Technical analysis of EUR/USD for October 22, 2015 Market Analysis Review

When the European market opens, some economic news on the Consumer Confidence, Minimum Bid Rate, and Spanish Unemployment Rate.The US will release data on the Natural Gas Storage, CB Leading Index m/m, Existing Home Sales, HPI m/m, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1402.

Strong Resistance:1.1395.

Original Resistance: 1.1384.

Inner Sell Area: 1.1373.

Target Inner Area: 1.1346.

Inner Buy Area: 1.1319.

Original Support: 1.1308.

Strong Support: 1.1297.

Breakout SELL Level: 1.1290.

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 22, 2015 Market Analysis Review

In Asia, Japan will release data on All Industries Activity m/m and Trade Balance. The US will release some economic data about Natural Gas Storage, CB Leading Index m/m, Existing Home Sales, HPI m/m, and Unemployment Claims. 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: 120.49.

Resistance. 2: 120.26.

Resistance. 1: 120.03.

Support. 1: 119.74.

Support. 2: 119.51.

Support. 3: 119.26.

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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Daily analysis of major pairs for October 22, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair has only moved sideways from Monday till now and it is better to wait until there would be a break out of the current equilibrium phase. The price would either go above the resistance line at 1.1400 or below the support line of 1.1300. The current bias is bullish, so a breakout to the upside is more likely. Some fundamental figures would be released today and they might have a significant impact on the market.

USD/CHF: the USD/CHF has been consolidating to the upside this week though the bias remains bearish. The price is now close to the resistance level of 0.9600, but there cannot be any threat to the existing bearish bias as long as the price is below the resistance level of 0.9700. Right now, the Williams' % Range period 20 is in the overbought region, but the EMA 11 is yet to cross the EMA 56 to the upside.

GBP/USD: There is still a Bullish Confirmation Pattern in the GBP/USD chart, albeit the price has been corrected a bit downwards. When a breakout does occur, it is more likely that it would be to the upside, since the outlook for the GBP/USD pair is bullish (which might hold true for the rest of the month).

USD/JPY: Since October 15, 2015, the USD/JPY pair has been making some bullish effort. The price has moved upwards by close to 200 pips since then, testing the supply level of 120.00 now. The supply level could be easily breached today or tomorrow. If another supply level of 121.00 is eventually breached, that would harbinger a strong trending movement.

EUR/JPY: An outlook for this pair is still bullish in spite of the fact that the price looks a bit like consolidating. The bullish outlook would hold as long as the demand zone of 135.00 is not breached to the downside. Until that happens, any bearish corrections here would be taken as opportunities to go long.

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Daily analysis of USDX for October 22, 2015 Market Analysis Review

The USDX is getting outside the sideways range established around the 200 SMA zone in the H1 chart, but the index could perform a rally towards the resistance level of 95.30. If the USDX succeeds in breaking this level to the upside, it is expected to test the zone around 95.60, which confirm that the short-term bullish trend has started already. The MACD indicator remains at the positive territory.

H1 chart's resistance levels: 95.30 / 95.60

H1 chart's support levels: 94.98 / 94.61

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 at 94.98, take profit is at 94.61, and stop loss is at 95.36.

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Daily analysis of GBP/USD for October 22, 2015 Market Analysis Review

A current intraday trand is calling for a correction in favor of bearish force. So the pair could make a rebound above the 200 SMA in the H1 chart, with a possible target towards the resistance level of 1.5458, which is a level that has been tested several times. However, this scenario could change when the cable performs a consolidation below the support level of 1.5374 with a lower low pattern formation. The MACD indicator is entering 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 21, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. Overnight, US stocks dipped amid a sell-off in healthcare shares and International Business Machines' downbeat earnings report. The Dow Jones Industrial Average edging down 0.1% to 17,217, the S&P 500 was also down 0.1% to 2,030, while the Nasdaq Composite declined 0.5% to 4,880. Nymex crude oil fell 0.7% to $45.55 per barrel and gold was up 0.5% to $1,176 per ounce. The benchmark 10-year Treasury yield grew to 2.067% from 2.028% in the previous session. Meanwhile, the US dollar was broadly firm against most other major currencies. NZD/USD plunged to as low as 0.6732 after reaching the day-high at 0.6846. On the other hand, USD/CAD dropped to as low as 1.2930 from the day-high of 1.3049 after Justin Trudeau's Liberal Party secured a majority government in the latest national elections. The pair keeps trading on the upside after breaking above a triangle pattern. The 20-period intraday moving average (MA) remains above the 50-period one, while the intraday relative strength index (RSI) stands above the neutrality level of 50. The upside prevails and the pair is expected to proceed towards the first upside target at 120.15 (last seen on October 12).

