Technical analysis of USD/CAD for October 24, 2014 Market Analysis Review

General overview for 24/10/2014 10:50 CET

Not much has changed since yesterday as the market is currently in sub-cycle corrective mode and only a clear, sustained breakout below the level of 1.1183 would invalidate the bullish outlook for this pair. The key level resistance still has not been violated and the market is trading inside the golden corrective channel: very overlapping and choppy price action might indicate even more complex corrective cycle in purple wave 2 , but currently there is not much proof of that.

Support/Resistance:

1.1381 - Swing High

1.1292 - Intraday Resistance|Key Level|

1.1281 - Weekly Pivot

1.1262 - Intraday Resistance

1.1183 - Intraday Support

1.1178 - WS1

Trading recommendations:

Please refrain from trading until either the level of 1.1292 or 1.1183 is broken. Bias is still bullish anyway.

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Technical analysis of EUR/JPY for October 24, 2014 Market Analysis Review

General overview for 24/10/2014 10:40 CET

After an impulsive breakout above the golden channel yesterday the pair is consolidating gains and more upside is being anticipated as it looks like wave -iii- blue might be developing here. The key level to the upside is still the intraday resistance at the level of 137.00 and as long as the intraday supports at the levels of 136.50 and 136.26 will provide the opportunity to buy, more upside is being anticipated here. Moreover, a break above the level of 137.00 is bullish and the level of 137.87 will be tested sooner or later anyway.

Support/Resistance:

137.86 - WR1

137.77 - 137.94 - Supply Zone

136.99 - Intraday Resistance

136.50 - Intraday Support

136.25 - Intraday Support|Key Level|

135.99 - Weekly Pivot

135.27 - WS1

134.11 - Swing Low

Trading recommendations:

Day traders should consider opening buy stop orders from the level of 137.02 with SL below the level of 136.49 and TP at the level of 137.86. Swing traders should put SL below the level of 135.27 and wait for further impulsive wave progression to the upside.

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Elliott wave analysis of EUR/NZD for October 24 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6243

R2: 1.6216

R1: 1.6168

Current spot: 1.6163

S1: 1.6118

S2: 1.6092

S3: 1.6057

Technical summary:

We have seen a nice impulsive rally to 1.6216, but we still have not seen the break above important resistance at 1.6243, which keeps the expanding diagonal alive. That said, we do favor the scenario, where red wave (ii) ended at 1.5903 and red wave (iii) higher to 1.6800 is developing. Short term, we will be looking for a minor correction towards 1.6057 before the next impulsive rally higher to 1.6446 on the way towards 1.6800. Only a break below 1.5903 will shift the preferred count to the expanding diagonal.

Trading recommendation:

Our profit target at 1.6160 was hit for a nice profit. We will re-buy EUR at 1.6065 or upon a break above 1.6169 with stop place at 1.6000 is both cases.

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Elliott wave analysis of EUR/JPY for October 24 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.82

R2: 137.50

R1: 137.01

Current spot: 136.78

S1: 136.70

S2: 136.52

S3: 136.29

Technical summary:

It is still not clear, whether wave B ended at 137.01 or wave B still needs a little more upside towards the 137.82 - 137.94 area to finish wave B. We slightly prefer the scenario, where wave B ended at 137.01, but to confirm that, we will need a break below minor support at 136.52 and more importantly a break below support at 136.04, that would call for a new decline to 134.14 on the way lower to 133.40 in wave iii. Only a direct break above 137.01 will tell us, that wave c of B still needs to rally to 137.82 before wave B is over and wave C will be ready to take over.

Trading recommendation:

We are short in EUR from 135.76, with stop placed at 137.10. If the stop is hit, we will re-sell EUR at 137.70.

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#USDX Wave analysis for October 24, 2014 Market Analysis Review

The Dollar index remains close to its short-term resistance of 86.20 and as long as it does not break above it, we should be very cautious as the downward correction could unfold into a more complex corrective pattern as labeled in todays post. This alternative scenario could bring the Dollar index towards 84 in order to complete the correction from the highs.

Black line= former resistance

Althought the black trend line was broken upwards and price moved above the Ichimoku cloud, I do not see the strength I would expect in order to be more sure that we have seen the end of the correction from 86.70. The Dollar index could be at the final stages of a wave X of a double zig zag formation. If the correction is not over, I expect to see a final push lower towards 84 to complete the correction.

In the daily chart, the Dollar index is breaking out of the bullish flag that gives me target of 90. Price is above the Ichimoku cloud and all ichimoku cloud indicators are bullish with a positive slope. Breaking above 86.20 resistance will confirm that an important low was placed at 84.40 and a new upward move has started. I'm longer-term bullish.

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Gold Technical analysis for October 24, 2014 Market Analysis Review

Gold price remains in a longer-term down trend and today we take another look in the weekly chart that confirms our bearish view of one more final move lower towards $1,050. The short-term trend has reversed as price has broken the support level at $1,240 and is testing $1,230.

Gold price reversed yesterday and has pushed inside the Ichimoku cloud rendering the short-term neutral from bullish in ichimoku cloud terms. A move below the cloud will change trend to bearish. The sequence of higher highs and higher lows has been stopped with the decline towards $1,225 yesterday. Gold price has short-term support at $1,220 and resistance at $1,235.

Blue line = support

Black line= trend line resistance

In the weekly chart, we see Gold price making lower highs but the lows are on a horizontal trend line at $1,180. This is a bearish formation and if we take into account the ichimoku cloud indicators, then we should expect to see a break of the lows at $1,180 and a move towards $1,050. The Ichimoku cloud in the weekly chart has rejected Gold price and is pointing lower and that more weakness should be expected.

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Daily analysis of major pairs for October 24, 2014 Market Analysis Review

EUR/USD: The EUR/USD pair is still caught in a bearish trend: the support line at 1.2600 may easily be tested. Should that support line get breached to the downside, the next target may be the support line at 1.2550.

USD/CHF: Bulls’ power in this market is now obvious. The Williams’ % range period 20 is now in the overbought territory, which means that the market is expected to go further upwards because of the strength in it, even if there would temporary pullbacks. The EMA 11 is above the EMA 56 and the price is above both of them. The resistance level at 0.9550 is under siege – another resistance level at 0.9600 may be reached if the resistance level at 0.9550 is breached to the upside.

GBP/USD: The Cable is also weak, just like its EUR/USD counterpart. The bearish journey in the market has resulted in a Bearish Confirmation Pattern in the chart. The bearish outlook would become particularly stronger after the accumulation territory at 1.5950 is tested.

USD/JPY: The strength in the USD has made the USD/JPY pair go seriously upwards. This has made long trades logical, and the price could test the supply level at 109.00 today or next week. In addition, some fundamental figures are expected today and they may have some impact on the markets.

EUR/JPY: The sudden weakness in the JPY is what is aiding the northward effort on this cross. When the price crosses the supply level at 137.50 to the upside, things would become bullish completely.

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