Daily analysis of USDX for October 21, 2015 Market Analysis Review

On the H1 chart, the USDX has been trading sideways in the 200 SMA zone, so that is why we can see some uncertainty on this index. However, the support level of 94.61 was tested, but the price action was rejected. A breakout above the resistance level of 94.98 will reinforce the view of a possible bullish continuation, which could last for several days more. The MACD indicator is still entering 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 seen 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 21, 2015 Market Analysis Review

GBP/USD extended a pullback below 1.5458. Now, it is looking for an opportunity to test the support zone of 1.5411, which is very close to the current location of the 200 SMA on the H1 chart. Over there, a rebound towards new highs could happen. Another dynamic is calling for more downside room in market, once the cable makes a breakout below the support level of 1.5374, in a move that should open the door to the psychological level of 1.5300. The MACD indicator is at the negative territory.

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

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Technical analysis of USD/JPY for October 20, 2015 Market Analysis Review

USD/JPY is expected to trade in a higher range. Overnight, US stocks were range-bound and ended slightly higher with the Dow Jones Industrial Average edging up 0.1% to 17,230, the S&P 500 broadly flat at 2,033, and the Nasdaq Composite gaining 0.4% to 4,905. Nymex crude oil fell 2.9% to $45.89 per barrel and gold was down 0.6% at $1,170.3 per ounce. The benchmark 10-year Treasury yield changed a little at 2.028%. Meanwhile, the greenback remained firm against most other major currencies with the Wall Street Journal Dollar Index gaining 0.3% to 87.24. EUR/USD slid 0.2% to 1.1324, USD/CAD rose 0.8% to 1.3017, and USD/CHF was up 0.3% at 0.9562. The pair keeps trading on the upside around the 20-period intraday moving average (MA), while being supported by the 50-period intraday MA. The intraday relative strength index (RSI) is around the neutrality level at 50 lacking downward momentum. The intraday bias remains bullish and the pair is expected to rise to the first upside target at 120.20 (around the high of October 16). The second upside target is set at the horizontal overlapping level at 120.35.

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 120.20 and the second target at 120.35. In the alternative scenario, short positions are recommended with the first target at 118.90 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 118.60. The pivot point is at 119.15.

Resistance levels:120.20 120.35 120.75

Support levels: 118.90 118.60 118.25

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Technical analysis of USD/CHF for October 20, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range. The pair is trading on the upside while being supported by the rising 50-period intraday MA. The formation of higher highs and lows remains intact and it should confirm a positive outlook. Besides, the intraday RSI stays above its neutrality level at 50. In these perspectives, as long as 0.950 (our trailing stop loss) is not broken, look for a new rise 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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Technical analysis of NZD/USD for October 20, 2015 Market Analysis Review

NZD/USD is choppy. The pair remains in consolidation in the range 0.6840 to 0.670. The intraday volatility decreased sharply, as the Bollinger Bands are tightening, which also indicates that a breakout may occur in the near future. Furthermore, the intraday RSI is mixed to bearish below its neutrality area at 50. Hence, as long as 0.6840 is not surpassed, look for a choppy price action with a bearish bias. A break below 0.670 would trigger a bearish acceleration towards 0.6650.

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 0.67. A breakout of that target will move the pair further downwards to 0.6650. The pivot point stands at 0.6850. 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 0.69 and the second target at 0.6925.

Resistance levels: 0.69 0.6925 0.6965 Support levels: 0.67 0.6650 0.6600

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Technical analysis of GBP/JPY for October 20, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. The pair stands above its 20-period and 50-period intraday MAs and remains on the upside. The intraday RSI is well directed and calls for further upside as well. Further upside is therefore expected with the next horizontal resistance and overlap set at 185.80 at first. A break above this level would call for further advance towards 186.45 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 185.80 and the second target at 185.80. In the alternative scenario, short positions are recommended with the first target at 184.05 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 183.60. The pivot point is at 184.60.

