Intraday Support

1.3010 - Technical Support

1.3000 - WS1

Trading recommendations:

Daytraders should consider opening buy orders from current market levels with SL below the level of 1.3000 and TP at the level of 1.3229.

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USDX technical analysis for October 5, 2015 Market Analysis Review

The US dollar index was hurt seriously on Friday after the NFP number was announced. The greenback got hit as the price was just below the resistance of 96.60. The price got rejected and made a pullback towards 95.25. Bulls stepped in and held the price inside the longer-term triangle pattern. A strong bounce followed as the price entered a buy area.

Red line - resistance

Green line - support

The US dollar index was rejected at the red trend-line resistance. The price pulled back, but held above the upward sloping trend-line support. The price is inside the Ichimoku cloud on the 4-hour chart so the trend is not clear yet. However, a positive point for bulls is the fact that the index made a higher low and the price is bouncing.

Red line - resistance

Green line - support

The weekly chart continues trading inside the bullish flag pattern. The price got rejected at the kijun-sen weekly resistance, but it has remained above the tenkan-sen and the Ichimoku cloud. The level of 96.60 is important resistance that will give an important bullish signal if broken.

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Gold technical analysis for October 5, 2015 Market Analysis Review

The gold price has finally bounced towards our minimum target of $1,140 as expected. The bounce came off the lower triangle boundary at $1,105. The price has stopped right under the triangle resistance and it implies that the sideways move will continue.

Green lines - resistance

The gold price bounced off support at $1,105 and has reached the Ichimoku cloud and upper triangle boundary resistance. The fact that the gold price has stopped in this area is not a good sign for bulls as the price can very easily turn lower if it gets rejected at this resistance.

Black lines - triangle pattern

The weekly candle has changed a lot on Friday and it happened mainly because of the Non-Farm Payrolls number announced and the support of the lower triangle boundary. The price remains trapped between the tenkan- and kijun-sen indicators and inside the triangle. We are waiting for a breakout signal.

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Daily analysis of major pairs for October 5, 2015 Market Analysis Review

EUR/USD: The EUR/USD was volatile last week, being alternated with short-term bullish and bearish swings. The rally that took place on October 2, 2015, enabled the pair to test the resistance line at 1.1300. However, the price failed to close above the resistance line, since it eased a little. The price could weaken further today, enabling the support lines at 1.1150 and 1.1100 to be tested.

USD/CHF: The USD/CHF pair performed a large pullback on Friday in the context of an uptrend. Unless the price goes below the support level at 0.9600, the pullback would proffer a wonderful opportunity to go long at a better price. The resistance level of 0.9800 could be tested this week, but a strong buying pressure is required for the resistance level at 0.9850 to be broken.

GBP/USD: The Bearish Confirmation Pattern in this market is still a valid thing compared to the last bullish attempt. The bullish attempt could prove to be a false breakout, except the distribution territory at 1.5300 is overcome. A large movement is expected in the market this week, which would favor either bulls or bears.

USD/JPY: Owing to an ongoing struggle between bulls and bears, this currency trading instrument has become quite choppy because there is not a strong directional movement yet. This week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be fulfilled before the consolidation phase in the market is over.

EUR/JPY: There is also no large directional movement here; though the bias remains bearish. An upwards movement of 200 pips could lead to a "buy" signal. It is possible that the Yen would lose some strength this week, which would help the price to go further north. Otherwise, we would see a test of the demand zones at 133.50 and 133.00.

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