Technical analysis of USD/JPY for October 30, 2015 Market Analysis Review

In Asia, Japan will release data on the BOJ Press Conference, BOJ Outlook Report, Housing Starts y/y, Monetary Policy Statement, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, and Household Spending y/y. The US will publish economic data about Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Chicago PMI, Personal Income m/m, Personal Spending m/m, Core PCE Price Index m/m, and Employment Cost Index q/q. 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: 121.54.

Resistance. 2: 121.31.

Resistance. 1: 121.07.

Support. 1: 120.77.

Support. 2: 120.54.

Support. 3: 120.30.

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Technical analysis of AUD/USD for October 30, 2015 Market Analysis Review

Overview:

• TheAUD/USD pair has broken a major support at the level of 0.7105. Additionally, it should be noted that the price had opened below the major support yesterday. Moreover, the weekly pivot point is set at 0.7070 today. Therefore, it will probably start downside movement in this area and recover again. So, the market will indicate a bearish opportunity below the level of 0.7105 for that sell at this spot with the first target at 0.7040 (23.6% of Fibonacci retracement levels), and continue towards 0.7002. On the other hand, if there is a break at the level of 0.7185, it will be a good location for placing the stop loss.

Forecast:

• According to the previous events, the AUD/USD pair is still moving between 0.7150 and 0.7040.
• Strong resistance will be formed at the level of 0.7150 providing a clear signal for sell deals with targets seen at 0.7040 and 0.7008.
• Stop-loss is to be placed above 0.7185.

Notes:

• The double top will be set at the level of 0.7185.
• We expect a range of 90 pips today. But it should be noted that the risk of 45 pips must make a profit of 90 pips.
• Volatility: 112.50. Therefore, the market indicates a medium volatility.
• The value of 50% Fibonacci retracement levels is 0.7151 for confirming a bullish market).

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Technical analysis of EUR/USD for October 30, 2015 Market Analysis Review

Overview:

• The The daily pivot is set at the leve the level of 1.1009. Also, the minor resistance level is seen at 1.1009 today. The price is around this key level now. Consequently, the market will call for a bullish trend, if the price holds above the level of 1.1009. Accordingly, if the trend fails to close below the daily pivot point, it will be a good opportunity to buy above the level of 1.1015 with the first target at 1.1080, then it is expected to continue moving in an uptrend towards 1.1133 in order to test the daily resistance 1. At the same time, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. As a result, the best location to set your stop loss should be placed below the level of 1.0975. It should be noted that the level of 1.0905 represents the double bottom.

Notes:

• The daily support is found at the level of 1.0950.
• The major resistance is seen at the 1.1133.
• We saw an insignificant range of 68 pips yesterday because the volatility was not high. But, today we expect a large range between 1.0905 and 1.1133.

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Daily analysis of Silver for October 29, 2015 Market Analysis Review

Silver traded with a clear positive tendency yesterday, but the price found a strong resistance formed by 61.8% Fibonacci correction at the level of 16.30, which forced the price to bounce lower and return within the symmetrical triangle shown in the image. It is pointing out that stochastic has got rid of its negativity and approaches from the oversold levels to support the chances of bouncing higher and resuming the positive attempts again. Therefore, the bullish trend will remain preferable in the upcoming period if the price is settled above the 15.40 level. Our main long-awaited target is located at 16.85. Expected trading range for today is between the 15.40 support and 16.85 resistance.

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Daily analysis of GBP/JPY for October 29, 2015 Market Analysis Review

Overview

According to the attached H4 chart, a break of 180.36 will extend the whole fall from 195.86 and should then target a test on the 174.86 key support level. The break of the medium-term trend line support is taken as a sign of a trend reversal. This is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to 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 the trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 184.12; (P) 184.57; (R1) 185.29

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GBP/USD intraday technical levels and trading recommendations for October 29, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later, the support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

This sell position was triggered last week. T/P levels is seen at 1.5330 and 1.5150. S/L should be lowered to 1.5410 to offset some of an 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 29, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in pale pink).

