Technical analysis of EUR/USD for October 27, 2015 Market Analysis Review

When the European market opens, economic news on Private Loans y/y and M3 Money Supply y/y is due to be released. The US will publish data about the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1111.

Strong Resistance:1.1105.

Original Resistance: 1.1094.

Inner Sell Area: 1.1083.

Target Inner Area: 1.1057.

Inner Buy Area: 1.1031.

Original Support: 1.1020.

Strong Support: 1.1009.

Breakout SELL Level: 1.1003.

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 27, 2015 Market Analysis Review

In Asia, Japan will release data on the SPPI y/y. The US will publish economic data on the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. 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: 121.38.

Resistance. 2: 121.14.

Resistance. 1: 120.91.

Support. 1: 120.61.

Support. 2: 120.38.

Support. 3: 120.14.

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 USDX for October 27, 2015 Market Analysis Review

On the H1 chart, the USDX is currently trading slowly and waiting for the FOMC meeting. However, if a corrective move continues to push the pair lower, then we can expect a test around the level of 96.56 on a short-term basis. The MACD indicator remains at the negative territory, and that's why we recommend to be caution when adding long orders at the current stage.

H1 chart's resistance levels: 97.16 / 97.51

H1 chart's support levels: 96.85 / 96.56

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 97.16, take profit is at 97.51, and stop loss is at 96.81.

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Daily analysis of GBP/USD for October 27, 2015 Market Analysis Review

In the short term, a bullish move is expected above the support level of 1.5309 and a test of the 200 SMA in the H1 chart. When the GBP/USD pair tries to perfom a consolidation above the moving average. It is possible to see a rally towards the psychological level of 1.5500. In another scenario, a pullback at the current stage will push the cable lower until the support zone of 1.5306. The MACD indicator is entering the neutral territory.

H1 chart's resistance levels: 1.5374 / 1.5412

H1 chart's support levels: 1.5339 / 1.5306

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5374, take profit is at 1.5412, and stop loss is at 1.5337.

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GBP/USD intraday technical levels and trading recommendations for October 26, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied at 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 week. T/P levels to be located at 1.5330, then 1.5150. S/L should be lowered to 1.5450 to offset some of the associated risk.

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 bullish correction towards 1.5400 and 1.5450 should not be excluded.

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USD/CAD intraday technical levels and trading recommendations for October 26, 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 moved further above the resistance level, which was bypassed 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. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On Friday, daily closure above 1.3100 was achieved. This enhances the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) remains exposed as long as the USD/CAD bulls are pushing above 1.3100.

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 GBP/USD for October 26, 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 a 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 two weeks ago.

It is expected to be visited again if persistence below the level of 1.5350 (previous weekly bottom) is achieved on a weekly basis.

On the other hand, consolidation above 1.5350 hinders further bearish movement giving time for bullish correction, which extended up to the levels of 1.5500 previously, during last week's consolidation.

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.

The price zone of 1.5500-1.5550 remains a significant supply zone to offer valid sell entries. Yesterday, it offered one more valid sell entry, which is running in profits now.

A daily fixation below 1.5350 is currently needed to allow the current bearish movement to continue moving towards the levels of 1.5150 (previous prominent weekly bottoms) and 1.5000 (weekly demand level).

Trading Recommendation:

Risky traders were instructed to sell the GBP/USD pair in the zone around 1.5500-1.5530.

S/L should be lowered to 1.5400 to secure some profits. Remaining target levels are located at 1.5250 and 1.5160.

On the other hand, a low-risk buy entry can be offered around the weekly demand level at 1.5000 (if a bearish breakdown of both demand level of 1.5150 occurs soon, S/L should be placed below 1.4930).

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Intraday technical levels and trading recommendations for EUR/USD for October 26, 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 (June, July, August, and September) reflected the recent bearish rejection, which exists around the level of 1.1450 (depicted on the chart with small red arrows).

In the long term, a projected target will be still seen at 0.9450 if a bearish breakdown of the monthly demand level of 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if the current monthly candlestick closes above 1.1465 (weekly high) by the end of this month (low probability).

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 and 1.1050 were all reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the price level of 1.1050 where the daily uptrend comes to meet the EUR/USD pair. Daily breakdown of the uptrend line has been executed on Friday.

The price level of 1.1000 remains a significant demand level to be watched for a price action. Some bullish recovery is being expressed during today's consolidation.

However, daily persistence below 1.1000 enhances the long-term bearish scenario with a projected target at 1.0600.

