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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Technical analysis of GBP/CHF for October 23, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF has managed to hit 1.5320/30 levels as expected and discussed yesterday. Please note that it is also the fibonacci 0.618 resistance of the decline from 1.5550 and 1.4975 earlier. It is recommended to initiate short positions now, risk remains above 1.5450 at least. Resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200, followed by 1.5100, 1.4975 and lower respectively. It looks like bears could resume the down move from current levels and eventually extend it towards 1.4975 and lower. The pair might have formed a meaningful top at 1.5550 levels and could remain lower for a while.

Trading recommendations:

Remain short from current levels, stop above 1.5450, target is open.

Good luck!

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

When the European market opens, some economic news will be released such as French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, EU Economic Summit. The US will release the economic data too such as the Unemployment Claims, HPI m/m, Flash Manufacturing PMI, Consumer Confidence, CB Leading Index m/m, Natural Gas Storage, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2703.

Strong Resistance:1.2695.

Original Resistance: 1.2663.

Inner Sell Area: 1.2671.

Target Inner Area: 1.2641.

Inner Buy Area: 1.2611.

Original Support: 1.2599.

Strong Support: 1.2587.

Breakout SELL Level: 1.2579.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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

In Asia, Japan will release the Flash Manufacturing PMI and the US will release some economic data such as Unemployment Claims, HPI m/m, Flash Manufacturing PMI, Consumer Confidence, CB Leading Index m/m, Natural Gas Storage. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.73.

Resistance. 2: 107.52.

Resistance. 1: 107.31.

Support. 1: 107.74.

Support. 2: 106.83.

Support. 3: 106.62.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of GBP/USD for October 23, 2014 Market Analysis Review

The GBP/USD is trying to form a bearish pattern below the resistance level of 1.6051, because this pair has made a pullback near the 200 SMA it is likely that in the next few hours the GBP/USD will fall to the level of 1.6004, where this pair has to perform a breakout of the support level of 1.6004 to fall to the level of 1.5951. However, the GBP/USD could find strong support at current levels. The MACD indicator is entering negative territory.

Daily chart's resistance levels: 1.6146 / 1.6235

Dailychart's support levels: 1.6046 / 1.5883

On the H1 chart, we can clearly see that this pair is trying to form a lower low pattern pro below the 200-day moving average, so the GBP/USD could make a breakout at the support level of 1.6031. If successful, it is expected to fall to the 1.5980 level in the short term. The GBP/USD remains below the resistance level of 1.6075.

H1 chart's resistance levels: 1.6075/ 1.6117

H1 chart's support levels: 1.6031 / 1.5980

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.

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USDCAD Daily Analysis - October 23, 2014 Forex Analysis

After touching the channel support, USDCAD rebounded from 1.1183 indicating that the pair remains in uptrend from 1.0886, another rise to 1.1500 area could be expected. Support is now at 1.1183, only break below this level could signal completion of the uptrend.

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USDCHF Daily Analysis - October 23, 2014 Forex Analysis

USDCHF's upward movement from 0.9370 extended to as high as 0.9548. Further rise could be expected, and next target would be at 0.9650 area. Support is at 0.9440, only break below this level could trigger another fall to 0.9300 area.

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USDJPY Daily Analysis - October 23, 2014 Forex Analysis

USDJPY is facing 107.39 resistance, a break of this level will signal resumption of the uptrend from 105.32, then next target would be at 109.00 area. Support is at 106.10, only break below this level could trigger another fall to 104.00 zone.

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AUDUSD Daily Analysis - October 23, 2014 Forex Analysis

AUDUSD continued its sideways movement in a range between 0.8642 and 0.8898. As long as 0.8898 resistance holds, the sideways move could be treated as consolidation of the downtrend from 0.9401, another fall to 0.8400 area is still possible. Only break above 0.8898 resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - October 23, 2014 Forex Analysis

GBPUSD failed to break above 1.6226 resistance, and stayed in the trading range between 1.5874 and 1.6226. As long as 1.6226 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 1.6524, another fall to 1.5600 area could be expected after the sideways consolidation. However, a break of 1.6226 resistance will indicate that the downtrend had completed at 1.5874 already, then further rise to 1.6400 area could be seen.

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EURUSD Daily Analysis - October 23, 2014 Forex Analysis

EURUSD broke below the upward trend line on 4-hour chart, indicating that the uptrend from 1.2500 had completed at 1.2867 already. Further decline to test 1.2500 support would likely be seen, a breakdown below this level will signal resumption of the downtrend from 1.3700 (Jul 1 high), then next target would be at 1.2200 area. Resistance is at 1.2750, only break above this level could trigger another rise to 1.2950 area.