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 120.15 and the second target at 120.35. In the alternative scenario, short positions are recommended with the first target at 119.20 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 118.90. The pivot point is at 119.55.

Resistance levels:120.15 120.35 120.75

Support levels: 119.20 118.90 118.60

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Technical analysis of USD/CHF for October 21, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range. The pair has broken above the 20- and 50-period intraday MAs, which are providing support. The intraday RSI is above its neutrality level at 50 and lacks downward momentum. As long as 0.9525 holds as the key support, look for a further advance to 0.9615. A break above this level would call for a further upside towards 0.9645.

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 0.9615 and the second target at 0.9645. In the alternative scenario, short positions are recommended with the first target at 0.95 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 0.9475. The pivot point is at 0.9525.

Resistance levels: 0.9615 0.9645 0.9695

Support levels: 0.95 0.9475 0.9450

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Technical analysis of NZD/USD for October 21, 2015 Market Analysis Review

NZD/USD is under pressure. After breaking below the 0.6800 level overnight, the pair is trading below its declining 20-period intraday MA, which stands below the descending 50-period one. The intraday RSI is below its neutrality level at 50. As long as 0.6785 holds as the key resistance, look for a further downside towards 0.6700.

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 0.6785. 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 0.6845 and the second target at 0.69.

Resistance levels: 0.6845 0.69 0.6925 Support levels: 0.67 0.6650 0.6600

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Technical analysis of GBP/JPY for October 21, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias. The pair is well supported by its rising 50-period intraday MA and remains on the upside. The 20-period MA also stays above the 50-period one, which confirms a bullish bias. The intraday RSI is above its 50% neutrality area. Further upside is therefore expected with the next horizontal resistance and overlap set at 184.60 at first. A break above this level would call for further advance towards 185.80 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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USDX technical analysis for October 21, 2015 Market Analysis Review

The US dollar index is testing short-term resistance and the US dollar is not as week as last week. There is a possibility of a breakout higher if bulls manage to push the price above 95. The longer-term trend remains neutral as the price continues to trade inside a big bullish flag pattern as shown in the weekly chart.

Black lines - wedge formation

The US dollar index is trading inside the Ichimoku cloud in the 4-hour chart. This means that the short-term trend is neutral. The price is forming a wedge formation with boundaries at 95 and at 94.75. We expect a small rally or a sharp correction lower.

Black lines -bullish flag pattern

The weekly chart remains inside the weekly cloud and inside the big bullish flag pattern. A trend is neutral over the last few months as can be seen in the weekly chart above. The US dollar index is trading sideways inside a trading range. Best strategy is to wait for a breakout before opening mid- to long-term positions.

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Gold technical analysis for October 21, 2015 Market Analysis Review

The gold price remains inside the bullish channel and bulls still hope for one more new high closer to $1,200. However, a breach below $1,167 will be a sell signal with $1,145-$1,120 as a target. It is time to be cautious and not buying.

Black line - long-term support trend line

Blue lines - bullish channel

Gold price is making higher highs and higher lows. The price is above the Ichimoku cloud and inside the bullish channel. The trend remains bullish and as long as we do not break below $1,167, there are a lot of chances of making a new higher high towards $1,200. Breaking below that support level, the price will be expected to fall further towards even $1,120.

Black lines - long-term wedge

The weekly chart remains bullish as the price continues trading above the Kijun-sen (yellow line) indicator and we are targeting $1,200. Bulls still have many chances of reaching the cloud resistance over the coming weeks. The trend remains bullish.

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

Overview

Silver price has been showing a bearish bias since morning negativity affected by stochastic to move below 15.85 now, but in general, holding above the level of 15.40. This keeps the positive scenario valid and active for an upcoming period. It might be preceded by some negative fluctuations before resuming a suggested bullish wave. Stochastic provides a negative signal now, which might cause more sideways fluctuations before continuing the long-awaited rise with targets at 16.30 and 16.85 initially. We remind you that expected positive targets are seen at 16.30 and 16.85 breaching the last level will extend gains in the short term.

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Daily analysis of GBP/JPY for October 21, 2015 Market Analysis Review

Overview

According to the H4 chart, a breakout of minor resistance at 184.41 suggests that a consolidation pattern started at 180.36 is in the third leg. GBP/JPY is moving slightly upwards towards 188.28. Strong resistance is likely to be seen here to limit upside and bring another decline. On the downside, a breakout at the support level of 180.36 will resume the whole fall from 195.86 and targeting a test at 174.86, which is the key support level. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be found near 61.8% retracement of 251.09 to 116.83 at 199.80.

