Technical analysis of EUR/USD for October 13, 2015 Market Analysis Review

When the European market opens, economic news on the ZEW Economic Sentiment, German ZEW Economic Sentiment, German WPI m/m, and German Final CPI m/m is due to be released. The US will deliver economic data on the Federal Budget Balance and NFIB Small Business Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1408.

Strong Resistance:1.1401.

Original Resistance: 1.1390.

Inner Sell Area: 1.1379.

Target Inner Area: 1.1352.

Inner Buy Area: 1.1325.

Original Support: 1.1314.

Strong Support: 1.1303.

Breakout SELL Level: 1.1296.

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 13, 2015 Market Analysis Review

In Asia, Japan will release data on the Prelim Machine Tool Orders y/y, Consumer Confidence, Bank Lending y/y, and Monetary Policy Meeting Minutes. The US is expected to publish economic news on the Federal Budget Balance and NFIB Small Business Index. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.50.

Resistance. 2: 120.27.

Resistance. 1: 120.03.

Support. 1: 119.75.

Support. 2: 119.51.

Support. 3: 119.28.

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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Elliott wave analysis of EUR/JPY for October 13, 2015 Market Analysis Review

Technical summary:

We continue to look for more upside pressure towards 138.10 and then higher to 141.00 once this minor correction is over. Ideally, it will find support at 136.00, but we must allow for a corrective decline closer to 135.71 before the next rally higher to 138.10 is seen.

The rally of the wave (ii) low at 133.15 is in no way convincing yet, but acceleration will be seen soon as we enter the key stage of the impulsive wave.

Trading recommendation:

We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, then buy near 136.00 or upon a break above 136.50 and use the same stop at 135.30

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Daily analysis of USDX for October 13, 2015 Market Analysis Review

The USDX is holding the ground above the 200 SMA on the daily chart, and we could expect a test around the resistance level of 95.26. A breakout above it will make the index follow a mid-term rally, which could be pointing to a test in the resistance zone of 95.83. The MACD indicator remains at the negative territory.

On the H1 chart, the USDX is watching for strong bottom around 94.61 on an intraday basis, as the index is trading below the 200 SMA. This week should be the key one for the US dollar, as we can expect a lower continuation towards the level of 94.15. But be cautious with the current price action, as it is still showing some irregular signs.

Daily chart's resistance levels: 95.26 / 95.83

Daily chart's support levels: 94.36 / 93.16

H1 chart's resistance levels: 95.03 / 95.38

H1 chart's support levels: 94.61 / 94.15

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is seen at 94.61, take profit is at 94.15, and stop loss is at 95.08.

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Daily analysis of GBP/USD for October 13, 2015 Market Analysis Review

On the daily chart, we should note the Monday session was a slow one because of the holidays in most of European countries and the US. GBP/USD has been trading below the resistance zone of 1.5381. Watch for a breakout higher during this week, in order to test the next interest level around 1.5439.

The pair continues to perform pullbacks after the opening bell and this should be an indicator of possible corrections, which could be extended towards the support level of 1.5285 where the 200 SMA is located. Over that zone, we can expect a rebound because of a bullish reaction.

Daily chart's resistance levels: 1.5381 / 1.5439

Daily chart's support levels: 1.5325 / 1.5256

H1 chart's resistance levels: 1.5342 / 1.5400

H1 chart's support levels: 1.5282 / 1.5223

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is seen at 1.5342, take profit is at 1.5400, and stop loss is at 1.5285.

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GBP/USD intraday technical levels and trading recommendations for October 12, 2015 Market Analysis Review

Overview:

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 depicted Head and Shoulders reversal pattern was confirmed.

Later on, 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 moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on Tuesday (bullish engulfing daily candlestick).

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5350 for a low-risk sell entry. It is being triggered during today's consolidations. S/L should remain above 1.5400.

Bearish persistence below the level of 1.5300 (SELL ENTRY) and 1.5200 is needed for further bearish decline towards the level of 1.5100 initially and then to 1.5050 (bearish Flag projection target).

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USD/CAD intraday technical levels and trading recommendations for October 12, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls overcame this level three weeks ago.

