Technical analysis of Silver for October 23, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver re-tests support around $17.00/10 levels as expected. The metal is forming base around the same level before resuming rally towards $18.00/50 levels as depicted here. Resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up, while support is seen at $17.00, followed by $16.60/70 respectively. The outer resistance line is now passing around $18.00 levels and a push through that could trigger further bullish momentum. It is recommended to remain long, with risk around $16.60/70 levels. Only a break below $16.70 should be a worry for bulls for now.

Trading recommendations:

Remain long, set stop at $16.40, target is open.

Good luck!

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Technical analysis of Gold for October 23, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has hit the fibonacci 0.382 ($1,255.00) resistance level of the fall from $1,345.00 to $1,283.00 levels, as seen here. It remains quite possible that the metal retraces from here towards $1,210 levels before extending its rally towards $1,270.00/80.00 levels or more. Resistance is seen at $1,255.00 (interim), followed by $1,275.00, $1,295.00 and higher respectively, while support is seen at $1,210.00, followed by $1,183.00 and lower respectively. An aggressive trade strategy could be to remain short for now, risk remains above $1,255.00; while a conservative approach could be to wait for a dip into $1,210.00 levels before getting long. Please note that if bulls manage to get past $1,255.00 levels now, the rally could further extend into the $1,280.00's.

Trading recommendations:

Remain short, stop at $1,259.50, target is $1,210.00 OR Remain flat and wait to go long at $1,210.00.

Good luck!

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Technical analysis on USD/JPY for October 23, 2014 Market Analysis Review

The pair made a near-term minor top at 172.90 levels, started moving lower. In yesterday's session the pair fell below the 200Dsma, but at the end of the day well managed to close above that. Today, the pair held the same support, moving inch higher. In the h4 chart we can see a large distribution pattern at 173.00 levels. Until the pair closes above 173.00 bears will try to take the pair towards 170.00 and 169.00 again. On a weekly basis, the 50Wsma has been providing enough support not to extend its fall. In case, if the pair closes below 171.08, we can expect a steep fall towards 160.00 levels. This week, as of now the pair made a double top at 173.03 levels. The trading pattern is framed between 173.03-171.08. Sell on every rise, until the pair closes above 173.03 on a weekly basis. We can expect a oneside direction either up or down in the next week or the week after next.

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Intraday trading recommendations on USDX for October 23, 2014 Market Analysis Review

The U.S. CPI jumped by 0.1% in September. In the month of August it was down 0.2%. The U.S. dollar again got demand. Yesterday's session it closed above a 5-day high. The index closed above the 2-week descending trend line. The index has resistance at 85.88, the 61.8 fib level, above this, 86.01 is the major resistance level. We can see strong momentum only above 86.01 towards 86.11 and 86.27 immediately. On the down side, the index has support at 85.75, below this 85.50, 85.30 and 85.23 is the major support levels. For positional buyers, use every dip to buy. For an intraday view, fresh buying above 85.90 will mint the money and strong buy will emerge above 86.02. Until the prices close above 84.74 we can expect 87.75 on the upside.

Fresh buy above 85.88

Strong momentum above 86.02

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Review on USD/CHF for October 23, 2014 Market Analysis Review

Stronger US data pushed the greenback against the Swiss Franck to a 5-day high and closed at the highest level Tuesday. The pair well managed to close above 20Dsma. In the daily chart the pair breached and closed above the symmetric triangle and is still trading above that. On the higher side, the pair has resistance at 0.9562 levels. As we told in yesterday's article in case the pair manages to close above 20Dsma, we can see strong momentum towards 0.9562 levels, now we just 15 pips away from that. In yesterday's session the 200WEma gave a good amount of support. The trading pattern is framed between 0.9562-0.9398 levels. In case, if the pair closes below 0.9398, we can see a sharp correction towards 0.9353 and 0.9301 levels. In case, if the pair breaches above 0.9562, it can extend its move up to 0.9593, 0.9601 and 0.9625 levels.

Support: 0.9398, 0.9353, 0.9301

Resistance: 0.9562, 0.9625, 0.9688

For an hourly view, the prices have been trading below the 12ema and 34hrsma levels. On the down side, it has support at 0.9500, 0.9475 and 0.9457 35DEMA. We recommend selling only below 0.9440 levels and panic, below 0.9398. The pair can challenge 0.9593 and 0.9625 if it breaches 0.9562 levels. Traders can book profit at 0.9560, buying is recommended at 0.9505 the same as yesterday or risky traders can use trailing sl waiting for 0.9600 and 0.9625 levels.

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Technical analysis on Gold for October 23, 2014 Market Analysis Review

The yellow metal fell back from 6-week highs, and closed below the 50Dsma. In yesterday's session, the metal lost its shine due to the US strong inflation data. The metal fell below the 2-week ascending trend line and closed below that. In the daily chart, we can observe broadening top at $1,249.50 levels. The metal has support at $1,238.90 and $1,237.40. Today the metal opened on a minor bullish note, opened lower at $1,240.90 levels. On the higher side, it has resistance at $1,245 50Dsma and $1,249.50 levels. The Stochastics in the daily chart is indicating a sell signal. In the h4 chart, we can observe higher lows and higher highs. The metal surrenders to bears completely below $1,231.40, the latest higher low. For an hourly view, the initial resistance level is at $1,242.50 34hrsma, above this, $1,246.00 level and $1,249.50. We can expect strong rising only above $1,250 levels. On the other side, $1,239.50 is acting as support level, below this, $1,237-$1,236 is the last hope for bulls. We recommend selling below $1,236, with target at $1,231.50 and panic below $1,231.00 levels.

Trade-

Safe buying above $1,250.00

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Technical analysis of EUR/JPY for October 23, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair might have completed its ongoing correction at 135.40 levels yesterday and looking now to extend rally through 138.00 and 138.75 levels respectively. Resistance is seen at 138.00, followed by 139.10/20 and higher while support is seen at 135.20 (fibonacci), followed by 134.10/20 and lower respectively. Also note that after having broken past the line of resistance earlier, the pair is testing its back side. which is support now. A reversal here looks imminent with support strong at 135.10/20 level. Recommendations are to remain long from yesterday, risk below 134.50. Bulls are expected to remain in control for a while.

Trading recommendations:

Remain long, also look to add at 135.10/20, set stop below 134.50, target is 138.70.

Good luck!

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