GBP/USD intraday technical levels and trading recommendations for October 19, 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, 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 on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.This sell position was triggered last Wednesday. S/L should be placed above 1.5530.

Note that bearish persistence below the level of 1.5330 is needed for further bearish decline towards the level of 1.5100 and 1.5050 to occur.

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USD/CAD intraday technical levels and trading recommendations for October 19, 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 have moved further above this resistance level faced on September 23.

A significant bearish rejection was observed around 1.3450 where 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed 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 level of 1.3075 constitutes acting as intraday resistance to be watched for intraday sell entries.

It offered a valid sell position for retesting, which can take place Tuesday. It is already running in profits now. S/L should be lowered to 1.2955 to secure our profits.

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 strong support.

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

USD/JPY is expected to trade in a higher range. US stocks advanced on Friday, led by shares in the consumer durable goods and apparel, food beverage and tobacco, as well as healthcare equipment and services sectors. The Dow Jones Industrial Average gained 0.4% to 17,215, the S&P 500 edged up 0.5% to 2,033, and Nasdaq Composite added 0.3% to 4,886. On the economic data front, the US industrial production declined 0.2% in September (vs -0.4% in August). Meanwhile, the University of Michigan consumer sentiment increased to 92.1 in October (vs 89.5 expected) from 87.2 in September, making the greenback strengthen against most other major currencies, including the euro and the yen. The pair keeps trading on the upside, though it has entered a consolidation phase after reaching as high as 119.65 last Friday. The intraday outlook remains bullish as the 20-period intraday moving average (MA) remains above the 50-period one, while the intraday relative strength index (RSI) is around the neutrality level of 50. As long as 118.90 holds as the key support, the pair is expected to retake the first upside target at 119.65.

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 119.65 and the second target at 119.90. In the alternative scenario, short positions are recommended with the first target at 118.60 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 118.25. The pivot point is at 118.90.

Resistance levels:119.65 119.90 120.25

Support levels: 118.60 118.25 117.75

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

USD/CHF is expected to trade with bullish bias as the key support is at 0.9500. The pair remains on the upside above the 0.950 level, which is clearly an important support. The intraday situation is mixed to bearish. As long as the support at 0.9500 is not surpassed, the risk of the break above 0.9585 remains high. The technical indicator RSI is negative, calling for a new upside. Hence, look above 0.9500 for a new upside to 0.9585 and 0.9615 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 0.9585 and the second target at 0.9615. In the alternative scenario, short positions are recommended with the first target at 0.9475 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 0.9450. The pivot point is at 0.95.

Resistance levels: 0.9585 0.9615 0.9650

Support levels: 0.9475 0.9450 0.94

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Intraday technical levels and trading recommendations for GBP/USD for October 19, 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 significant 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 supported 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 around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) has provided significant bullish rejection last week.

Weekly persistence below the level of 1.5350 (prominent weekly bottom) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders further bearish momentum giving time for sideways consolidations which may extend up to the price levels of 1.5500 and 1.5550.

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

Instead of it, the 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 applied around the zone of 1.5150-1.5200 (previous prominent weekly bottoms). A bullish breakout above 1.5350 (Intraday Demand) took place last week as depicted on the chart.

The price zone of 1.5500-1.5550 remains a significant supply zone to be watched for valid sell entries.

Daily fixation below 1.5350 is needed to allow bearish movement to occur towards the level of 1.5150 (previous prominent weekly bottoms), then 1.4970 (weekly demand level).

Trading Recommendation:

Risky traders can take a valid SELL entry around the price zone of 1.5500-1.5550. S/L should be placed above 1.5550.

On the other hand, a low-risk BUY entry can be offered around the weekly demand level (1.4970) if bearish breakdown of both demand levels at 1.5350 and 1.5150 occurs soon. S/L should be placed below 1.4930.

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

NZD/USD is expected to trade with bullish bias above 0.6765. The pair stands firmly above its key support at 0.6840, and seems likely to post a pause on an intraday basis. Nevertheless, even though a continuation of the consolidation cannot be ruled out, its extent should be limited before a new rise. As the intraday RSI lacks downward momentum, and a strong support base around 0.6765 should limit any downward attempts.

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 0.6840 and the second target at 0.690. In the alternative scenario, short positions are recommended with the first target at 0.6725 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 0.6690. The pivot point is at 0.6765.