Resistance levels: 185.80 186.45 187.25

Support levels: 184.05 183.60 183

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Technical analysis of Gold for October 20 2015 Market Analysis Review

Technical outlook and chart setups:

Gold is seen to be trading around the $1,173.00 levels for now and looking to correct further before resuming rally. The metal has stalled at the Fibonacci 0.618 resistance level of the earlier drop from the $1,230.00 levels through $1,080.00. Furthermore, the rally from the $1,080.00 levels remains corrective in wave counts. The metal needs to break the $1,200.00 levels at least to confirm a reversal. It is hence recommended to exit long positions for now and remain flat. Immediate support is seen at the $1,140.00/50.00 levels, followed by $1,100.00 and lower, while resistance is seen at the $1,230.00 levels and higher.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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Technical analysis of Silver for October 20, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver seems to be testing a sloping resistance line around sub-levels of $16.00. Furthermore, its rally from $14.00 is still corrective and needs to break above the levels of $16.50 and $17.50 to confirm bullish reversal. It is now recommended to exit all long positions and remain flat waiting for a clear direction. Immediate support is seen at $15.50 followed by $15.00, $14.00, and lower, while resistance is seen at $16.50 followed by $17.50/60 and higher.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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GBP/USD intraday technical levels and trading recommendations for October 20, 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 short position was triggered last Wednesday being offered again Today. S/L should be placed above 1.5530.

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

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Technical analysis of EUR/JPY for October 20 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is seen to be trading in a broader cone consolidation as seen here calling for a breakout to confirm the next big move. The pair is trading around the levels of 136.00 now, which is coinciding with the past support turned resistance. The consolidation support came in at the levels of 134.80, while resistance is seen around 136.75. It is recommended to exit long positions and remain flat. A breakout below the levels of 134.50 could trigger further downside. It can challenge the levels of 138.00/139.00.

Trading recommendations:

Exit long positions and remain flat for now.

Good luck!

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USD/CAD intraday technical levels and trading recommendations for October 20, 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 at retesting which took place on previous Tuesday.

This week, the market has pushed back again towards the USD/CAD intraday supply zone at 1.3050-1.3075 which may offer another SELL entry if enough bearish rejection is expressed today.

Generally, the market remains trapped between the price levels of 1.2800 and 1.3075 until a breakout occurs in either direction.

Trading recommendations:

Conservative traders should wait for 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 GBP/CHF for October 20 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair dropped lower from sub-levels of 1.4800 yesterday. Please note that the pair dropped from fibonacci 0.618 resistance zone where the recent drop from 1.4900/30 to 1.4550 took place. Bears might remain in control until prices stay below the levels of 1.4900/30. It is hence recommended to remain short for now with risk at the levels of 1.4950. Immediate support is seen at 1.4620 followed by 1.4550 and lower, while resistance is seen at 1.4900/30 followed by 1.5100 and higher.

Trading recommendations:

Remain short with stop at 1.4950, a target is open.

Good luck!

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Daily analysis of Silver for October 20, 2015 Market Analysis Review

Overview

The silver price broke the 15.85 level and settled below it, which might push the price to test the critical support base at 15.40 before it return to resume the bullish trend, as we mentioned in our last reports. The price needs to settle above this level for the continuation of the bullish correctional trend supported by Stochastic in order to enter the oversold levels now. Therefore, we will keep preferring the overall bullish trend on the intraday and short-term basis, the price needs to breach the 15.85 level to ease targeting 16.30 and 16.85 in the upcoming sessions. Breaking the 15.40 level will stop the positive expectations and pushes the price towards 14.85 and 13.96 initially. In general, we will continue suggesting the bullish trend conditioned by holding above the mark of 15.40.

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Intraday technical levels and trading recommendations for GBP/USD for October 20, 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 enhancing 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) provided significant bullish rejection to the pair 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 extended up to the 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) and 1.4970 (weekly demand level).

Trading Recommendation:

Risky traders can sell the GBP/USD pair around the zone of 1.5500-1.5530. S/L should be placed above 1.5560.

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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Intraday technical levels and trading recommendations for EUR/USD for October 20, 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 at the monthly demand level of 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 of 1.1465 gets hit as soon as possible.