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Gold analysis for October 21, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of $1,174.00 in a high volume. The short-mid term trend changed from upward to downward. In the daily time frame, we can observe a demand bar in an average volume but with weak close. Besides, the 200 SMA successfully held around the price of $1,175.00. In the M30 time frame, we can observe a strong resistance cluster around the level of $1,175.00. Selling opportunities are preferable. Support levels are at the prices of $1,166.00, $1,156.00, and $1,142.00. Only if the price breaks the level of $1,192.00, we may see further upward movement.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,179.25

R2: 1,181.70

R3: 1,185.70

Support levels:

S1: 1,171.30

S2: 1,168.85

S3: 1,164.90

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities. The first support level is around the price of $1,166.00.

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EUR/NZD analysis for October 21, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6944. In the daily time frame, we can observe a weak demand bar. The price is above the 200 SMA in the daily and weekly time frames. The price is about to break our downward channel, but we still need high-volume demand to confirm it. Selling EUR/NZD at this stage looks risky. I am waiting for larger liquidity and stronger price action to confirm further direction. The first support level is seen at 1.6505. According to the H1 time frame, I found 4-day base broken and double bottom. So, watch for potential buying opportunities. Anyway, I would wait for a clear price action and larger liqudity to confirm further direction.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6835

R2: 1.6895

R3: 1.6991

Support levels:

S1: 1.6645

S2: 1.6585

S3: 1.6490

Trading recommendations: Be careful when selling at this stage. Buying positions are preferable. Resistance level is around the price of 1.7190.

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Daily analysis of major pairs for October 21, 2015 Market Analysis Review

EUR/USD: This pair has not performed any significant movements so far this week (just like most popular pairs). However, there could be some serious movement today or tomorrow, which would most probably be in favor of the bulls because the outlook on the pair is currently bullish.

USD/CHF: This pair would find it difficult to go upwards as long as EUR/USD is in a bullish mode. So it is logical to conclude that the movement on USD/CHF would be largely determined by whatever happens to EUR/USD. Any bullish attempts seen here could be a short-selling opportunity.

GBP/USD: There is still a bullish confirmation pattern on the GBP/USD chart, though the price has consolidated so far this week. When a breakout does occur, it is more likely that it would be to the upside since the outlook on the GBP/USD is bullish (which might be true for the rest of the month).

USD/JPY: Since October 15, 2015, the USD/JPY pair has been making some bullish effort. The price has moved upwards by almost 200 pips since then, and now it is testing the supply level at 120.00. The supply level could be easily breached today or tomorrow. In case another supply level at 121.00 is eventually breached, that would mean a strong trending movement.

EUR/JPY: This cross is making slow and gradual bullish effort. It is more likely that the price would continue going upwards, targeting the supply zone at 136.50. The price is above the EMA 11, which itself is above the EMA 56. The RSI period 14 is above the level 50, which means the price has more chances of continuing with its bullish effort.

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Technical analysis of USD/CAD for October 21, 2015 Market Analysis Review

Viewpoint:

• The The USD/CAD pair is likely to find support at the level of 1.2946, and the double bottom is expected at 1.2931. The USD/CAD pair has called for the bullish market from the level of 1.2931/1.2946, because the area of 1.2931/1.2946 represents strong support. Buy above support at 1.2931/1.2946 with the first target at 1.3018 in order to test the weekly pivot point. Moreover, if the pair is able to break the level of 1.3018, it will continue moving towards 1.3068, which coincides with the ratio of 61.8% Fibonacci retracement levels. However, the stop loss has always been in consideration thus it will be useful to set it below the last double bottom at the level of 1.2915 (notice that the major support set at 1.2946).