However, bearish persistence below 1.3270 (Fibonacci Expansion 100%) and 1.3075 (significant Support) is needed to maintain enough bearish pressure to expose the next support levels around 1.2910, and 1.2750 where long-term buy entries should be considered.

On the other hand, the price level of 1.3075 constitutes an intraday resistance level to be watched for intraday sell entries if bullish pullback takes place soon.

Trading recommendations:

Conservative traders should wait for more bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as 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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Intraday technical levels and trading recommendations for GBP/USD for October 12, 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 of 1.5900, which has been providing the GBP/USD pair with evident resistance.

The previous weekly candlestick closure above 1.5500 hindered a 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. An approximate projection target should be located at the level of 1.5050 for the reversal pattern.

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

Weekly persistence below the zone of 1.5170 (the current demand level) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders the current bearish momentum giving time for more sideways consolidations which may extend towards the price level of 1.5350 which is being tested.

Prominent supply/resistance is seen 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, the 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 took place 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.

As anticipated, obvious bullish pressure was expressed around the zone of 1.5150-1.5200 (previous prominent weekly bottoms). Since then, bulls have been pushing towards 1.5350.

Note that daily fixation below 1.5150 is needed to allow bearish movement to occur towards the level of 1.4970 (weekly demand level).

On the other hand, the level of 1.5350 remains the significant supply level to be watched for valid intraday sell entries. It is being tested today.

Trading Recommendation:

A valid sell entry can be offered around the price level of 1.5350 as it corresponds to a prominent previous bottom. SL should be placed above 1.5450.

On the other hand, a low-risk buy entry can be offered around the weekly demand level (1.4970) if a bearish breakdown of 1.5150 occurs soon. S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for October 12, 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 of 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 level of 1.1450.

In the long term, a projected 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 considering September's monthly candlestick that is obviously bearish).

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 took place until significant bearish resistance was faced 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, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) took place, which provided evident bullish rejections several times in a row (note the recent daily candlesticks during last week's consolidations).

Previously, 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 which was not reached as the price level of 1.1150 prevented further bearish decline.

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) was needed to expose the next demand level around 1.0980 where the daily uptrend comes to meet the EUR/USD pair. However, bullish demand was expressed around the 1.1150 level, which led to the current pullback towards the intraday SELL ZONE at 1.1370-1.1400.

Conservative traders should wait for bearish correction 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 12, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. The US indices jumped higher on Friday led by shares of the Technology Hardware and Equipment, Transportation and Health Care Equipment & Services sectors. The Dow Jones Industrial Average added 33.74 points, or 0.2%, to 17084.49. The S&P 500 added 1.46, or 0.1%, to 2014.89, and the Nasdaq Composite rose 19.68, or 0.4%, to 4830.47. Nymex crude futures hovered around $50 a barrel, while Gold edged 1% up to $1,156.30 a troy ounce. The yield on 10-year US Treasury notes fell to 2.099%, from 2.108% on Thursday. The US Import price index dropped 0.1% mom in Sept from a revised drop of 1.6% in Aug. (-0.5% estimate). On an annual basis, overall US import prices were 10.7% down. The US dollar tumbled to a three-week low against the euro on Friday as investors continued to bet against the US interest rate hike in coming months. The pair is reversing up after breaking above its 20-period and 50-period intraday MAs. The intraday RSI is around 50 lacking downward momentum. Further upside is therefore expected with the next horizontal resistance and overlap set at 119.85 at first. A break above this level would call for further advance toward Oct 6 high at 120.65 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 120.65 and the second target at 120.90. 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 119.85.

Resistance levels:120.65 120.90 121.45

Support levels: 119.45 119.20 118.75

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Technical analysis of USD/CHF for October 12, 2015 Market Analysis Review

USD/CHF is expected to trade with a bearish bias. The pair remains under pressure below its key resistance at 0.9650 on an intraday basis. The process of lower highs and lows should confirm a negative trend. Furthermore, the intraday RSI has struck against its neutrality area of 50, while the trending indicators such as the 20-period and 50-period MAs are negatively oriented. In these perspectives, further decline seems to be on the cards with targets at 0.9550 and 0.9520.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9550. A breakout of that target will move the pair further downwards to 0.9520. The pivot point stands at 0.9650. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9690 and the second target at 0.9730.