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 a 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 providing 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 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. T/P levels should be located at 1.1333, 1.1250, and 1.1150.

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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Daily analysis of GBP/JPY for October 20, 2015 Market Analysis Review

Overview

Outlook for GBP/JPY has not changed. Sideways consolidation from 180.36 is still in progress and further recovery might be seen. However, strong resistance is expected at 188.28 to limit the upside to finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and should then target a test at the 174.86 key support level. 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 a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67

Daily Pivots: (S1) 183.79, (P) 184.25, (R1) 184.87

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EUR/NZD analysis for October 20, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6630. 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 can see a potential test at the level of 1.6280. The price is still moving in a downward channel. Selling opportunities are preferable. I am waiting for larger liquidity and stronger price action to confirm further downward continuation. 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: 1.6750

R2: 1.6790

R3: 1.6855

Support levels:

S1: 1.6620

S2: 1.6575

S3: 1.6510

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

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Gold analysis for October 20 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,174.00 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. Besides, the price broke a downward channel (bullish flag). 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 level of $1,247.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,176.70

R2: 1,178.75

R3: 1,182.00

Support levels:

S1: 1,170.25

S2: 1,168.25

S3: 1,165.00

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 NZD/USD for October 20, 2015 Market Analysis Review

Review:

In the H4 chart:

• The double top for the NZD/USD pair is seen at the level of 0.6896.
• The support is found at 0.6740. This level is going to represent the weekly support 1, because the major support has already represented the weekly support 1.
• Moreover, the double bottom is also coinciding with the major support in the same time frame.
• We expect a range of 136 pips in coming days because the market seems trapping between the levels of 0.6760 and 0.6896.

Trading recommandations:

• TheThe major support is found at the level of 0.6740. Buy above this area with targets at 0.6848 and 0.6896 in order to test the double top. However, stop loss should be set below the support level of 0.6740.

Intraday technical levels:

• Projected high: 0.6896
• Breakout (buy stop): 0.6810
• Current Pivot: 0.6795
• Projected low: 0.6740
• Breakout (sell stop): 0.8432

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Technical analysis of USD/CHF for October 20, 2015 Market Analysis Review

Overview:

• TheThe USD/CHF pair has rebounded from minor resistance at the level of 0.9550. Now, it is approaching its support in order to test it again. As it is known, we use historic rates to determine future prices, so it will probably start downside movement in this area and recover again to the level of 0.9550, which coincides with the 50% Fibonacci retracement levels. It should be noted that the strong resistance was already found at the level of 0.9619. Therefore, it will be a good sign to sell at this spot with the first target at 0.9481 and continue towards 0.9440 in order to form a new double bottom in the H4 chart. On the other hand, if a break takes place at the level of 0.9625, it will be a good location for stop loss below 0.9640. The value of 61.8% Fibonacci retracement was calculated at 0.9619. If the price hits 0.9625, it will continue moving towards 0.9717. You should check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

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Technical analysis of USD/CHF for October 20, 2015 Market Analysis Review

Overview:

• TheThe USD/CHF pair has rebounded from minor resistance at the level of 0.9550. Now, it is approaching its support in order to test it again. As it is known, we use historic rates to determine future prices, so it will probably start downside movement in this area and recover again to the level of 0.9550, which coincides with the 50% Fibonacci retracement levels. It should be noted that the strong resistance was already found at the level of 0.9619. Therefore, it will be a good sign to sell at this spot with the first target at 0.9481 and continue towards 0.9440 in order to form a new double bottom in the H4 chart. On the other hand, if a break takes place at the level of 0.9625, it will be a good location for stop loss below 0.9640. The value of 61.8% Fibonacci retracement was calculated at 0.9619. If the price hits 0.9625, it will continue moving towards 0.9717. You should check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

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Global macro overview for 20/10/2015 Market Analysis Review

Global macro overview for 20/10/2015:

Will the Swiss National Bank sell the franc again in case the ECB expands the QE program in the near future? The Bloomberg monthly poll revealed that 63% of the analyst wee seeing further SNB interventions if the currency battle intensified and 42% suggested another deposit rate cut soon. ECB President Mario Draghi already said he was ready for more actions if necessary, especially if the inflation levels were stubbornly weak and global demand slowed even further. The current ECB bond-buying program is 1.1 trillion euros.