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Technical analysis of USD/JPY for October 22, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in a higher range. It is underpinned by the reduced safe-haven appeal of the yen as the global risk sentiment improves (VIX fear gauge eased 13.41% to 16.08, S&P 500 closed up 1.96% at 1,941.28 Tuesday) on reports that the European Central Bank is considering fresh ways to stimulate the economy, while stronger-than-expected China 3Q GDP growth of 7.3% (versus forecast +7.2%) allayed fears that the world's second-largest economy would post a sharp slowdown. USD/JPY is also supported by the improved USD sentiment (ICE spot dollar index last 85.38 versus 85.01 early Tuesday) after higher U.S. Treasury yields (10-year at 2.227% versus 2.183% late Monday) and bigger-than-expected 2.4% increase in U.S. September existing home sales (versus forecast +1.0%) and demand from Japan's importers and ultraloose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's export sales.

Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is rising from the oversold zone.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 107.55 and the second target at 108.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 106.05. A break of this target would push the pair further downwards and one may expect the second target at 105.70. The pivot point is at 106.55.

Resistance levels:

107.55

107.85

108.15

Support levels:

106.05

105.70

105.50

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Technical analysis of USD/CHF for October 22, 20142 Market Analysis Review

Fundamental overview:

USD/CHF is expected to trade in a higher range. It is supported by the positive USD sentiment (ICE spot dollar index last 85.38 versus 85.01 early Tuesday) after higher U.S. Treasury yields (10-year at 2.227% versus 2.183% late Monday), bigger-than-expected 2.4% increase in U.S. September existing home sales (versus forecast +1.0%), dovish Swiss National Bank's monetary policy, and contagion from weak EUR on CHF.

Technical comments:
Daily chart is mixed as MACD is bearish, but stochastics is bullish near the oversold zone.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9560 and the second target at 0.9590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9435. A break of this target would push the pair further downwards and one may expect the second target at 0.9390. The pivot point is at 0.9465.

Resistance levels:

0.9560

0.9590

0.9625



Support levels:

0.9435

0.9390

0.9360

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Technical analysis of NZD/USD for October 22, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a lower range. It is undermined by the positive USD sentiment (ICE spot dollar index last 85.38 versus 85.01 early Tuesday) after higher U.S. Treasury yields (10-year at 2.227% versus 2.183% late Monday) and bigger-than-expected 2.4% increase in U.S. September existing home sales (versus forecast +1.0%). But NZD/USD losses are tempered by the Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment and NZD-USD interest differential.

Technical comment:

Daily chart is still positive-biased as MACD is bullish, stochastics stay elevated at the overbought zone, five-day moving average is above 15-day MA and is advancing.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7910. A break of this target will move the pair further downwards to 0.7880. The pivot point stands at 0.7985. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.8015 and the second target at 0.8050.

Resistance levels:

0.8015

0.8050

0.8075



Support levels:

0.7910

0.7880

0.7840

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EUR/NZD analysis for October 22, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested the level of 1.5904 in a high volume. Strong rejection from our resistance level at the price of 1.6230 caused price to start with a bearish continuation phase. I have placed Fibonacci expansion from the most recent swings to find support levels and I got Fibonacci expansion 100% at the price of 1.5815 and Fibonacci expansion 161.8% at the price of 1.5535. According to the 4H time frame, we can observe strong supply in the background and very weak reaction from buyers, which is a sign that buying looks risky. Be careful when buying and watch for potential selling opportunities after retracement.

Daily Fibonacci pivot levels:

Resistance levels:

R1: 1.6050

R2: 1.6090

R3: 1.6155

Support levels:

S1: 1.5919

S2: 1.5879

S3: 1.5813

Trading recommendations: Be careful when buying the EUR/NZD pair since we started short-term bearish continuation.

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Gold : analysis for October 22, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of 1,248.00. We are facing a very calm market day and very low activity. We are still waiting for a larger volume and stronger price action. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 is again on the test, so be careful when buying gold. If the price breaks the level of 1,245.00 in a high volume, we may see potential testing the level of 1,262.00 (major Fibonacci retracement 38.2%). According to the daily time frame, we can observe weak demand and weak price action. Any larger supply may confirm futher bearish movement and a bearish corrective phase. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,227.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,254.78

R2: 1,257.12

R3: 1,260.90

Support levels

S1: 1,247.22

S2: 1,244.48

S3: 1,241.10

Trading recommendations: Buying still looks risky since gold is near resistance level.

