Gold wave analysis for October 6, 2014 Market Analysis Review

Gold price has pushed towards our short-term target of $1,180 as expected and bounced after testing this important low from June 2013. Gold price remains in a fully bearish trend and we continue to expect we will see new lower lows towards $1,000.

Blue line= support

Green line= price channel

Gold price remains in a bearish trend. Price is below the Ichimoku cloud and still inside the downward sloping channel. After breaking the short-term support at $1,204 Gold price has pushed lower towards $1,180 which was our short-term target. A bounce from this level was expected as this price area is the important low made in June 2013.

Short-term trend changes would take place only if Gold price breaks above $1,225. Resistance is found at $1,197 and at $1,220. I do not expect Gold price to be able to push again above $1,210 and I believe it is just back testing the break out area at $1,204. I expect selling pressures to resume and finally push Gold price below $1,180. 1st short-term target is found at $1,170 and then at $1,120.

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Technical analysis of GBP/CHF for October 06, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has pulled back to the 1.5470 region after printing lows at 1.5370 last week. The pair is stalling at resistance now, and should continue falling to fresh lows at 1.5200 levels in the coming trading sessions. Please note that the fibonacci 0.618 support of the rally from 1.4975 to 1.5550 levels is also around 1.5200 levels. Furthermore , the past resistance turned support is also seen around the same region. Looking into all the above facts, it is recommended to remain short for now, risk remains at 1.5560 at least. A more conservative trading approach could be to look for a drop to 1.5200 and turn bullish. Major support is seen at 1.4975 and bulls should remain in control till prices stay above it.

Trading recommendations:

Remain short, stop above 1.5560, target 1.5200.

Good luck!

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Short-term forecast and intraday recommendation on USD/CAD for October 06, 2014 Market Analysis Review

The pair is just 9 pips away from the yearly high at 1.1279. Fresh buying will emerge above 1.1279 for an upside target at 1.1400 within strong resistance at 1.1320 levels. This pair is supported by a fall in crude oil prices. The pair has support at 1.0998, below this only, we recommend selling. We recommend fresh buying only above 1.1289 levels. In case if the pair closes above 1.1289 (monthly) in the longer term it can touch 1.1400 and 1.1646 (200MEma). If the pair closes above the upper end of the ascending symmetric triangle, we can expect 1.1646 in the long term. On a weekly basis, the pair will face selling pressure below 1.1220 levels. On a positional view sellers can start selling below 1.1220 for a downside target at 1.1155 and 1.1135 levels.

For an intraday view, the safe buying will be triggered only above 1.1270 and strong momentum, only above 1.1280 for an upside target at 1.1315. For an hourly perspective the pair has support at 1.1244 and 1.1220. Safe selling will be triggered below 1.1210 for a downside target at 1.1186 and 1.1177 levels. The panic will be triggered below 1.1165 towards 1.1129 and the base support of the ascending symmetric triangle.

Trade-

Buy above 1.1270, strong momentum is above 1.1280, targets are 1.12 and 1.1315.

Sell below 1.1210, targets are 1.1186, 1.1177, and 1.1165.

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Technical analysis of EUR/USD for October 06, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Factory Orders m/m, Retail PMI, Sentix Investor Confidence. The US will not release economic data, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2573.

Strong Resistance:1.2565.

Original Resistance: 1.2553.

Inner Sell Area: 1.2541.

Target Inner Area: 1.2511.

Inner Buy Area: 1.2481.

Original Support: 1.2469.

Strong Support: 1.2457.

Breakout SELL Level: 1.2449.

Best regards,

Arief Makmur

Official Analyst of InstaForex Group

InstaForex Group

http://instaforex.com

email: Arief.jakarta@indo.instaforex.com

Yahoo Messenger & Skype: Arief.ifx_jakarta

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



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Short-term forecast and intraday recommendation on USD/CHF for October 06, 2014 Market Analysis Review

The pair successfully breached the 2-year descending trend line in the monthly chart. The pair has been enjoying its uptrend for 3 consecutive months. On the upper side, the pair has resistance at 0.9716, above this, parallel resistances are 0.9751 (July 2013 high), 0.9838 (May 2013 high), 0.9898 (August 2012 high), and 0.9972 (July 2012 high). In case the pair closes above 0.96 on a monthly basis, the pair will aim at 1.0000 and 1.1020 100MSma levels. The pair has monthly support at 0.9456 and 0.9180 levels. As of now, today, the pair made a high at 0.9688, but was unable to sustain above the previous week's high at 0.9684 levels.