The EUR/CHF pair is currently trading at important daily support at the level of 1.0816 and it is still above the golden trend line. The next support is seen at the level of 1.0707.

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Global macro overview for 20/10/2015 Market Analysis Review

Global macro overview for 20/10/2015:

The monetary policy meeting minutes were released overnight from the Reserve Bank of Australia. The minutes revealed that the RBA thinks the low Australian dollar and very low interest rates are helping the economy so far and are strengthening the labor market. Moreover, this month's minutes revealed the RBA is nowhere near to cut the rates below 2% again this year as the second quarter growth figures were considered to represent a temporary weakness. Nevertheless, the main risks for the economy might still come from the housing market as lending and mortgage prices vary across the country.

The AUD/USD pair is testing the support at the level of 0.7280. In case of any breakout lower, the next support is seen at the level of 1.7198.

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Technical analysis of EUR/JPY for October 20, 2015 Market Analysis Review

General overview for 20/10/2015 09:55 CET

One of the possible scenarios for wave b green development is a triangle pattern. Currently, two more sub-waves are needed to complete the triangle pattern before a breakout lower would happen. On the other hand, any breakout above the level of 136.00 would invalidate the pattern scenario and make wave b green more extended to the upside.

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 20, 2015 Market Analysis Review

General overview for 20/10/2015 09:45 CET

On the hourly chart, we can see a potential impulsive wave development to the upside that currently has three waves up. One more wave up is needed to complete the structure, but the price can not go below the invalidation line at the level of 1.2938. On the other hand, bullish upward cycle will be confirmed with a daily close above 1.3080 level ( inside the bullish zone).

Support/Resistnace:

1.3079 - Intraday Resistnace

1.3067 - WR1

1.2955 - Intraday Support

1.2935 - Weekly Pivot

1.2938 - Invalidation Level

Trading recommendations:

Yesterday's take profit level has been hit and profit were made. For today, daytraders should consider buying the intraday support at the level of 1.2955 with SL just below 1.2935 and TP at the level of 1.3080.

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USDX technical analysis for October 20, 2015 Market Analysis Review

The US dollar index has reached important short-term resistance levels and is expected to make a pullback. As long as the index is above 94.40, bulls have a chance of another bounce higher to try and break above the critical resistance at 95.80.

Red line - resistance

Green line - support

The US dollar index is below the Ichimoku cloud. Support is found at 94.40 and resistance is seen at 95.80. I expect the US dollar index to remain weak and push lower towards the green line support. A 4-hour close below 94.40 will open the way to new short-term lows.

Red line -weekly resistance

Green line - weekly support

The weekly candle is trying to break above the Ichimoku cloud upper boundary. However, a rejection here will push the index towards the green trend-line support. Long-term support is found at the 38% Fibonacci retracement, the level, which US dollar bulls should not ignore.

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Gold technical analysis for October 20, 2015 Market Analysis Review

Gold price holds above the short-term support at $1,170. This is the time to take profits as gold price has reached a top and is expected to hit a marginal new high soon and reverse back to $1,120-$1,100.

Red lines - bullish channel

Green line - resistance

Gold price remains above the Ichimoku cloud. The price is below the green trend line and has broken the bullish channel. Gold price is vulnerable, but a bounce is justified from current levels specially if the price breaks above the green trend-line resistance at $1,177.

Gold price is heading towards our target of the Ichimoku cloud at $1,200. The Stochastic oscillator is entering overbought levels and this is a sign for gold bulls to be of cautious. I expect gold to reverse from higher levels and move back towards $1,120-$1,100. So, this is not a good time to buy.

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Daily analysis of major pairs for October 20, 2015 Market Analysis Review

EUR/USD: This pair did not perform any significant movement yesterday (just like most popular pairs). However, there could be some serious movement today or tomorrow, which would most probably be in favor of bulls because the outlook for the pair is currently bullish.