Resistance levels: 0.9690 0.9730 0.9765

Support levels: 0.9550 0.9520 0.9475

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Technical analysis of NZD/USD for October 12, 2015 Market Analysis Review

NZD/USD is expected to trade with a bullish bias above 0.6650. The pair stands firmly above its nearest support at 0.6650 posting consolidation. Even though continuation of the consolidation cannot be ruled out at the current stage, its extent should be limited. As the key moving averages are still heading upward, which suggests that prices may still have potential to go upside. To sum up, as long as 0.6650 is not broken, the intraday outlook remains positive with targets at 0.6775 and 0.6810.

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 0.6775 and the second target at 0.6810. In the alternative scenario, short positions are recommended with the first target at 0.6580 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 0.6550. The pivot point is at 0.6650.

Resistance levels: 0.6775 0.6810 0.6865 Support levels: 0.6580 0.6550 0.6515 0.6475

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Technical analysis of GBP/JPY for October 12, 2015 Market Analysis Review

GBP/JPY is expected to advance further. The pair broke above its previous resistance at 183.85 (which should act as the key support now), and accelerated on the upside. Furthermore, the ascending 20-period and 50-period MAs maintains the upside bias. The intraday RSI is above its neutrality level of 50 and lacks downward momentum. As long as 183.85 holds on the downside, look for further moving upside to 184.85 and even 185.40.

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 184.85 and the second target at 185.40. In the alternative scenario, short positions are recommended with the first target at 183.30 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 182.70. The pivot point is at 183.85.

Resistance levels: 184.85 185.40 186

Support levels: 183.30 183.70 182.70

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Technical analysis of Siver for October 12, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has tested resistance around the levels of $16.00 today before coming under pressure again. As depicted here, the metal could drop lower in a corrective way towards $15.00 before resuming its recent rally. The metal seems to be underway to form a bearish evening star candlestick pattern on the H4 chart. It is hence recommended to remain flat now and look for an opportunity to buy at lower levels again. Immediate support is seen at $15.40 (interim) followed by $15.00, $14.40, and lower, while resistance is seen at $16.40/50 followed by $17.40/50 and higher.

Trading recommendations:

Remain flat now and look for an opportunity to go long at lower levels.

Good luck!

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Technical analysis of Gold for October 12, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has pushed through the $1,169.00 levels for now and could be preparing to target the $1,192.00 levels at least before producing a meaningful retracement lower. The yellow metal will remain in control of bulls until prices stay broadly above the $1,110.00 levels. It is hence recommended to remain long and also look to add further positions on dips. Immediate support is seen at the $1,155.00 levels followed by $1,140.00, $1,130.00 and lower, while resistance is seen at the $1,170.00 levels, and higher. Buy on dips for now.

Trading recommendations:

Remain long for now, stop is at $1,100.00, target is open.

Good luck!

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Technical analysis of EUR/JPY for October 12, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is facing resistance above the level of 137.00 trading at the territory around 136.50/60 at the moment. It is quite possible that the pair drops lower towards 135.50 before turning bullish again. It is recommended to remain flat for now and look for an opportunity to buy at lower levels. Immediate support is seen at 134.50 followed by 133.50/25, 132.00, and lower, while resistance is seen at 137.00/30 followed by 138.00/139.00 and higher. Watch for 135.00/50 where support is likely to be found.

Trading recommendations:

Remain flat now.

Good luck!

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Global macro overview for 12/10/2015 Market Analysis Review

Global macro overview for 12/10/2015:

The latest OPEC monthly report has just been released and it shows a global oil demand forecast cut by 40kbpd (thousand barrels per day) in 2016. That means the 2016 oil demand is seen at the level of 1.25mbpd. Nevertheless, OPEC forecasts a 130k drop in non-OPEC demand in 2016, mainly due to the lower prices reducing supplies stockpiles in the US and in other parts of the world. The more optimistic news is, the more balanced fundamental outlook for 2016 is.

