Daily analysis of Silver for October 24, 2014 Market Analysis Review

Overview

The 4H chart demonstrates that silver is going to take an upward move after its rebound from the Support level at 17.00 and currently is approaching the Resistance level of 17.30 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing the 4H above this Resistance level with the first target few pips below the Resistance level of 17.50. Then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently, we recommend waiting for breaking the Resistance level of 17.30 before making the decision. But as long as the price is trading below the Resistance level this cancels the first scenario.

Resistance and support levels: R3 (17.75), R2 (17.50), R1 (17.30), S1 (17.00), S2 (16.75), S3(16.50)

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



For detail explanation and best discovery on daily market trends and news you may visit via Daily analysis of Silver for October 24, 2014 . Thanks for your support.

Intraday technical levels and trading recommendations on EUR/USD for October 24, 2014 Market Analysis Review

Last week, the EUR/USD pair looked oversold before the bullish momentum could get it back inside the channel.

The origin of the bullish engulfing pattern (around 1.2600) once provided a good BUY position as suggested in previous articles.

The upper limit of the movement channel (1.2880-1.2900) was being targeted this week. However, bearish pressure was applied earlier around 1.2800-1.2840.

This allowed a bearish breakout off the current bullish channel to take place. This probably confirms a Flag continuation pattern. Initial daily target level would be located around 1.2490.

A valid BUY position was previously suggested around the neckline of the bullish Head and Shoulders pattern (price level of 1.2660).

On Wednesday, the market expressed quite strong bearish momentum that pushed below the lower limit of the channel.

Bears have successfully pushed towards price zone of 1.2600-1.2620 ( projection target of the double-top pattern ). As anticipated, around this price zone, bullish recovery was expressed.

Recommendation:

A valid SELL entry may be anticipated around 1.2730 at retesting which should be happening soon. Stop Loss should be set at 1.2780.

Price level of 1.2730 corresponds to the backside of the broken channel as well as the upper limit of the newly established channel depicted on the chart.

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



For detail explanation and best discovery on daily market trends and news you may visit via Intraday technical levels and trading recommendations on EUR/USD for October 24, 2014 . Thanks for your support.

Intraday technical levels and trading recommendations on GBP/USD for October 24, 2014 Market Analysis Review

A Shooting Star daily candlestick occurred previously around 61.8% - 50% Fibonacci levels. A valid SELL position was suggested then and it got triggered few days later.

Recently, bullish rejection was expressed when the market pushed below 1.6100 and 1.6060 on September 9. However, another bearish leg was expressed below 1.6060 during the current month.

On the other hand, the price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone where considerable bearish pressure was applied on the pair last week on Thursday.

On Wednesday, bullish recovery was expressed off 1.5880. Bullish engulfing daily candlestick is depicted on the chart. Bullish targets were located around the price zone of 1.6130-1.6180 ( already reached ).

Bullish breakout off the depicted bearish channel is apparent on the daily chart. A bullish corrective move towards 1.6300 may occur as long as the bulls keep moving above the upper limit of the channel.

Breakout above 1.6140 is essential to confirm this suggested position. Otherwise, the pair remains under bearish pressure to revisit 1.5880 at least.

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.

A SELL entry was suggested around the price level of 1.6140 last week. The resulting bearish swing managed to push below 1.5950 (weekly DEMAND level).

This week, bulls managed to push beyond the upper limit of the channel as well as previous broken bottom (probably now acting as resistance).

The GBP/USD pair remains trapped between the backside of the channel (1.6020) and price level of 1.6140.

Breakout in either direction is necessary to take a position in the same direction of breakout.

Until then, risky traders can take a BUY entry around 1.6010-1.6020. Stop Loss should be located below 1.5980.

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



For detail explanation and best discovery on daily market trends and news you may visit via Intraday technical levels and trading recommendations on GBP/USD for October 24, 2014 . Thanks for your support.

EUR/NZD analysis for October 24, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6198 in an ultra high volume (buying climax). Price was rejected from the level of 1.5910 (swing high like support), which pushed the price to start upward movement. According to the 4H time frame, we can observe strong demand in the background, which is a sign that we may see bullish continuation phase on this pair and EUR/NZD looks risky for selling. Pirce may go to visit the level of 1.6240 (Fibonacci retracement 61.8%). Be careful when selling EUR/NZD since we may see futher upward movement. Anyway, I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6090 and Fibonacci retracement 61.8% at the price of 1.6015. Watch for potential buying opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6202

R2: 1.6263

R3: 1.6361

Support levels:

S1: 1.6007

S2: 1.5946

S3: 1.5849

Trading recommendations: Be careful when selling the EUR/NZD pair since our resistance level got broken.

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



For detail explanation and best discovery on daily market trends and news you may visit via EUR/NZD analysis for October 24, 2014 . Thanks for your support.

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

Overview :

• The GBP/USD pair is still moving between 1.6025 and 1.6122. So, we expect a large range about 97 pips in the future. The breakout seen at the ratio of 50% Fibonacci retracement level (the triple top in H1 chart) for the key level is set at the level of 1.6199 because it represents strong resistance and it coincides with the 50% Fibonacci retracement level and another strong resistance is set at the ratio of 38.2% Fibonacci retracement level around the spot of 1.6122. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to sell below 1.6122 with the first target of 1.6020. It will call for a downtrend in order to continue its bearish movement towards 1.5983 in coming hours. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the triple top at the price of 1.6200. However, check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.

Review:

• It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.


• The support of GBP/USD pair is projected at the level of 1.5980 today.


• The value of 38.2% Fibonacci retracement levels is: 1.6122.


• Volatility:181,72 As a rule, the market is highly volatile if the last day had a huge volatility.

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



For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of GBP/USD for October 24, 2014 . Thanks for your support.

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

Overview :

• The price of EUR/USD pair is going to move between 1.2630 and 1.2770. The level of 1.2605 is going to form the double bottom in H1 chart. Also, it should be noted that the market was very stable and trend was also quite clear (upward) this week. So, we expect a bullish market today from the area of 1.2603/1.2630. Therefore, buy above the level of 1.2603/1.2630 (these levels are representing the weekly supports) with the first target of 1.2682, it might resume to 1.2750 in coming hours in order to test the weekly resistance one. However, the stop loss should be always be taken into account. Therefore, it will be very useful to set your stop loss at the price of 1.2665 (blow the supports).
  

Observations:

• If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.


• Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 45 pips for each position.


• Major support will set at 1.2575.


• Major resistance has already placed at 1.2770.


• We expect a new range about 78 pips this today.

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



For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of EUR/USD for October 24, 2014 . Thanks for your support.

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.

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



For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of USD/CAD for October 24, 2014 . Thanks for your support.