USD/CHF: There is a Bearish Confirmation Pattern on the USD/CHF pair; 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 would be largely determined by whatever happens to EUR/USD.

GBP/USD: The GBP/USD pair was unable to break above the distribution territory of 1.5500 last week - something that needs to be achieved this week. An 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 an opportunity to go long.

USD/JPY: This currency trading instrument is still at the neutral territory. The price must either go above the supply level of 121.00 or go below the demand level at 118.00. Until now, swing and position traders might prefere to stay away from the market.

EUR/JPY: The EUR/JPY cross did not move that much on Monday, but some movements are expected this week. 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 an existing bullish outlook, which might mean that last week's pullback was a nice opportunity to go long.

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Elliott wave analysis of EUR/NZD for October 20, 2015 Market Analysis Review

Wave summary:

We thought that a firm bottom was seen at 1.6486 and a new impulsive rally was slowly developing. In the short term, we would like to see a break above the base-channel resistance line near 1.6851 for a continuation higher towards important resistance at 1.7198. It will confirm that a firm bottom is in place.

In the long term, a breakout above 1.7198 will also call for a rally higher to 1.8021 and above here being very bullish.

Only an unexpected breakout below 1.6485 will point to more downside pressure.

Trading recommendation:

We are long EUR from 1.6555 with stop placed at 1.6480. If you are not long EUR yet, buy near 1.6590 or upon a break above 1.6750 and use the same stop at 1.6480.

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Technical analysis of EUR/USD for October 20, 2015 Market Analysis Review

When the European market opens, some economic news on the Current Account and German PPI m/m is due to be released. The US will publish economic data about Housing Starts and Building Permits. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1385.

Strong Resistance:1.1378.

Original Resistance: 1.1367.

Inner Sell Area: 1.1356.

Target Inner Area: 1.1329.

Inner Buy Area: 1.1302.

Original Support: 1.1291.

Strong Support: 1.1280.

Breakout SELL Level: 1.1273.

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 EUR/USD for October 20, 2015 . Thanks for your support.

Technical analysis of USD/JPY for October 20, 2015 Market Analysis Review

In Asia, Japan will not release any economic data, but the US will publish news on Housing Starts and Building Permits. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.11.

Resistance. 2: 119.88.

Resistance. 1: 119.65.

Support. 1: 119.36.

Support. 2: 119.13.

Support. 3: 118.89.

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 20, 2015 . Thanks for your support.

Elliott wave analysis of EUR/JPY for October 20, 2015 Market Analysis Review

Wave summary:

We are getting nowhere at the moment. We are still firmly locked inside the triangle pattern, looking for clues about when a thrust of the triangle should be imminent. The first clue would be a break below minor support of 134.36 with a call for a test of important support at 133.11. It will confirm an expected downside thrust and decline below 126.05 in the longer term.

That said, we will have consider a possible upside breakout, which will be confirmed by a break above 137.44.

Trading recommendation:

We continue to look for a selling opportunity at 135.95 or upon a break below minor support at 134.91.

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Daily analysis of USDX for October 20, 2015 Market Analysis Review

There is a higher high pattern formation above the 200 SMA on the H1 chart, but the resistance zone of 94.98 could push lower the index towards the support level of 94.61. A breakout below this level will expose 94.15 as the next key support level. A mid-term bullish trend should start when the USDX breaks higher above the resistance zone of 95.30. The MACD indicator is entering the negative 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 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 95.09.

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Daily analysis of GBP/USD for October 20, 2015 Market Analysis Review

Monday was a bullish day for GBP/USD, on the intraday basis at least, because the pair was consolidating above the support zone of 1.5458. Now, the cable could test the resistance level of 1.5506, where a breakout towards the 1.5543 level could happen. In the H1 chart, we can observe a very strong sell zone around 1.5506, so the pair should face off that level before any rallies to reach new highs. The MACD indicator is at the negative territory.

H1 chart's resistance levels: 1.5506 / 1.5543

H1 chart's support levels: 1.5458 / 1.5411

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 1.5506, take profit is at 1.5543, and stop loss is at 1.5471.

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