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 enhanced the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after USD/CAD bulls managed to push above the price level of 1.3100.

On Tuesday, a valid sell entry was suggested around the level of 1.3270 (FE100%). It is running in profits now. Target levels are located at 1.3075 and 1.2930.

A bearish breakdown of the recent support level at 1.3075 is mandatory to allow further bearish decline towards at least 1.2930.

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 a strong support.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Technical analysis of USD/CHF for October 29, 2015 Market Analysis Review

USD/CHF is expected to trade with a bullish bias. Technically, the pair stands firmly above its key support at 0.9850, which maintains strong buying pressure. The intraday RSI regained its bullish momentum, and also jumped above the neutrality area at 50, calling for further advance. Currently trading at 0.9925, the pair is more likely to challenge the nearest resistance at 1.0000, representing the major psychological level. Only a breakout to the upside of this threshold would open the path towards 1.0200.

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 0.9960 and the second target at 1.000. In the alternative scenario, short positions are recommended with the first target at 0.9815 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 0.9755. The pivot point is at 0.9850.

Resistance levels: 0.9960 1.000 1.0060

Support levels: 0.9515 0.9755 0.9710

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Intraday technical levels and trading recommendations for GBP/USD for October 29, 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 is seen around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) provided the pair with significant bullish rejection two weeks ago.

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

On the other hand, consolidation above 1.5350 hinders further bearish movement giving time for a bullish correction, which extended up to the levels of 1.5500 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 zone of 1.5500-1.5550 remains a significant supply zone to offer valid sell entries.

On Thursday, it offered one more valid sell entry, which is still running in profits.

Note that the recent supply level at 1.5350 should remain defended by GBP/USD bears, so that the current bearish movement can pursue towards the levels of 1.5150 (previous prominent weekly bottoms) and 1.5000 (weekly demand level).

Trading Recommendation:

Traders were instructed to sell the GBP/USD pair in the zone around 1.5500-1.5530. S/L should be lowered to 1.5360 to secure some profits. Remaining target levels are located at 1.5250 and 1.5160.

On the other hand, a low-risk buy entry would 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 29, 2015 Market Analysis Review

The pair moved lower after breaking below the 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).

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

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 (very low probability).

Multiple ascending bottoms were previously established around the levels of 1.0830 and 1.1020. These levels corresponded to a current daily uptrend depicted on the chart.

On August 24, the market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement was expressed towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejections for several times in a row.

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested.T/P levels located at 1.1150 and 1.1050 were already reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the 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.

As anticipated, the level of 1.1000 was broken to the downside by the strong bearish momentum manifested yesterday. This enhanced the long-term bearish scenario with projected targets at 1.0800 then 1.0600.

On the other hand, the zone of 1.1020-1.1050 (backside of the broken Demand Level) now constitutes a significant supply level to be watched for valid sell entries if the current bullish pullback persists.

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Technical analysis of USD/JPY for October 29, 2015 Market Analysis Review

USD/JPY is expected to trade with a bullish bias. The US indices rose on Wednesday led by shares in the Banks, Technology Hardware & Equipment, and Insurance sectors. On the economic data front, MBA mortgage applications fell 3.5% last week compared to an increase of 11.8% the week before. The Fed kept the target rate at 0.25% as the US Economy has been expanding at a moderate pace. The Dow Jones Industrial Average surged 198 points, or 1.1%, to 17780. The S&P 500 rose 1.2% and the Nasdaq Composite was 1.3% higher. Both yields on 10-year Treasury note and 2-year note rose after Fed's statement. Gold futures tumbled to a two-week low of $1152.10 a troy ounce after reaching a one-week high of $1176.10 a troy ounce, while the U.S. dollar reversed losses and posted a gain against common currencies. The pair is rebounding on its support base at 119.95 and remains on the upside. Both 20-period and 50-period intraday MAs are turning up, and the intraday RSI is above 50 and is well directed. Further upside is therefore expected with the next horizontal resistance and overlap set at 121.50 at first. A break above this level would call for further advance towards 121.75.