Resistance levels: 0.6840 0.69 0.6945 Support levels: 0.6725 0.6690 0.6660

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Intraday technical levels and trading recommendations for EUR/USD for October 19, 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 (low probability).

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if the weekly high at 1.1465 gets breached.

This can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of this month.

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.

Shortly after, 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.

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. The latter 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 rejection was expressed around the level of 1.1150, which led to another bullish pullback towards the intraday sell zone of 1.1370-1.1400.

As anticipated, it offered a valid sell entry as long as the market keeps defending the EUR/USD supply zone at 1.1450-1.1500.

On the other hand, conservative traders should wait for a 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 GBP/JPY for October 19, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. The pair has reversed up and is well supported by its rising 50-period intraday MA. The 20-period MA has crossed above the 50-period one, confirming a bullish bias. And the intraday RSI lacks downward momentum. Further upside is expected with the first upside target set at 185.30; and the second one, at 185.80 in extension. Only a break below the key support at 183.60 would open the way to further weakness.

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 185.30 and the second target at 185.80. In the alternative scenario, short positions are recommended with the first target at 182.75 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 182.30. The pivot point is at 183.60.

Resistance levels: 185.30 185.80 189.65

Support levels: 182.75 182.30 181.60

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Technical analysis of Silver for October 19 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has reached a higher low around the level of $15.80 and is looking for an opportunity to move higher towards at least $16.40/50. Please note that the metal is bouncing off the wedge support around $15.80 indicating a bullish bounce from current levels. The metal might have already reversed as prices stay above the levels of $14.00. It is hence recommended to remain long with risk at $14.00. Immediate support is seen at $15.50 followed by $15.00, $14.00, and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher.

Trading recommendations:

Remain long, stop is set at $14.00, a target is open. Long-term setups.

Good luck!

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Technical analysis of Gold for October 19 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is looking for a higher low around the $1,170.00 levels for now, before looking to push higher through the $1,200.00/30.00 levels. The metal might have turned bullish already and is looking to print higher highs and higher lows from here on. Bulls are expected to remain in complete control until prices stay above the $1,100.00 levels broadly. Immediate support is seen at the $1,163.00 levels, followed by $1,151.00, $1,135.00 and lower, while resistance is seen at the $1,190.00 levels, followed by $1,200.00/30.00 and higher.

Trading recommendations:

Remain long also look to add further, stop is at $1,150.00, target is $1,230.00 and higher.

Good luck!

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

Technical outlook and chart setups:

The EUR/JPY pair is seen to be holding above recent lows made around the 134.75/135.00 levels. Bulls are expected to remain in control until prices stay above the 134.75 levels broadly. A bullish reversal here would target the 139.00 levels and higher in the weeks to come through. It is hence recommended to remain long for now with risk around the 134.00 levels. Immediate support is seen at the 134.75 levels, followed by 134.00, 133.00 and lower, while resistance is seen at the 137.00 levels, followed by 138.00/139.00 levels and higher.

Trading recommendations:

Remain long for now, stop is at 134.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for October 19 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair is testing an intermediary line of resistance around the 1.4800/20 levels as seen on the chart. Also note that prices are just around the Fibonacci 0.618 resistance as well (1.4789/90). A bearish turn here would be encouraging for bears to continue drifting towards the 1.4400 levels at least. It is hence recommended to remain short and look to add further positions with risk at the 1.4950 levels. Immediate support is seen at the 1.4620 levels, followed by 1.4520 and lower, while resistance is seen at the 1.4920/30 levels, followed by 1.5100 and higher.

Trading recommendations:

Remain short, stop is at 1.4950, target is 1.4400.

Good luck!

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

The weekly technical analysis of the GBP/USD pair:

Overview:

• The GBP/USD pair continues its bullish sentiment from the level of 1.5406 because the support has already set at the level of 1.5400 and the double bottom is seen near the resistance level of 1.5390. Accordingly, it will be profitable to buy in this area with the first target at 1.5508 to test minor resistance, which represents a ratio of 100% Fibonacci retracement in the H1 chart. Besides, if the trend manages to break the double top, it will call for an uptrend in order to continue its bullish movement towards 1.5566 to test the weekly resistance 1. The weekly pivot point is seen at 1.5383. The stop loss should be placed at the level of 1.5360. Equally important, support is found at the level of 1.5380 today.