Intraday technical levels:

Date:21/10/2015

Pair: USD/CAD

• R3: 1.3150
• R2: 1.3098
• R1: 1.3038
• PP: 1.2986 ( weekly pivot: 1.3018)
• S1: 1.2926
• S2: 1.2874
• S3: 1.2814

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Technical analysis of Silver for October 21 2015 Market Analysis Review

Technical outlook and chart setups:

Silver is also seen to be stalling at fibonacci 0.50 resistance around $16.00/10 as discussed earlier. The metal is trading around the level of $15.80 looking for an opportunity to correct further lower before turning bullish again. As we can see here, a resistance trend line was broken and a drop to $15.00 could provide interim support. It is hence recommended to remain flat and watch for further bullish evidence. Immediate support is seen at $15.50 followed by $15.00 and lower while resistance is seen at $16.40/50 followed by $17.50/60 and higher.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of AUD/USD for October 21, 2015 Market Analysis Review

Overview:

• The s USD/USD pair has already found support at the level of 0.7145. In the H4 chart, the ratio of 50% Fibonacci retracement levels is coinciding with the support line today. Moreover, it should be noted that minor resistance is seen at 0.7284. So, according to the previous events, the AUD/USD pair is going to move between the resistance and support (0.7284 - 0.7145). Therefore, we expect a range about 139 pips in coming days. Consequently, if the trend fails to close below the level of 0.7204 (minor support), it will be a good opportunity to buy above 0.7204 with the first target at 0.7280, then it will be continued straight towards 0.7331 (78,6% Fibonacci retracement levels). On the contrary, the stop loss should always be taken into account because it should never exceed your maximum exposure amounts. Thus, the best location to set your stop loss should be placed below the level of 0.7145.

Comment:

• The daily pivot point at 0.7220 could hit the moving average 100 (red color).
• Stop loss should never exceed your maximum exposure amounts.
• As a rule, the market is highly volatile if the previous day had a huge volatility.

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Technical analysis of Gold for October 21 2015 Market Analysis Review

Technical outlook and chart setups:

The bigger picture still remains gloomy for the yellow metal until resistance of $1,230.00 remains intact. The metal has traveled into the buy zone of initial resistance trend line, but the rally from $1,080.00 still looks corrective and prices are stalling at fibonacci 0.618 resistance at the moment. A push through $1,200.00 and higher levels would confirm that bulls are back. It is recommended to remain flat watching for further bullish reversal. Immediate support is seen at $1,150.00 followed by $1,130.00 and lower, while resistance is seen at $1,230.00 and higher respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of EUR/JPY for October 21 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair is trading around the level of 136.20 at the moment, which is support turned resistance. As we can see here, the pair still remains under a broader cone type of consolidation and needs to break out to confirm its next leg. It is recommended to remain flat for now, and await further confirmation for the same. Immediate support is seen at 134.75/135.00 followed by 134.00, 133.00, and lower, while resistance is seen at the level of 137.00 followed by 138.00/139.00 and higher.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for October 21 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF might be looking to rally through initial resistance seen at 1.4900/30. The pair has reached an intraday high of 1.4850 at the moment, before pulling back lower. A break through 1.4930 would bring bulls back in control. It is recommended to remain short now with risk at the levels of 1.4950. Immediate support is seen at 1.4700 followed by 1.4630, 1.4550, and lower, while resistance is seen at 1.4930 followed by 1.5100, 1.5350, and higher respectively. Bears are expected to pull down until at least 1.4400, while 1.4930 remains intact.

Trading recommendations:

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

Good luck!

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Global macro overview for 21/10/2015 Market Analysis Review

Global macro overview for 21/10/2015:

The report on crude oil inventories figures are scheduled for release today at 2:30 pm GMT. The market expects the stockpiles to grow slower compared to the previous week number by around a half ( 3500k vs.7862k prior). Yesterday, the American Petroleum Institute reported that the US crude inventories hit the level of 7054K, which was nearly double than the expected level of 3500K, closer to the last week stockpiles at the level of 9300k. That king of data still suggests that the stockpiles are increasing, the market is still oversupplied and the demand is decreasing.

The bearish reversal on the crude price chart might suggest a further sell-off to take place if the 50%Fibo level is rejected. The market got back to the old congestion zone, and it is currently trading at the level of 45.75. The next important support is seen at the level of 43.17. In case of a bearish breakout, lows should be tested soon.

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Global macro overview for 21/10/2015 Market Analysis Review

Global macro overview for 21/10/2015:

The equities from around the world had been trying to recover for the past month after global turmoil triggered by China in August when their policymakers decided to devalue the yuan by 2%. Since then, the moderate movements could be observed in the global equities with the SPY index (SP500 ETF) filling the last gap down yesterday. Moreover, China's third quarter GDP figures came out worse than expected (6.9% vs. 7.0%). This is why the latest highs from August can still be tested again if the recent gains will be hold by bulls.

The technical picture confirms the fundamental assumptions as the level of 203.84 had been hit yesterday. The index is still trading inside a wide neutral zone and as long as the demand zone holds, the test of the recent high is still possible.