On the other hand, the price level of 1.1150 (61.8% Fibonacci) now constitutes a significant supply level to be watched for valid SELL entries.

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Daily analysis of Silver for October 26, 2015 Market Analysis Review

Overview

The silver price has returned to fluctuate near the 15.85 level and the EMA50 after the Friday positive attempt. Stochastic has gained good positive momentum in the four-hour time frame, and it has begun generating positive overlapping signals that we wait for to motivate the price to resume the bullish trend. Therefore, we keep preferring the bullish trend in the upcoming period conditioned by holding above the 15.40 level, waiting for targeting the 16.30 and then 16.85 levels. We remind you that holding above the 15.40 level represents an important condition for the continuation of the suggested rise. Expected trading range for today is between the 15.40 support and 16.30 resistance.

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Daily analysis of GBP/JPY for October 26, 2015 Market Analysis Review

Overview

According to the shown H4 chart, we can notice that there is no change in the outlook for GBP/JPY as a sideways consolidation from 180.36 continued last week. Further recovery might be seen. But strong resistance is expected at 188.28 to limit upside to finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and then will target a test at the 174.86 key support level. In the longer-term picture, the uptrend could be topping from the 116.83 long-term bottom. There is no confirmation yet, but even is case of another rise, strong resistance is likely to be seen near the 61.8% retracement of 251.09 to 116.83 at 199.80.

Daily Pivots: (S1) 185.35; (P) 185.82; (R1) 186.40

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Technical analysis of GBP/USD for October 26 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/USD pair is trading lower around 1.5330 now after having reversed from the levels of 1.5500 earlier. Please note that the pair has responded to the convergence of fibonacci and trend -line resistance around 1.5500 as depicted here. The pair is expected to head lower towards 1.4950 from here if an above count is correct. Bears should remain in control until prices stay below 1.5500. It is hence recommended to sell on intraday rallies ahead of 1.5400/50 with risk above 1.5500. Immediate support is seen at 1.5200 followed by 1.5100, 1.4950, and lower, while resistance is seen at 1.5500 and higher.

Trading recommendations:

Sell above 1.5400, stop is above 1.5500, a target is at 1.4950.

Good luck!

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Technical analysis of EUR/USD for October 26 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD pair dropped to the level of 1.1000 last week and this could still be the beginning of a larger correction unfolding, that could bring the pair to parity against the buck. The H4 chat shows that smaller waves are unfolding. It looks like the first leg down has been done. We expect a pullback towards at least the level of 1.1140/50. Hence recommendations are to remain flat and look for an opportunity to sell during an intraday rally through 1.1140/50 and 1.1300 respectively. Immediate support is seen at 1.0990 followed by 1.0850 and lower, while resistance is seen at 1.1140 followed by 1.1370 and higher.

Trading recommendations:

Sell during intraday rallies.

Good luck!

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Technical analysis of Gold for October 26 2015 Market Analysis Review

Technical outlook and chart setups:

Gold dropped lower to the $1,160.00 levels last Friday producing a bearish engulfing candlestick pattern and thus indicating further downside. The metal is pulling back for now, but intraday rallies should be capped below the $1,180.00 levels for now. It is recommended to remain flat for now and initiate long positions on a drop at the $1,137.00 levels. Immediate support is seen at the $1,150.00 levels, followed by $1,140.00, $1,100.00 and lower, while resistance is seen at the $1,180.00 levels, followed by $1,190.00 and higher.

Trading recommendations:

Remain flat for now, look to buy lower.

Good luck!

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Technical analysis of Silver for October 26 2015 Market Analysis Review

Technical outlook and chart setups:

Silver has dropped from the sub-levels $16.00 earlier as expected. Intraday rallies are now to remain capped well below the $16.10 levels, which is interim resistance. As shown here, the metal might be unfolding a correction (3 waves), which could end around the $15.00 levels. It is hence recommended to remain flat for now and wait for a correction lower to initiate fresh long positions. Immediate support is seen at the $15.40 levels, followed by $15.00 levels, $14.40 and lower, while resistance is seen at the $16.10 levels (interim), followed by $16.50 and higher.

Trading recommendations:

Remain flat for now OR short with stop at $16.50, target is $15.30.

Good luck!