The technical picture of crude oil shows the market trading below the 200DMA and below the 50% Fibo at the level of 50.25. The next resistance is seen at the level of 50.87 and support is seen at the level of 49.31.

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Technical analysis of GBP/CHF for October 12, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is trading around 1.4750/60 now, after bouncing back from the level of 1.4650 earlier. Please note that the pair is still holding its Fibonacci support level of 0.786, and only a drop below 1.4600 would nullify the bullish scenario. Also note that prices need to overcame the level of 1.4950 to enter the buy zone and accelerate. It is hence recommended to hold long positions with risk at 1.4600. Immediate support is seen at 1.4600, while resistance is seen through 1.4900/50 and higher.

Trading recommendations:

Remain long, stop is at 1.4600, a target is open.

Good luck!

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Global macro overview for 12/10/2015 Market Analysis Review

Global macro overview for 12/10/2015:

Today there is a bank holiday in the US with very few economic data releases expected, but there are some speeches from the Fed officials scheduled for later today, including Dennis Lockhart's one at 12:10 pm GMT and Lael Brainard's speech at 20:30 pm GMT. Market participants are watching carefully these speeches, despite the fact that the probability of the Fed's rate hike in October is less than 10%. Prospects for the hike to take place in December 2015 is now lest than 40%. If the Fed still has intention to raise the short-term interest rate this year, it should communicate this much better and scheduled speeches of officials offer the perfect opportunity.

The technical picture of DXY US dollar index is showing a broken golden trend-line support and the market, which is trading below 50, 100, and 200 DMA. The next support is seen at the level of 94.05 and resistance is seen at the level of 95.20.

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Technical analysis of USD/CAD for October 12, 2015 Market Analysis Review

General overview for 12/10/2015 13:15 CET

The wave structure is clearly extended to the downside as the last wave (c) blue looks now completed. Any breakout higher above the intraday resistance at the level of 1.2990 and then above technical resistance at the level of 1.3070 will be considered bullish. Moreover, the bullish divergence between the price and the Awesome Oscillator supports the bullish outlook.

Support/Resistnace:

1.3092 - WR1

1.3070 - Technical Resistance

1.3000 - Weekly Pivot

1.2990 - Intraday Resistnace

1.2900 - Intraday Support

Trading recommendations:

Daytraders should consider opening buy orders from the current market levels with SL below the level of 1.2900 and TP at the level of 1.3000.

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Technical analysis of EUR/JPY for October 12, 2015 Market Analysis Review

General overview for 12/10/2015 13:05 CET

The wave structure is developing as anticipated with one more wave to the upside needed to complete the wave (iii) green. Currently, the market is in a corrective cycle as the wave iv blue is in progress. Any violation of the level of 135.70 invalidates the green impulsive count.

Support/Resistnace:

137.46 - Projected Target For Wave (iii) Green

136.95 - Intraday Resistnace

136.33 - Intraday Support

136.11 - Weekly Pivot

135.70 - Invalidation Level

Trading recommendations:

Daytraders should consider opening buy orders from the current market levels with SL below the level of 135.70 and TP at the level of 137.46.

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Technical analysis of EUR/USD for October 12, 2015 Market Analysis Review

Overview:

• The EUR/USD pair has rebounded from the minor resistance at the level of 1.1393, and it is now approaching its support in order to test it. Moreover, the price of 1.1305 is representing the weekly pivot point for October 12-16, 2015. So it will probably start an upside movement in this area and recover again. Therefore, it will be a good sign to buy at this spot with the first target of 1.1305 to form the double top and continue moving towards 1.1438 (this level will form the weekly resistance 1). On the other hand, in case the 1.1305 level is brokern, a good place for a stop loss will be below 1.1270.

