Elliott wave analysis of EUR/JPY for October 29 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.95

R2: 137.80

R1: 137.75

Current spot: 137.72

S1: 137.48

S2: 137.23

S3: 136.90

Technical summary:

The target for wave B at 137.82 has been reached. Now, we will be looking for a break below minor support at 137.21 and more importantly a break below support at 136.90 to confirm that wave B is over and wave C lower to 130.73 is developing. As long as support at 137.21 protects the downside, we could still see a move slightly higher to 137.95, but the upside potential should be limited from here.

Trading recommendation:

We are short in EUR from 137.70 with stop placed at 138.10. If you are not short in EUR yet, then sell near 137.82 or upon a break below 137.21 with the same stop at 138.10.

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#USDX Technical analysis for October 29, 2014 Market Analysis Review

The Dollar index continues its downward pullback towards short-term support at 85.20-85.30. Breaking below 85.20 could start a bigger downward move that will put 84.45 in danger and bring the index towards 84 where the 38% retracement from 79.75 is found.

Black line = previous resistance

The Dollar index is now testing cloud support at 85.20-85.30. Price remains above the Ichimoku cloud and above the downward sloping trend line that was once resistance. Short-term resistance is found at 85.60-85.70. Breaking above this level will put 86 level to the test. Important resistance level at 86 needs to be broken in order for the up trend to resume towards 87.20.

The daily chart continues to be bullish but could also justify a pull back towards the cloud support at 84 where we also find the 38% retracement. The bullish flag pattern remains valid with 91 as first target. My strategy is to buy on signs of strength and not try to pick a bottom.

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Gold Technical analysis for October 29, 2014 Market Analysis Review

Gold price remains below weekly resistance at $1,237 and also remains in a short-term bearish trend as price has broken below the Ichimoku cloud. My longer-term view remains unchanged with $1,050 as target.

Gold price remains below Ichimoku cloud and has short-term resistance at $1,237 and short-term support at $1,222. The short-term pattern looks like a bearish flag and I believe it is more probable to see a push lower towards $1,200 if $1,220 support fails to hold price.

Blue line = resistance

Black line = support

The weekly chart remains bearish as Gold price is making lower highs with consistent lows at $1,180. Combined with the rejection at the Ichimoku cloud I believe that Gold price will at best bounce towards $1,300. Howeverб I believe that eventually Gold price will break below $1,180 and will move to $1,000 as the lower highs are a sign of bulls getting weaker and weaker.

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Technical analysis of GBP/JPY for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/JPY is facing resistance around 175.00 levels and extends up to 175.80/176.00 respectively. The earlier support at 169.30/40 levels has been taken out and the pair is pulling back higher for now, before it resumes its down swing. The level of interest to initiate short position is around 175.50/80, but it is recommended to initiate 50% short positions at the current price (174.30/40) and the remaining higher. Support is seen at 168.00 (interim), followed by 164.00 on the daily chart view, while resistance is seen at 175.80/176.00, followed by 178.00, and 180.00 respectively. Selling intraday rallies should be a preferred trading strategy here.

Trading recommendations:

Initiate 50% short positions now (174.30/40), the remaining at 175.80/176.00, stop above 178.00, target 163.00 and 160.00.

Good luck!

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Technical analysis of USD/CAD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/CAD pair has has been rallying from 0.9700 levels and a major support has now been formed at 1.0600 levels as seen here. The pair has hit a temporary resistance around the 1.1350 levels and is seen to be pulling back at the moment. Minimum drop could be up to the 1.1093 levels i.e fibonacci 0.382 support. A push below that could drag prices towards 1.0912 i.e fibonacci 0.618 support. Hence, it is recommended to initiate 50% short positions at current price 1.1160/70, risk remains at 1.1300. Support is seen at 1.1100, followed by 1.0850 and lower, while resistance is seen at 1.1300, followed by 1.1350 respectively.

Trading recommendations:

Initiate 50% short positions now, stop above 1.1300, target is open.

Good luck!

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Technical analysis of GBP/USD for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/USD pair is into the buy zone clearly and has bounced off the resistance turned support trend line at the 1.6000 level as depicted here. Furthermore, 1.6000 is also the 0.618 fibonacci support of the rally between 1.5875 and 1.6175. The pair seems to be on its way towards 1.6375/1.6400 levels according to fibonacci extensions seen here. Hence, it is recommended to initiate long positions (at least 50%) at the current levels (1.6150), risk remains just below the 1.6000 mark. Furthermore, intraday dips could be bought, till prices remain firmly above 1.6000 levels. Support is seen at 1.6000, followed by 1.5950 and lower, while resistance is seen at 1.6175, followed by 1.6225 and higher respectively.

Trading recommendations:

Remain/initiate long positions, stop below 1.6000, the target is open.

Good luck!

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Technical analysis of USD/CHF for October 29, 2014 Market Analysis Review

Technical outlook and chart setups:

The USD/CHF pair looks to be in a deeper correction mode with downside extensions pointing towards 0.9150 levels at least, as depicted on the daily chart view here. Interim support is seen at 0.9350, followed by 0.9300, 0.9150 and lower, while resistance is seen at 0.9550 (interim), followed by 0.9680/0.9700 respectively. It is recommended to initiate at least 50% short positions at current level (0.9460/70), risk remains above 0.9600. The structure indicates that bears remain in control for a while. On the flip side, a push through 0.9550 levels would indicate that the pair is heading towards fresh highs.

Trading recommendations:

Remain 50% short from current levels, set stop at 0.9600, target is 0.9150.

Good luck!

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