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 121.50 and the second target at 121.90. In the alternative scenario, short positions are recommended with the first target at 120 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 119.65. The pivot point is at 120.45.

Resistance levels:121.50 121.90 122.30

Support levels: 120 119.65 119.20

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Technical analysis of NZD/USD for October 29, 2015 Market Analysis Review

NZD/USD is expected to trade with a bearish bias. Despite yesterday's technical rebound, the pair is still capped by its declining 50-period MA, and also remains under pressure below its key resistance at 0.6710. An intraday outlook is negative, as the RSI indicator stays weak below its neutrality area of 50. Hence, as long as 0.6740 holds on the upside, watch a new pullback towards 0.6615 and 0.6585.

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 0.6615. A breakout of that target will move the pair further downwards to 0.6585. The pivot point stands at 0.6710. 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 0.6740 and the second target at 0.6775.

Resistance levels: 0.6740 0.6775 0.6805 Support levels: 0.6615 0.6585 0.6520

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Technical analysis of GBP/JPY for October 29, 2015 Market Analysis Review

GBP/JPY is expected to trade with bullish bias as the bias remains positive. The pair rebounded sharply from 184 and is forming a bullish flag pattern now (not yet confirmed). The intraday RSI also rebounded from its overbought area and is around its neutrality level at 50 now. A support base has formed at 184, which should limit the downside potential. Above this level, the pair is likely to continue moving upside and challenge the previous top at 185.30. A break above this level would call for a further upside to 185.65.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 185.30 and the second target at 185.65. In the alternative scenario, short positions are recommended with the first target at 183.60 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 183. The pivot point is at 184.

Resistance levels: 185.30 185.65 186

Support levels: 183.60 183 182.35

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Technical analysis of FTSE for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The FTSE is seen to be reversing lower from the Fibonacci 0.618 resistance level around 6,400/6,500 as depicted on the daily chart view. Please note that an intermediary trend-line resistance line is also followed and a bearish engulfing candlestick pattern is forming. This is enough evidence to confirm that the next big move is towards downside, at least 4,000 levels. It is hence recommended to initiate 50% short positions now with risk around the 6,500 levels. Immediate support is seen at 6268, followed by 6,050 and lower, while resistance is seen at 6,500 (interim), followed by 6,750 and higher.

Trading recommendations:

Remain short now, stop is at 6,500 levels, target is open.

Good luck!

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Technical analysis of GBP/JPY for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/JPY pair is trading around the mark of 184.56 at the moment looking to resume rally towards at least the 195.00 levels in the coming weeks. As depicted on the daily chart view here, the pair has been carefully following the one-year uptrend/support line and recently bounced around the 180.00 levels, holding the same line. It is therefore recommended to initiate long positions now with risk just below the 183.00 levels. Immediate support is seen at the 183.50 levels, followed by 182.00, 180.00 and lower, while resistance is seen at the 188.00 levels, followed by 195.00 and higher. Bulls are expected to remain in control until prices stay above 180.00 broadly.

Trading recommendations:

Remain long now, stop is below 183.00, target is open.

Good luck!

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Technical analysis of USD/CHF for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

he USD/CHF pair seems to be preparing to produce a meaningful correction lower after hitting highs at 0.9950 today. Please note that the pair is producing a bearish evening star candlestick pattern on the H4 chart as depicted here, indicating a move lower. A breakout below at least 0.9825, would confirm a deeper correction. It is therefore recommended to initiate short positions with risk above 0.9950 levels, in an aggressive setup. Immediate support is seen through 0.9825 levels, followed by 0.9700 and lower, while resistance is seen at 0.9950.

Trading recommendations:

Remain short with stop above 0.9950 or remain flat and wait for further developments.

Good luck!