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Technical analysis of EUR/JPY for October 26 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has dropped to its previous support area around thte 133.00 levels as seen here. The pair is most likely to be expected to stay at least a counter-trend rally, extending through the 135.00 levels. It is hence recommended to initiate 50% long positions with risk just below the 133.00 levels. Immediate support is seen through the 133.00 levels, followed by 132.25 and lower, while resistance is seen through the 134.00/25 levels, followed by 136.00, 137.00 and higher. The pair might continue consolidating between its defined resistance and support levels for a while, before breaking out.

Trading recommendations:

Initiate 50% long positions, stop is below 133.00, target is open.

Good luck!

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Technical analysis of USD/JPY for October 26, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. US stocks continued advancing last Friday as sentiment was boosted by China's rate cut and strong earnings reported by a number of big technology firms. The Dow Jones Industrial Average rose 0.9% to 17,646, the S&P 500 gained 1.1% to 2,075 turning positive for the year, and the Nasdaq Composite was up 2.3% at 5,031. Nymex crude oil ended down 1.7% at $44.60 a barrel, gold edged down 0.2% to $1,163 an ounce, while the benchmark 10-year Treasury yield settled at 2.081%, up from 2.025% in the previous session. Meanwhile, the US dollar strengthened broadly against most other major currencies with the Wall Street Journal Dollar Index climbing 0.6% to a 3-week high of 88.69. The pair remains on the upside after reaching as high as 121.48 last Friday. The 20-period intraday moving average (MA) is standing above the 50-period one, while the intraday relative strength index (RSI) is around the neutrality level at 50. While the pair is likely to enter a consolidation after last Friday's rebound, the consolidation's extent is expected to be limited. As long as 120.40 holds as the key support, the pair is likely to rise towards the first upside target at 121.70 (last seen on August 28) and 122.30 (last seen on August 21) 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 121.70 and the second target at 122.30. In the alternative scenario, short positions are recommended with the first target at 120.10 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.55. The pivot point is at 120.40.

Resistance levels:121.70 122.30 122.85

Support levels: 120.10 119.55 119.20

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Technical analysis of GBP/CHF for October 26 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has taken out initial resistance at 1.4920 earlier and is now setting up for the 1.5120 levels as seen here. Please note that the pair is now in the buy zone of its downtrend line coming from the 1.5400/10 levels. A push through the 1.5120 levels could trigger a meaningful retracement lower towards the 1.4700 levels. It is hence recommended to initiate fresh long positions on a dip/retracement lower. Immediate support is seen at the 1.4700 levels, followed by 1,4650, 1.4550 and lower, while resistance is seen at the 1.5120 levels, followed by 1.5350 and higher.

Trading recommendations:

Initiate fresh long positions on the pullback towards the 1.4700 levels.

Good luck!

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Technical analysis of USD/CHF for October 26, 2015 Market Analysis Review

USD/CHF is expected to trade with bullish bias. From a technical point of view, the pair is bouncing off its key support base around 0.9710, and is heading up towards 0.9845. The immediate trend is up, and the momentum is strong. Furthermore, the rising 20- and 50-period MAs play support roles, and should prevent any potential downsides. To sum up, as long as 0.9710 is not broken, a further advance seems to be on the cards to 0.9845 and 0.99 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 0.9845 and the second target at 0.99. In the alternative scenario, short positions are recommended with the first target at 0.9645 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 0.96. The pivot point is at 0.9710.

Resistance levels: 0.9845 0.99 0.9945

Support levels: 0.9645 0.96 0.9550

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Technical analysis of NZD/USD for October 26, 2015 Market Analysis Review

NZD/USD is under pressure and is expected to trade in a lower range. The pair remains under pressure following the recent downside breakout of its 20- and 50-period MAs on an intraday basis. The key resistance at 0.6820 has been formed and it should limit any upward attempts. Furthermore, the intraday RSI is negative below its neutrality area at 50. Hence, as long as 0.6820 is not surpassed, a decline to 0.6735, and then to 0.6700 is possible.

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 0.6735. A breakout of that target will move the pair further downwards to 0.67. The pivot point stands at 0.6820. 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 0.6865 and the second target at 0.69.

Resistance levels: 0.6865 0.69 0.6925 Support levels: 0.6735 0.67 0.6650

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Technical analysis of GBP/JPY for October 26, 2015 Market Analysis Review

GBP/JPY is expected to trade with a bullish bias. The pair broke above its 20-period and 50-period MAs and accelerated to the upside, while the 20-period MA is acts as support. The intraday RSI is above its neutrality level and lacks downward momentum. As long as 185.10 holds on the downside, look for a move further upside towards 186.25. A break above this level would call for a move further upside towards 186.75.