The weekly technical analysis of EUR/USD pair:

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EUR/NZD : analysis for October 12, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7025. In the daily time frame, we can observe a demand bar in an average volume. I found the 4-day support level at 1.6845 (Fibonacci retracement 38.2%). Selling opportunities are preferable. On the H1 chart, we can observe a potential reversed head and shoulders formation. If the price breaks the level of 1.700, it will confirm our HS formation. Selling opportunities are preferable only if the price breaks our strong support in a high volume. Otherwise, we may see an upward movement. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (on the test), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6990

R2: 1.7025

R3: 1.7085

Support levels:

S1: 1.6875

S2: 1.6835

S3: 1.6775

Trading recommendations: Be careful when buying and watch for potential selling opportunities if the price brekas the level of 1.6845 in a high volume.

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Technical analysis of GBP/USD for October 12, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Overview:

• The first key level will set at 1.5421 and the second key level will set at 1.5279 today. Equally important, GBP/USD pair is still moving between 1.5421 and 1.5279. Additionally, it should be noted that a range about 142 pips is expected within next hours. Moreover, the levels of 1.5421 and 1.5279 are likely to represent weekly resistance 1 and weekly pivot point in the H1 chart. Furthermore, the trend is very clear indicating a sideways market, because it has been moving between these levels for a while. As it is known, sellers are asking for a high price as well as buyers are bidding at a lower price. Therefore, we expect the trend to call for a bearish market at the level of 1.5421 in the same time frame. As a result, sell at the level of 1.5421 with the first target at 1.5325, it might resume to 1.5279 in order to test the weekly pivot point. On the other hand, your stop loss should be placed above 1.5421. Thus, it will be helpfull to set it at the level of 1.5453.

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Gold : analysis for October 12 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,166.49. An intraday trend is upward. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe weak supply around the level of $1,163.00. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday buying opportunities are preferable. The level of $1,170.00 is the first strong resistance. We may expect potential downward correction, so watch for potential buying opportunites after correction (buy on the dips). First support level is seen at $1,159.50.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,156.20

R2: 1,156.70

R3: 1,157.45

Support levels:

S1: 1,154.70

S2: 1,154.20

S3: 1,155.45

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on the dips. Strong resistance is seen around the level of $1,170.00.

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USDX technical analysis for October 12, 2015 Market Analysis Review

The US dollar index has broken the short-term triangle pattern and USD bulls are on the defensive. A break down should be expected as bears are now in control of a short-term trend.

Red line - resistance

Green line - support (broken)

The US dollar index found the short-term support at the 78.6% Fibonacci level of 94.60. The price is below the Ichimoku cloud confirming the bearish trend. Bulls need to break above the Ichimoku cloud at 96 in order to regain control of the trend.

Green line -weekly support

Red line - weekly resistance

The US dollar index is still trapped inside the trading range of the bullish flag. However, the weekly candle has entered the weekly Ichimoku cloud. This changed weekly trend to neutral. Bulls should be very cautious as bears are in control now. Only a strong bounce and breakout above 96 could shift trend to bullish again. I prefer to stay neutral over the longer-term as long as the price is inside this range.

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Gold technical analysis for October 12, 2015 Market Analysis Review

Gold price made a confirmed weekly breakout on Friday holding the support of $1,140 after the back test of the breakout. The trend remains bullish and my short-term target remains at $1,200.

Red line - trend line resistance

Gold price has broken above the short-term downward sloping red trend line trading above the Ichimoku cloud. Bulls are in control of the trend as the price is moving towards higher highs and higher lows. Important support is found at $1,140 and short-term support is seen at $1,152.

Black lines - triangle pattern

The weekly candles have broken above the triangle pattern and above the kijun-sen (yellow indicator). This is a bullish sign, which implies that the trend is bullish in the short-term and we are going to test the Ichimoku cloud that we found at $1,200.

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Elliott wave analysis of EUR/NZD for October 12, 2015 Market Analysis Review

Technical summary:

We are still looking lower towards 1.6781 before the bottom is in place and a new impulsive rally higher should be expected. In the short term, we expect resistance at 1.7048 to protect the upside for a final decline towards 1.6781.

Only an unexpected breakout above resistance at 1.7125 will indicate that the bottom is already in place, and the next impulsive rally to above 1.8020 should be seen soon.

Trading recommendation:

Our stop at 1.7020 was hit for a nice profit, and we will now be looking for a EUR-Buying opportunity near 1.6781

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