We recommend fresh buying above 0.9688 for an upside target at 0.9750 and 0.9790 levels. On the down side, the pair has support at 0.9660. For the bears we recommend safe selling only below 0.9660 for a downside target at 0.9630, 0.9610 and 0.96. For an intraday view, the pair has support at 0.9615, below this, 0.9580 and 0.9558 will act as strong support levels. If the pair falls below 0.9555, it will extend its fall to 0.9518 levels.

Trade-

Selling below 0.9660, target: 0.9630, 0.9615 and 0.9600.

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Short-term forecast and intraday recommendation on GBP/USD for October 06, 2014 Market Analysis Review

The cable drifted below 50MSma and the 50.0 fib level in the monthly chart. The cable has support at 1.5894, 1.5855 (November 2013 low) and 1.5750-1.5720 (August 2013 high), and 61.8 the fib level. The cable is trading at 1.5971, an 11-month low, against the US dollar. It is exactly trading at the upper end of the descending rectangle which turned to support from resistance. In case if the cable closes below the 3-year support trend line and 50MSma, we can expect 150 to 200 pips down. On the upside, 1.6015, 1.6163 and 1.6235 will act as strong monthly resistance levels. 1.6015 is acting as weekly resistance level. On the down side, 1.5914 and 1.59 will act as weekly support levels.

Support 1.5950, 1.5900, 1.5850

Resistance 1.6015, 1.6163, 1.6235

Unless the cable closes above 1.6015, the selling will mint the money in the near term. The short-term trend is still looking favorable for bears until closing below 1.6235 levels. For the rest of the year 2014, until the pair closes below 1.6524, we recommend selling on every rise for a downside target at 1.5875, 1.5750 and 1.55 levels, may be even lower 1.5385. This view is valid with sl 1.6525 on a daily closing basis.

For an intraday view, the prices are closed and trading below the hourly key moving averages 12ema and 34hrsma. Now, as of today, opening a new week, the cable held the previous week's low at 1.5952 levels. We are recommending fresh selling opportunity only below 1.5950 levels for a downside target at 1.5875 levels. In Asia's session the cable is trading at 1.5957. On the higher side, the resistance levels are at 1.6029 (12hour high) and 1.6063 (12ema). We recommend fresh buying only above 1.6065.

Trade-

Selling only below 1.5950, target: 1.5875 and 1.5850.

Buying only above 1.6065, target: 1.6090 and 1.6125.

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Short-term forecast and intraday recommendation on EUR/USD for October 06, 2014 Market Analysis Review

The stronger US data pushed the Euro towards 1.25 levels against the US dollar. Now, as of today, the pair is holding parallel support at September 2012 lows. The pair has strong support at 1.2450, the 80.0 fib level in the monthly chart. In case if the pair breaks below the 80.0 fib level at 1.2450, the pair will extend its fall towards 1.2220. As per the long-term view, in case if the pair closes below 1.22 (the bottom of the triangle in the monthly chart), the pair can fall towards 1.2135, 1.20 and 1.1875. The pair has monthly resistance at 1.2760 levels (200Mema). Until the pair closes below 200Mema, the bears have an upper hand.

Support 1.2500, 1.2450, 1.2220

Resistance 1.2660, 1.2715, 1.2760

For an intraday view, the prices are closed and trading below the hourly key moving averages 12ema and 34hrsma. Selling below 1.25 can mint money in today's session. In case if the pair breaks below 1.25, it will fall towards 1.2466 and 1.2450 levels. On the higher side, the resistance levels are at 1.2520 (4hour high), 1.2550 (8hour high) and 1.2567 35DEMA levels.

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