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 186.25 and the second target at 186.75. In the alternative scenario, short positions are recommended with the first target at 184.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 184.05. The pivot point is at 185.10.

Resistance levels: 186.25 186.75 187.35

Support levels: 184.45 184.05 183.60 183

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Technical analysis of GBP/USD for October 26, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Trading recommendation:

• According to the previous events, the GBP/USD is still moving between 1.5375 and 1.5242. The level of 1.5375 represents strong resistance. Also, it should be noted that the level of 1.5382 is coinciding with the ratio of 38.2% Fibonacci retracement levels. The minor support is found at the level of 1.5305. Consequently, we expect a range about 133 pips (1.5375 - 1.5242) in coming two days. Therefore, the market is going to call for a downtrend from the level of 1.5370. Sell below the level of 1.5370 in the long term with the first target at 1.5305, it might resume to 1.5250.

Notes:

• Major support is seen at 1.5242.
• The level of 1.5375 represents the weekly pivot point.
• Major resistance is seen at the level of 1.5382.
• According to our statistics, the range was between 220 and 300 pips, and the average range was around 260 pips.

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Technical analysis of EUR/USD for October 26, 2015 Market Analysis Review

Overview:

• The EUR/USD pair opened below the weekly pivot point at the level of 1.1010. Also, it should be noted that today's highest level is set at 1.1055. So, minor resistance is seen at the spot of 1.1060 today. Also, you have to consider the level of 1.0970, which represents strong support on October 26, 2015. Consequently, we expect a range about 90 pips in coming hours. Therefore, the market will probably indicate a bearish opportunity below the level of 1.1060. Thus, according to the previous events, the price is going to move between the levels of 1.1060 and 1.0970. The area below 1.1060 looks good for moving further downside with the first target at the level of 1.0996 and continue towards 1.0970 in order to form a new double bottom in the H1 chart. However, stop loss should be placed above the weekly pivot point at 1.1133.

The weekly technical analysis of EUR/USD pair:

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EUR/NZD analysis for October 26, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.6343. In the daily time frame, we can observe a neutral bar. Our Fibonacci retracement 50% major held successfully and the price was rejected. Anyway, we can observe successful rejection from our resistance level at 1.6340. The trend is downward and my advice is to watch for potential selling opportunities. Support level is at the level of 1.6150.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6370

R2: 1.6425

R3: 1.6510

Support levels:

S1: 1.6195

S2: 1.6140

S3: 1.6053

Trading recommendations: Be careful when buying at this stage. Selling positions are preferable.

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Gold analysis for October 26, 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downwards. The price tested the level of $1,158.76 in a very high volume. The short- and mid-term trend changed from upward to neutral. In the daily time frame, we can observe a neutral bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) at the level of $1,158.75. Be careful when selling at this stage since we may expect reaction from buyers. Only if the price breaks the level of $1,158.75, we may see downward continuation.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,164.30

R2: 1,164.80

R3: 1,165.60

Support levels:

S1: 1,162.70

S2: 1,162.10

S3: 1,161.40

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Anyway, the trend is neutral and I am waiting for a clear trend to establish.

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USDX technical analysis for October 26, 2015 Market Analysis Review

The US dollar index has reached an important resistance area and a pullback is justified at current levels. Bulls should be very cautious in case the index makes full bearish reversal.

Red line - resistance

The US dollar index is trading above the Ichimoku cloud. It has already broken the previous high of 96.50. A rejection at the resistance line of 97.25 could push the index back towards the Ichimoku cloud support at 95.50.

Red line -weekly resistance

Green line -weekly support

The USDX bounced from the Ichimoku cloud towards the upper bullish flag boundary and we can see a rejection. It is still too early to get bearish, but this is the level with the best risk-reward ratio. Stop for short positions is very close and a pullback towards the weekly cloud support is justified. Bulls should be very cautious and raise their protective stops.

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Gold technical analysis for October 26, 2015 Market Analysis Review

Gold price remains inside the bearish short-term channel despite an attempt to move upwards last week to exit the channel. A short-term trend remains bearish as prices have reached our target area of $1,195 plus or minus $5 and reversed. Gold could now be heading towards $1,120 again but bulls could still get another chance at $1,190 or $1,200.

Red lines - bearish channel

Gold price is trading just above the 38% retracement but inside the cloud and the bearish channel. Resistance is found at $1,180 and support is seen at $1,160. Breaking above $1,180 will push the price to $1,190 and might suggest a new higher high towards $1,200 to complete the move from the previous lows. Breaking below $1,160 will widen the chances that a short-term top is in.