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Gold analysis for October 19, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,170.59 in a high volume. The short-mid term trend is still upward. In the daily time frame, we can observe a supply bar in a volume below the average. In the H1 time frame, we can observe a support-cluster around the level of $1,171.00. I had placed major Fibonacci expansion to find potential objective points and got Fibonacci expansion 100% at the level of $1,191.00 and Fibonacci expansion 161.8% at the price of $1,247.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,170.70

R2: 1,178.30

R3: 1,179.00

Support levels:

S1: 1,175.90

S2: 1,175.40

S3: 1,174.50

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on dips. the next resistance level is seen around $1,191.00-$1,247.00.

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

Overview:

• The EUR/USD pair is trading at the level of 1.1392. Also, the daily pivot point set at 1.1333 today, and the price is now around this key level. Consequently, the market has still been calling for a bearish market because the price has set below the key levels since the market opened. Accordingly, if the trend fails to close above the weekly pivot at the level of 1.1392, it will be a good opportunity to sell below 1.1392 with the first target at 1.1289 (this level is going to represent a new double bottom), it will be continued in downtrend towards 1.1231 in order to test the weekly support 2. At the same time, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss is seen below the level of 1.1392. It should be noted that the level of 1.1405 represents the double top.

The weekly technical analysis of the EUR/USD pair:

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EUR/NZD analysis for October 19, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6623. In the daily time frame, we can observe a weak demand bar. Our 6-day support level at 1.6845 (Fibonacci retracement 38.2%) got finally broken and we may see potential testing at the level of 1.6280. the price is still in a downward channel. Selling opportunities are preferable. On the H1 chart, we can observe weak demand around the level of 1.6730. The first support level is seen at 1.6505. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (broken), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. The intraday trend is downward.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6726

R2: 1.6773

R3: 1.6850

Support levels:

S1: 1.6575

S2: 1.6530

S3: 1.6450

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

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Global macro overview for 19/10/2015 Market Analysis Review

Global macro overview for 19/10/2015:

In the interview published this morning in Poland's "Rzeczpospolita", ECB policymaker Ewald Nowotny said the eurozone might need additional measures, like structural reforms and looser fiscal policy, to meet the economic growth projections. Moreover, he sees the current ECB fiscal policy as neutral indicating a possible change in the direction to more expansive fiscal policy. Please notice, the ECB meeting and interest rate decision release is scheduled for this Thursday at 11:45 am GMT.

The EUR/USD technical picture in the daily time frame looks bearish after the bearish engulfing pattern candlestick formation on the daily chart and doji candle on the weekly chart, suggesting more downside pressure in this market. The next support is seen at the level of 1.1318 and resistance is seen at the level of 1.1494.

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Global macro overview for 19/10/2015 Market Analysis Review

Global macro overview for 19/10/2015:

The newest data from China regarding industrial production and GDP figures had been released last night. The Chinese GDP for third quarter turned out to be in line with expectations ( 6.9% vs. 7.0% prior), but it is the first quarterly growth rate below 7% since the global financial crisis. The target growth rate of the Chinese economy is projected at the level of 7.3% this year and it would be the slowest growth rate in this century as speed-up measures have failed so far (four interest rate cuts, bank's reserves reductions, devaluation of the yuan). Please notice that the Chinese economy has a significant influence on the overall global economy and it is responsible for one-third of the global economic growth.

The Australian dollar is closely linked to the Chinese economy. The current technical picture of the AUD/USD pair is bullish as long as the support at the level of 0.7198 holds the supply pressure. The next resistance is seen at the level of 0.7384.

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USDX technical analysis for October 19, 2015 Market Analysis Review

The US dollar index bounced last Friday towards the resistance areas of 94.75-95 as expected. The price remains below the Ichimoku cloud and we could see a downward reversal any time soon especially if we break below 94.55.

Green lines - bearish wedge

The US dollar index has formed a bearish wedge pattern. If we break below 94.55 support, we should expect heavy selling to push the price towards new lows below 93.80. Resistance at 94.75-95 is important and even if we reach short-term higher highs, I expect the index to get rejected.

