Daily analysis of GBP/JPY for October 19, 2015 Market Analysis Review

Overview

Recovery of the GBP/JPY pair from 180.64 was rather weak. But in overall, it is still seen as being in sideways consolidation from 180.36. Initial bias stays neutral this week. A further rise could be seen but strong resistance at 188.28 is expected to limit upside finishing consolidation. A breakout at 180.36 will extend the whole fall from 195.86 and should then target a test at 174.86, which is the key support level. In the longer term, an uptrend from 116.83 long term bottom could be a top. There is no confirmation seen yet, but even is case of another rise, strong resistance is likely to be seen near 61.8% retracement of 251.09 to 116.83 at 199.80.

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Daily analysis of major pairs for October 19, 2015 Market Analysis Review

EUR/USD: The outlook for the pair was bullish, though it was corrected lower by the end of the last trading week. The bearish correction could end up being a wonderful opportunity to go long this week (unless the demand level at 1.1250 is broken to the downside). The resistance lines at 1.1450 and 1.1500 could be reached this week.

USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF; plus the pair would remain under selling pressure as long as the EUR/USD pair is in a bullish mode. So, it is logical to conclude that the movement in the USD/CHF pair would be largely determined by whatever happens to EUR/USD.

GBP/USD: The cable moved upwards last week, testing the distribution territory of 1.5500 several times. The price was unable to break above the distribution territory - something that needs to be achieved this week - so that the uptrend could continue. The uptrend would be rational as long as the accumulation territory of 1.5200 is not broken to the downside. This means that any noticed pullbacks in the market could be taken as opportunities to go long.

USD/JPY: This currency trading instrument has moved back into the neutral territory, owing to an upward bounce, which we saw last week after a bearish plunge. The price fell by 200 pips and rose by 150 pips later. It should either go above the supply level at 121.00 or go below the demand level at 118.00.

EUR/JPY: This cross, which was trading sideways from Monday till Wednesday last week, broke towards the south on Thursday. The southwards break was impulsive, but it was not strong enough to jeopardize the existing bullish outlook. A movement below the demand zone of 134.50 would result in a bearish outlook (though it is expected that the demand zone would defend the extant bullish outlook). Any movement above the supply zone of 136.00 would reinforce the existing bullish outlook, which might mean that Thursday's pullback was a nice opportunity to go long.

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Technical analysis of EUR/USD for October 19, 2015 Market Analysis Review

When the European market opens, economic news on the German Buba Monthly Report is due to be released. The US will unveil economic data on the NAHB Housing Market Index. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1411.

Strong Resistance:1.1404.

Original Resistance: 1.1393.

Inner Sell Area: 1.1382.

Target Inner Area: 1.1355.

Inner Buy Area: 1.1328.

Original Support: 1.1317.

Strong Support: 1.1306.

Breakout sell Level: 1.1299.

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 19, 2015 Market Analysis Review

In Asia, Japan will not release any ecnomic data, but the US will publish data on the NAHB Housing Market Index. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.84.

Resistance. 2: 119.61.

Resistance. 1: 119.38.

Support. 1: 119.08.

Support. 2: 118.85.

Support. 3: 118.61.

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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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for October 19, 2015 . Thanks for your support.

Daily analysis of USDX for October 19, 2015 Market Analysis Review

The USDX has been recovering from losses above the support zone of 94.61 and now it is approaching the 200 SMA zone on the H1 chart. Bear in mind this territory could act as dynamic resistance for this index. If that happens, we could expect another fall towards the support level of 94.15. Another scenario could be the rally continuation above the resistance level of 94.98 with a short-term target at 95.30. The MACD indicator is at the neutral territory.

H1 chart's resistance levels: 94.98 / 95.30

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 USDX breaks with a bearish candlestick; the support level is at 94.61, take profit is at 94.15, and stop loss is at 95.09.

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Daily analysis of GBP/USD for October 19, 2015 Market Analysis Review

GBP/USD has been performing well above the 200 SMA, doing some rallies which added strength to the short-term bullish outlook for this pair. The current pullback could make the cable to test the support zone of 1.5411, where a rebound could happen. We are expecting a breakout above the resistance level of 1.5458, which could open the door to a test at the level of 1.5506, as the current structure is still calling for more upside moves. The 200 SMA is slightly bullish, so long orders are still preferable for GBP/USD.

H1 chart's resistance levels: 1.5458 / 1.5506

H1 chart's support levels: 1.5411 / 1.5374

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 at 1.5458, take profit is at 1.5506, and stop loss is at 1.5411.

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