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Technical analysis of EUR/JPY for October 21, 2015 Market Analysis Review

General overview for 21/10/2015 10:40 CET

The triangle pattern idea was invalidated and currently the market is trading above the intraday support at the level of 136.00. The top for the wave b green might be in place, but we should wait for the confirmation, like an intraday support breakout in impulsive fashion. Small bearish divergence is supporting the bearish bias.

Support/Resistance:

136.95 - Wave D Top

136.58 - WR1

136.00 - Intraday Support

135.68 - Weekly Pivot

Trading recommendations:

Day traders and swing traders should consider opening sell orders from the current price levels with SL above the level of 136.99 and TP at the level of 134.75.

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Technical analysis of USD/CAD for October 21, 2015 Market Analysis Review

General overview for 21/10/2015 10:25 CET

The current wave progression still looks like a leading diagonal pattern that is missing one more wave to the upside to complete. The shape of the pattern is not contracting but expanding, which is quite unusual, but still possible. The current target for the wave -v- blue is the level of 1.3078. Any breakout below the level of 1.2831 invalidates the bullish outlook.

Support/Resistnace:

1.3079 - Intraday Resistnace

1.3067 - WR1

1.2968 - Intraday Support

1.2935 - Weekly Pivot

1.2938 - Invalidation Level

Trading recommendations:

Yesterday's buy orders (SL just below 1.2935 and TP at the level of 1.3078) should be still kept open.

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GBP/USD intraday technical levels and trading recommendations for October 21, 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 on last Wednesday and it is expected to be re-visited again this week. 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 levels of 1.5100 and 1.5050. Otherwise, further bearish decline will be hindered.

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USD/CAD intraday technical levels and trading recommendations for October 21, 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 the resistance level, which was 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 Tuesday last week.

This week, the market has pushed back again towards the intraday supply zone of 1.3050-1.3075, which may offer another sell entry if enough bearish rejection is expressed.

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

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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Intraday technical levels and trading recommendations for EUR/USD for October 21, 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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Intraday technical levels and trading recommendations for GBP/USD for October 21, 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 currently 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 (1.5000) 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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Elliott wave analysis of EUR/NZD for October 21, 2015 Market Analysis Review

Wave summary:

We have seen an expected move higher. Now we are looking for a break above the base-channel resistance line near 1.6858 and a break above here will confirm upside acceleration.

We still need a break above important resistance at 1.7198 to confirm that a firm bottom was seen at 1.6486 and a new rally to at least 1.8019 is unfolding. A break above 1.8019 will be very bullish and call for a continuation higher to 1.9114 and above toward 2.1242 in the longer term.

Trading recommendation:

We are long EUR from 1.6555 and will move our stop higher to 1.6540. If you are not long EUR yet, buy near 1.6740 or upon a break above 1.6858 and use the same stop at 1.6540.

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Elliott wave analysis of EUR/JPY for October 21, 2015 Market Analysis Review

Wave summary:

The pair moved slightly higher, but it is still locked firmly within the possible triangle borders. We still watch for a downside thrust, which means that resistance near 136.55 will turn prices to break below minor support at 133.11 that would confirm the thrust of the triangle.

A break above resistance at 137.44 will indicate an upside thrust out of the triangle or even larger triangle formation, leaving us with much more time of sideways movements.

Trading recommendation:

We sold EUR at 135.95 and placed out stop at 136.80. If you are not short EUR yet, then sell EUR near 136.55 or upon a break below 135.80 (one order done cancels the other) and use the same stop at 136.80.

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Technical analysis of EUR/USD for October 21, 2015 Market Analysis Review

When the European market opens, no economic news is due to be released, but the US will publish data about the Crude Oil Inventories. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1409.

Strong Resistance:1.1402.

Original Resistance: 1.1391.

Inner Sell Area: 1.1380.

Target Inner Area: 1.1353.

Inner Buy Area: 1.1326.

Original Support: 1.1315.

Strong Support: 1.1304.

Breakout SELL Level: 1.1297.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for October 21, 2015 . Thanks for your support.

Technical analysis of USD/JPY for October 21, 2015 Market Analysis Review

In Asia, Japan will release data on all industry activity m/m and the trade balance. The US will publish economic data on Crude Oil Inventories. 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: 120.51.

Resistance. 2: 120.28.

Resistance. 1: 120.05.

Support. 1: 119.76.

Support. 2: 119.53.

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.

The material has been provided by InstaForex Company - www.instaforex.com

For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/JPY for October 21, 2015 . Thanks for your support.