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Technical analysis of EUR/USD for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/USD pair might have just completed its first leg down formation, which had begun from 1.1480/90 earlier, around 1.0900 levels today. The pair seems to correct higher from current levels before it could resume its downtrend towards parity levels against the greenback. Please note that the pair is forming an bullish morning star candlestick pattern on the H4 chart at the moment. It is therefore recommended to build 50% long positions with risk below today's low in an aggressive trade setup. A more conservative way would be to remain flat and wait for further evidence of a counter trend rally. Immediate support is seen at 1.0900, while resistance is seen at 1.1100.

Trading recommendations:

Remain flat or aggressively long with stop below today's low.

Good luck!

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Technical analysis of USD/CAD for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The USD/CAD pair sharply fell from yesterdays' high of 1.3279 before pulling back. The pair is trading around the level of 1.3220 at the moment, with bears poised to pull it lower until prices remain below at least 1.3279. It is hence recommended to remain short from yesterday with risk at 1.3470. Immediate support is seen at 1.3037 followed by 1.2930 and lower, while resistance is seen at 1.3450.

Trading recommendations:

Remain short with stop at 1.3470, a target is open.

Good luck!

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Technical analysis of AUD/USD for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The AUD/USD pair has bounced right from the 0.7080 levels as expected and discussed yesterday. The upper level is Fibonacci convergence point as well, as shown here. A bullish reversal is appearing on the hourly chart, indicating that the next potential direction could be downward. It is therefore recommended to initiate at least 50% long positions with risk below 0.7000 levels. Immediate support is seen at the 0.7000 levels, followed by 0.6930, 0.69 and lower, while resistance is seen at the 0.7300 levels (interim), followed by 0.7375 and higher.

Trading recommendations:

Stay long for now, stop is at 0.7000, target is open.

Good luck!

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Technical analysis of US Dollar Index for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

The US Dollar Index has taken a pause after hitting yet another high at the 97.75 mark yesterday. The index is producing a bearish evening star candlestick pattern on the H4 chart, indicating a potential 3 wave correction lower before the uptrend resumes. It is hence recommended to remain flat for now and let the index break below the 96.50 levels at least for now. Immediate support is seen at the 96.50 levels, followed by 95.00, 93.75 and lower, while resistance is seen at the 97.75 levels (interim), followed by 98.25 and higher.

Trading recommendations:

Remain flat for now and look to buy lower.

Good luck!

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Technical analysis of Crude for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

Crude has reacted well at the Fibonacci 0.618 levels at the 42.50 levels yesterday by forming a huge engulfing bullish candlestick pattern on the daily chart. The commodity trades above the 45.50 levels at the moment, looking to hit yet another high before pulling back lower. Structurally, bulls shall remain poised and in control to push through the 56.00 levels in the coming sessions, till prices stay above 42.00 and subsequently above 38.00. It is hence recommended to remain long for now and also look to add further on intraday dips. Immediate support is seen at the 42.50 levels, followed by 41.70 and lower, while resistance is seen through the 48.00 levels, followed by 51.00 and higher.

Trading recommendations:

Remain long from yesterday, stop is at 39.00, target is 56.00.

Good luck!

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Gold analysis for October 29 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading downward. The price tested the level of $1,152.13. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe an strong supply bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) in the background at the level of $1,152.13. Also, our strong support at the level of $1,162.00 now act like strong resistance. The price is below Ichimoku cloud in all frames from M1 to H4. Be careful when buying at this stage since we may expect a downward continuation. Only if the price breaks the level of $1,183.00, it will confirm absorption. Otherwise, watch only for selling opportunities.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,181.20

R2: 1,183.50

R3: 1,185.90

Support levels:

S1: 1,175.40

S2: 1,173.60

S3: 1,170.70

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

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EUR/NZD analysis for October 29, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6450. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. An intraday trend is upward (the price is above Ichimoku cloud in the H1 and M30 charts), but the short- and mid-term trend is still downward (the price below Ichimoku cloud in a daily and H4 time frame). So, I would wait for a clear trend in both time frame. According to the H1 time frame, we can observe a volume spike (selling climax) after yesterday's news. We may see potential absorption, but only if the price breaks the level of 1.6510.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6460

R2: 1.6520

R3: 1.6615

Support levels:

S1: 1.6265

S2: 1.6205

S3: 1.6105

Trading recommendations: Intraday buying opportunities are preferable, but the trend is neutral.