Red line - weekly resistance

Green line -weekly support

The weekly chart remains inside the Ichimoku cloud implying that the weekly trend is neutral. Bulls are trying to break above the Ichimoku cloud and only such a breakout will bring in more US dollar buyers. Weekly resistance is at 95.40 and weekly support is at 93.80. I would stay neutral.

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Gold technical analysis for October 19, 2015 Market Analysis Review

Gold price reversed from my target area towards $1,170 as expected. As I had mentioned last wee, gold price reached the area where I preferred to take profits without opening new long positions. Gold price was expected to pull back and has now reached channel support.

Red lines - bullish channel

Gold price is testing channel support and kijun-sen support (yellow line indicator). Gold price remains above the cloud support approaching higher highs and higher lows. A bounce from current levels to new highs is justified. Bulls could get the second and last chance to reach the level of $1,200 soon, but if we break below this channel, only a double top should be expected.

Black lines - broken triangle

Red line - broken resistance

The weekly cloud had closed above the previous weekly high and we started the week with a pullback resulting in a test at the breakout level of $1,170. The price has not reached the Ichimoku cloud yet and there are still many chances of seeing $1,200. However, bulls should be very cautious and use tight stops.

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

General overview for 19/10/2015 08:20 CET

A three-wave bounce from the level of 134.79 to the level of 136.00 was labeled as wave b green. Now, there is one more wave to the downside needed to complete a three-wave corrective structure of a larger degree. Only a clear breakout above the level of 136.00 would invalidate the view and make the wave b green wave progression more complex and time-consuming.

Support/Resistance:

136.95 - Wave D Top

136.58 - WR1

136.00 - Intraday Resistance

135.68 - Weekly Pivot

134.79 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the current price levels with SL above the level of 136.20 and TP at the level of 134.75.

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

General overview for 19/10/2015 08:00 CET

The pair is trading around the weekly pivot at the level of 1.2935 and just under the intraday resistance at the level of 1.2956. To continue with a bullish wave progression, the price must break of the golden channel and head higher to the border of the neutral zone at the level of 1.3070.

Support/Resistance:

1.2831 - Intraday Support

1.2856 - Technical Support

1.2935 - Weekly Pivot

1.2956 - Intraday Resistance

1.3036 - WR1

1.3070 - Technical Resistance

Trading recommendations:

Day traders should consider opening buy orders only if the level of 1.2956 is clearly violated. SL should be set tight (15-20 pips) and TP should be placed at the level of 1.3036.

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Elliott wave analysis of EUR/NZD for October 19, 2015 Market Analysis Review

Wave summary:

We continue to look for confirmation that a firm bottom was seen at 1.6486 and the first strong indication will be a break above resistance at 1.6851. In the short term, we expected minor support near 1.6593 to protect the downside for a break above minor resistance at 1.6771 and more importantly above resistance at 1.6851 for a continuation above 1.7198.

It will take an unexpected break below 1.6486 to indicate that the correction from 1.9114 is not over yet.

Trading recommendation:

We are long EUR from 1.6555 and keep our stop at 1.6480 for now. If you are not long EUR yet, then buy near 1.6593 and use the same stop at 1.6480.

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Elliott wave analysis of EUR/JPY for October 19, 2015 Market Analysis Review

Wave summary:

We are still locked inside a possible triangle pattern. We still believe that this triangle will be resolved in a downside thrust for a decline to below 126.05, but now we have to wait patiently for the thrust out of the triangle.

The short-term resistance is seen at 135.95, which we expected to protect the upside for a break below minor support at 134.36 and more important below support at 133.11 confirming the downside thrust.

Only an unexpected breakout above 137.44 will indicate an upside thrust.

Trading recommendation:

We are looking for a EUR selling opportunity. We will see EUR at 135.95 or upon a break below minor support at 134.92.

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

Overview

SSilver price fluctuates near the critical resistance level at 15.85, waiting for a breach to ease resuming the bullish trend, which got continuous support from the EMA 50, reminding you that our next target is seen at 16.30 and then at 16.85. In general, the positive scenario will remain valid and active unless the level of 15.40 gets broken. The price is holding below it, pointing that stochastic gains positive momentum gradually to reinforce the bullish track expectations. Nevertheless, silver is still trading above 38.2% Fibonacci at 15.42 and above moving averages, which contradicts with the downside tendencies seen after touching the levels of 16.00.

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