The weekly chart remains bullish as price has confirmed support at the kijun-sen (yellow line indicator). The price is still below the cloud, which implies that a long-term trend still favors bears. However, a test of the Ichimoku cloud near $1,200 is not out of the question.The material has been provided by InstaForex Company - www.instaforex.com

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Global macro overview for 26/10/2015 Market Analysis Review

Global macro overview for 26/10/2015:

In the Sunday interview for the Mail on Sunday newspaper, Bank of England Governor Mark Carney said the interest rate rise is not certainty, but households should prepare for higher borrowing costs. This are completely different words than the last hawkish remarks about the possible rate hike that might come even around the turn of the year. Please notice that markets are not expecting the BoE rate hike until late 2016 or early 2017 mainly due to Britain's near-zero inflation, global growth concerns (China) and lack of the decision from the US FED as well.

The GBP/USD pair is slowly going down after a failure in breaking the resistance at the level of 1.5508. Currently, it trades just above the golden trend line and the next support is seen at the level of 1.5299.

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Global macro overview for 26/10/2015 Market Analysis Review

Global macro overview for 26/10/2015:

Crude oil prices closed on lows last Friday, despite the fact that China's latest rate hike raised hopes for a stronger demand from one of the world's largest economy and powerful energy consumer. The People's Bank of China (PBOC) cut its lending rate by 25 basis points to 4.35 percent in its latest effort to boost the Chinese economic growth. This helped oil prices for a while, but at the end of the day negative sentiment towards persistent concerns over a glut in global crude oil supply has return to the markets anyway.

The crude oil technical picture shows the price coming back to the congestion and it is trading just above the technical support at the level of 43.17.

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Technical analysis of EUR/JPY for October 26, 2015 Market Analysis Review

General overview for 26/10/2015 08:10 CET

The abc green structure had been completed and the current low at 133.36 might be the bottom for the wave E black and the whole corrective structure might be completed. Nevertheless, there is no market confirmation of this scenario yet, so we need to wait and see if any impulsive structure to the upside develops.

Support/Resistnace:

133.65 - Intraday Support

134.25 - Intraday Resistance

134.31 - Weekly Pivot

135.24 - WR1

Trading recommendations:

Day traders should consider buying on dips in this market, with SL below the level of 133.65 and TP at the level of 134.25.

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Technical analysis of USD/CAD for October 26, 2015 Market Analysis Review

General overview for 26/10/2015 07:50 CET

An alternative count has been added to overall labeling. This count indicates a possible continuation of a corrective cycle in wave 4 purple in case it evolves into a more complex pattern. The main count however is still pointing upwards as the market traders inside the bullish zone. The waves (i) and (ii) green looks completed, so now it might be the time to develop a more vertical move upward in wave (iii) green.

Support/Resistnace:

1.2812 - WS2

1.2858 - Technical Support

1.3019 - WS1

1.3044 - Intraday Support

1.3109 - Weekly Pivot

1.3197 - Intraday Resistance

1.3316 - WR1

Trading recommendations:

Day traders should consider buying on dips in this market, with SL below the level of 1.3044 and TP above 1.3197.

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Elliott wave analysis of EUR/NZD for October 26, 2015 Market Analysis Review

Wave summary:

Our target at 1.6075 was close to being tested on Friday with a low at 1.6124. We still expect more downside room towards 1.6075 and maybe even lower to 1.5882 before the bottom is in place for a correction back to 1.6800 and even higher.

Short-term resistance is found at 1.6338 and again at 1.6390, but only a breakout above resistance at 1.6546 will turn the picture bullish from here.

We will buy EUR at 1.6080 for a rally back to at least 1.6800 or possibly even closer to 1.6950.

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Elliott wave analysis of EUR/JPY for October 26, 2015 Market Analysis Review

Wave summary:

The first wave iii target at 132.98 has almost been tested, and I would continue to look lower for a firm test of this target and even lower to the 200% extension target at 132.17 where strong support will be found. If the later target is broken too, the way lower to 126.05 and below should be cleared.

Resistance at 134.27 should be able to protect the upside for a decline to 132.98 and even lower.

Trading recommendation:

We are short EUR from 135.95 and take profit is at 133.00. We will move our stop lower to 134.30. As we are getting closer to a possible low for wave iii, we recommend waiting to sell EUR close to 134.27 in wave iv.

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