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Technical analysis of NZD/USD for October 29, 2015 Market Analysis Review

Overview:

• The NZD/USD pair has been moving in a downtrend since yesterday. So, according to prior events, the NZD/USD pair has still been moving between the ratio of 50% Fibonacci retracement levels at the level of 0.6755 and 50% Fibonacci retracement at the level of 0.6565. Furthermore, the price opened below the ratio of 78.6% Fibonacci retracement levels (0.6755). Also, resistance is set at the levels of 0.6755/0.6700 today.Therefore, sell below the level of 0.6695 with the first target at 0.6625. It should be noticed that the minor support has already been set at the level of 0.6625. Moreover, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6625, the market will make a decline to 0.6560 in order to indicate a correctional movement at this level. Meanwhile, the H4 chart presents strong support at 0.6565, which forms the double bottom.

Intraday technical levels:

• Resistances: 0.6755 | 0.6818
• Pivot point: 0.6670
• Support: 0.6565 | 0.4688

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Global macro overview for 29/10/2015 Market Analysis Review

Global macro overview for 29/10/2015:

The US GDP data is due to be released at 12:30pm GMT today being highly anticipated as the most important fundamental event today. After last quarter's strong gains, the market expects data to come out lower (1.6%q/q vs. 3.9% q/q; 2.7% y/y prior), but please remember this is "advance" data ( (seasonally adjusted annual rate), so the impact on the US dollar might be still high.

After yesterday's FOMC meeting minutes, the EUR/USD pair declined to the level of 1.0894, but managed to re-bound. It is currently is trading at the level of 1.0955. The next resistance is seen at the level of 1.0998.

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USDX technical analysis for October 29, 2015 Market Analysis Review

The US dollar index broke above important resistance levels yesterday after the FOMC had announced its decision to maintain rates unchanged. The current price action is very bullish in the longer-term, but bulls could expect a short-term pullback.

Red line - resistance (broken)

The US dollar index has broken above the important resistance at 97.25. However, a rise from 93.80 can be seen, so we expect a pullback towards 97 in a couple of days to back test the breakout area or even towards the 38% Fibonacci retracement.

Red line - weekly resistance

Green line -weekly support

The US dollar index has broken above the weekly resistance trend line. The price is above the weekly cloud support. A long-term view has changed to bullish however we should be patient and see where this week's candle closes. With the US dollar index reaching a higher high, bulls are in control even if we make a pullback next week. Buy actions should be preferred with 94 as stop and targets of new highs.

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Technical analysis of GBP/USD for October 29, 2015 Market Analysis Review

Overview:

• The first resistance level of GBP/USD pair will set at the level of 1.5375 and the second key level will set at the 1.5310 level today. Moreover, it should be noted that the level of 1.5310 is representing the minor resistance. Additionally, the 1.5242 level is going to act as a support in the H1 chart. Equally important, the price of the GBP/USD pair is still moving between 1.5310 and 1.5242. It should be noted that a range about 70 pips is expected in coming hours. Furthermore, the trend was very clear indicating downward direction from the double top at the level of 1.6920. As a result, sell at the level of 1.5310 with the first target at 1.5242, it might resume to 1.5172 in order to test the weekly support line. On the other hand, your stop loss should be placed above the level of 1.5375. It will be helpful to set it at the level of 1.5385 today.

