USDCAD Daily Analysis - October 20, 2014 Forex Analysis

USDCAD stays in the upward price channel on 4-hour chart, and remains in uptrend from 1.0886, the fall from 1.1385 is likely consolidation of the uptrend. Support is located at the lower line of the channel, as long as the channel support holds, the uptrend could be expected to continue, and next target would be at 1.1500 area. Only a clear break below the channel support could signal completion of the uptrend.

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USDCHF Daily Analysis - October 20, 2014 Forex Analysis

USDCHF remains in downtrend from 0.9687, the rise from 0.9370 could be treated as consolidation of the downtrend. Resistance is located at the downward trend line on 4-hour chart, as long as the trend line resistance holds, the downtrend could be expected to continue, and next target would be at 0.9300 area. On the upside, a clear break above the trend line resistance will indicate that the downtrend had completed at 0.9370 already, then the following upward movement could bring price to 1.0000 zone.

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USDJPY Daily Analysis - October 20, 2014 Forex Analysis

USDJPY broke above the downward trend line on 4-hour chart, indicating that the downtrend from 110.08 had completed at 105.32 already. Further rally would likely be seen in a couple of days, and next target would be at 109.00 area. Support levels are at 106.10 and 105.32, only break below these levels could trigger another fall to 104.00 zone.

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AUDUSD Daily Analysis - October 20, 2014 Forex Analysis

AUDUSD stays in the trading range between 0.8642 and 0.8898. The price action in the range is likely consolidation of the downtrend from 0.9401. As long as 0.8898 resistance holds, the downtrend could be expected to resume, and another fall to 0.8400 area is possible.

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GBPUSD Daily Analysis - October 20, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6524, the price action from 1.5951 is likely consolidation of the downtrend. Near term resistance is located at the upper line of the price channel on 4-hour chart, as long as the channel resistance holds, the downtrend could be expected to resume, and next target would be at 1.5600 area. Key resistance is at 1.6226, only break above this level will indicate that lengthier consolidation of the longer term downtrend from 1.7190 (Jul 15 high) is underway, then further rise to 1.6400 area could be seen.

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EURUSD Daily Analysis - October 20, 2014 Forex Analysis

EURUSD remains in uptrend from 1.2500, as long as the trend line support holds, the fall from 1.2867 could be treated as consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 1.2950 area. On the downside, a clear break below the trend line support will indicate that the uptrend had completed at 1.2867 already, then the following downward movement could bring price to 1.2000 area.

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Intraday technical levels and trading recommendations on EUR/USD for October 17, 2014 Market Analysis Review

The recent bearish slide below 1.2870 invalidated the previous attempt of bullish reversal. Thus, bearish decline towards 1.2680 and 1.2510 took place shortly after.

Last week, the EUR/USD pair looked oversold and was trading beyond the lower limit of the channel before bullish momentum could get it back inside the channel.

That's why, price action around 1.2580-1.2600 (the lower limit of the channel) was important to determine the next destination.

Bullish recovery was expressed off 1.2500 and 1.2600 to push towards 1.2700 and 1.2830 (back inside the channel).

The origin of the bullish engulfing pattern (around 1.2600) provided a good BUY position as suggested in previous articles. It's running in profits now.

The upper limit of the movement channel (1.2880-1.2900) is being approached. Bearish pressure is anticipated to be applied.

The medium-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2880-1.2900 (the recent consolidation zone).

A short-term bullish Head and Shoulders pattern was established on the 4H chart as anticipated. 4H fixation above 1.2700 confirmed the reversal and allowed the bulls to reach 1.2850.

A valid BUY position was suggested around the origin of the bullish Head and Shoulders pattern (price level of 1.2660). The final target is being approached today around 1.2900.

Recommendation :

Price action should be watched around 1.2870-1.2900 (upper limit of the channel and previous broken demand level) for one more SELL position.

Stop loss for this short position should be located above 1.2965.

On the other hand, price level of 1.2700 should be watched for price action if visited first. It may provide another intraday long position.

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



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