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Gold technical analysis for October 29, 2015 Market Analysis Review

Gold price made a fake breakout yesterday and a sharp reversal below $1,160. Prices reached $1,152 with volatility spiking. Gold price is in a corrective phase that can bring the precious metal back in the area of $1,140-20. A new up trend similar to the rise from $1,100 to $1,190 should then follow.

Green rectangle - impulsive move

Blue rectangle - corrective area

Blue line - price projection

Gold price is trading below the Ichimoku cloud and near the 38% Fibonacci retracement. A trend is neutral as gold price is in a corrective phase as depicted in the chart. Once this phase is over, we should see the resumption of the up trend towards $1,200 and higher. Support is at $1,140-20 and we should start turning bullish again once the stochastic enters the oversold area.

The weekly candle remains above the kijun-sen. A break below it will imply more downside should be expected at least towards the tenkan-sen.

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Global macro overview for 29/10/2015 Market Analysis Review

Global macro overview for 29/10/2015:

After the yesterday's hawkish FOMC statements the odds for the December rate hike are back on the table with the probability of 49%. The difference between the September and October FOMC meetings is as follows:

- the Fed has increased the rate of household and business spending from moderate to solid

- the recent global economic and financial developments line was reduced and used as a summary of the events that the Fed will be monitoring

- the most important lie in statement: whether it will be appropriate to raise the target range at its next meeting

The market consensus was the Fed not rising the rates this year, so this remarks has send US Dollar to surge higher across the board as the probability of the next month rate hike is unexpectedly rising. The US Dollar index has been seen trading higher after the FOMC statement and currently is at the level of 97.40, a 70 pips higher than the recent technical support at the level of 96.71. The next resistance is seen at the level of 98.32.

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Technical analysis of EUR/JPY for October 29, 2015 Market Analysis Review

General overview for 29/10/2015 09:50 CET

After recent developments, a triangle idea of wave B blue was abandoned and charts were updated. It looks like the corrective cycle is evolving a more complex

and time-consuming triple-three complex corrective pattern where wave Z black must be already completed. To complete this wave, the market needs to break below the level of 131.07. From that level, the re-bound and trend resumption is highly possible.

Support/Resistance:

131.28 - WS2

131.54 - 223%Fibo

131.58 - Intraday Support

132.28 - WS1

132.68 - Intraday Resistance

Trading recommendations:

Day traders should refrain from trading until the next trading setup will occur.

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Daily analysis of major pairs for October 29, 2015 Market Analysis Review

EUR/USD: After moving sideways from Monday to Tuesday, this pair broke further downwards on Wednesday in a simple conjunction with the current bearish outlook. The great psychological level at 1.1000 has been overcome by bears as the price tested the support line at 1.0900, which could be broken to the downside in case the current selling pressure continues.

USD/CHF: The USD/CHF has assumed its upward journey, which started last week. The price is now close to the resistance level of 0.9950, which could be breached to the upside, in case the fundamental figures that are expected today favor the ongoing bullish pressure in the market. The price has moved upwards by 170 pips this week, and this gain may continue for the rest of the week.

GBP/USD: This currency trading instrument is moving downward slowly and gradually, partly owing to the weakness in EUR/USD (a pair with which the GBP/USD is positively correlated). There is a Bearish Confirmation Pattern on the chart: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further movement to the south is therefore logically anticipated.

USD/JPY: What happened on Wednesday underlines the ongoing bullish pressure in the market. The price formed a bullish engulfing candlestick pattern yesterday, thereby ending the recent bearish attempt in the market. The price is now above the demand level at 121.00, and it could reach the supply level at 121.50, which is the target for this week.

EUR/JPY: The EUR/JPY cross traded further downwards on Wednesday, reinforcing the bearish bias in the market. The demand zone at 132.00 has been tested and it could be retested. It could even be breached to the downside as the price reaches another demand zone at 131.50. However, a bullish reversal could be experienced on Friday.

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Technical analysis of USD/CAD for October 29, 2015 Market Analysis Review

General overview for 29/10/2015 09:00 CET

The updated labeling of the hourly chart suggests a possible continuation of the corrective cycle in the wave 4 purple instead of an impulsive wave progression to the upside. There is still a possibility of another higher high in the wave 5 purple, but the recent developments in lower time frames does not support this view. The current labeling will be invalidated if the level of 1.3276 is violated.

Support/Resistnace:

1.3316 - WR1

1.3276 - Local High

1.3223 - Intraday Resistance

1.3109 - Weekly Pivot

1.3089 - Intraday Support

Trading recommendations:

All buy orders should now be closed and day traders should refrain from trading until next trading setup occurs.

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Technical analysis of Silver for October 29, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver moved through $16.30/40 yesterday before pulling back lower again. The metal trades just below $16.00 at the moment and might be looking for an opportunity to produce a meaningful correction lower towards $15.00/20 before the rally could be resumed. It is hence recommended to remain flat and look for an opportunity to initiate fresh long positions a bit lower. Immediate support is seen at $15.40/50 followed by $15.00, $14.40, and lower, while resistance is seen at $16.50 followed by $17.50 and higher. Bulls are expected to remain under control until prices stay broadly above $14.00.

Trading recommendations:

Remain flat and buy lower around $15.00/20.

Good luck!

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Technical analysis of Gold for October 29 2015 Market Analysis Review

Technical outlook and chart setups:

Gold has yet again dropped to its previous support of $1,160.00 after testing highs at $1,181.00. Please note that the yellow metal could still drop to its Fibonacci 0.618 support at $1,138.00/40.00 before moving towards the levels of $1,200.00 and $1,230.00. An uptrend, which began from $1,080.00, remains intact until prices stay above the levels of $1,100.00. It is recommended to remain flat and look for an opportunity to enter the lower levels. Immediate support is seen at $1,150.00, while resistance is seen at $1,200.00 followed by $1,230.00 and higher.

Trading recommendations:

Remain flat and go long around $1,130.00/40.00 with stop at $1,100.00.

Good luck!

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Technical analysis of EUR/JPY for October 29 2015 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair seemed to reach a major low at 131.57 yesterday. Please note that the daily chart view presented here suggests that the pair has bounced off the fibonacci 0.618 support levels of the entire rally from the sub-level of 126.00 through 141.00 earlier. The low formed yesterday could be a major infliction point for the next potential rally through fresh swing highs. It is highly recommended to initiate fresh long positions now with risk around 131.40/50. Immediate support is seen at 131.00 followed by 129.00 and lower, while resistance is seen at 137.00 followed by 138.00/139.00 and higher.

Trading recommendations:

Initiate fresh long positions with stop at 131.40/50, a target is open.

Good luck!

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Technical analysis of GBP/CHF for October 28, 2015 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair hit another high around 1.5180 yesterday before pulling back. Structurally, the pair has almost completed the first leg of its rally that had begun from mid 1.4500's earlier by clearly surpassing major resistance at 1.5120. The pair is now expected to produce a meaningful correction towards 1.4700/1.4800 from here. It is hence recommended to initiate 50% short positions now with risk above the level of 1.5230 as an aggressive trade strategy. Immediate support is seen at 1.5000, while resistance is seen at 1.5350 followed by 1.5400/10.

Trading recommendations:

Remain short with risk above the level of 1.5230.

Good luck!

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Elliott wave analysis of EUR/NZD for October 29, 2015 Market Analysis Review

Wave summary:

We saw a nice test of strong resistance near 1.6500 yesterday, but no break above this resistance was seen. We do however expected that a break above here will be seen soon for a move closer to 1.6950. That said we also have to be aware of the risk of a breakout below support at 1.6124, which is likely to extend the downside for a decline closer to 1.5882. This is not our preferred outcome, but if support at 1.6124 is broken that will become our preferred count.

Trading recommendation:

We are long EUR from 1.6390 with stop placed at 1.6180. If you are not long EUR yet, then wait a buy a break above 1.6515 for a rally closer to 1.6950.

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