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Technical analysis of GBP/USD for October 22, 2014 Market Analysis Review

Forecast :

• According to the previous events, the price of GBP/USD pair has still been trapped between the levels of 1.6000 and 1.6125. In the long term, buying above the level of 1.6000 with the first target at 1.6093, it may resume to move towards 1.6187. However, stop loss should be set below 1.6000. On the other hand, below the price 1.6167 (1.6167: 127.% of Fibonacci retracement levels) look for further descending movement with targets at 1.6095 and 1.6031 in order to test the weekly pivot point.

Note :

• The weekly support and the resistance will set at 1.5936 and 1.6187 respectively. Moreover, the weekly pivot point sets at the level of 1.6031. 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 significant news to influence, 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.

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Technical analysis of EUR/USD for October 22, 2014 Market Analysis Review

Trading recommendations :

• According to the previous events, the price of the EUR/USD pair is still moving between the levels of 1.2625 and 1.2755. Moreover, it should be noted that the market was so stable and the trend was also too clear (downward). Similarly, we expect a range around 72 pips today. Additionally, the value of 50% Fibonacci retracement levels is 1.2755 for that the key level of 1.2755 represents a downtrend to confirm the bearish market. Also, it should be noted that the weekly pivot point is set at the same level. Therefore, sell deals are recommended below the 1.2755 level with targets at 1.2665 in order to test weekly support 1, and it will resume towards the double bottom at the price of 1.2620.

Daily technical levels:

Date:22/10/2013

Pair:EUR/USD

• Projected high: 1.2830


• Breakout (buy stop): 1.2766


• Strong resistance (sell limit): 1.2755


• Weekly Pivot: 1.2630


• Strong support (buy limit): 1.2625


• Breakout (sell stop): 1.2591


• Projected low: 1.2563

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Technical analysis of USD/CAD for October 22, 2014 Market Analysis Review

General overview for 22/10/2014 12:30 CET

The corrective cycle is getting more complex and time-consuming as the market is retracing deeper. The current key level is the upper golden channel boundary that should provide resistance and another leg down should be made to complete the corrective cycle. Any breakout higher would put the level of weekly pivot at the level of 1.1282 to test. Moreover, any further breakout higher is bullish and an alternative count indicating the low for wave 2 purple at the level of 1.1202 is in play. Otherwise, the intraday support at the level of 1.1202 should be broken and lower prices are expected.

Support/Resistance:

1.1381 - WR1

1.1292 - Intraday Resistance

1.1282 - Weekly Pivot

1.1256 - Intraday Resistance

1.1202 - Intraday Support

1.1178 - WS1

1.1159 - Wave (c) Blue Target

Trading recommendations:

Day trader should consider opening sell orders from the level of 1.1255 with SL above the level of 1.1292 and TP at the level of 1.1202 with a possible extension to the level of 1.1159.

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Elliott wave analysis of EUR/NZD for October 22 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6035

R2: 1.6015

R1: 1.5978

Current spot: 1.5954

S1: 1.5931

S2: 1.5906

S3: 1.5860

Technical summary:

The break below support at 1.5949 has invalidated the immediate bullish count. The question now is whether a series of wave one's and two's is developing or we are looking at an expanded diagonal. If we are looking at a series of waves one's and two's the decline from 1.6445 must stay above 1.5717 for a break above 1.6082, which calls for a new impulsive rally to 1.6446 and higher to 1.6800. If however support at 1.5717 is broken, the count switches to the expanding diagonal count and call for a continuation lower to 1.5660 before the final rally higher to 1.6800.

Trading recommendation:

We will buy EUR at 1.5725 with stop at 1.5710 or upon a break above 1.6082.

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Technical analysis of EUR/JPY for October 22, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY pair has corrected itself towards 135.60/70 levels as expected. Please note that the pair is bouncing off the back side of resistance line which would act as support. Furthermore, the fibonacci 0.382 support is also around the same region. It remains possible that the pair corrects further towards 135.20/30 levels before reversing towards forming higher highs. Recommendations are to initiate 50% long positions now and remaining at 135.20/30, with risk below 134.50. Support is seen at 135.20/30, followed by 134.20, while resistance is seen at 137.00 (interim), followed by 138.00, 139.00 and higher respectively.

Trading recommendations:

Initiate 50% long positions now and the remaining 50% at 135.20/30, stop at 134.50, the target is open.

Good luck!

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Technical analysis of GBP/CHF for October 22, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF pair has raised through the 1.5300 levels yesterday (the expected pullback was shallow at 1.5200). The pair is currently trading at 1.5290 levels and is expected to test 1.5320/30 levels before reversing lower. Please note that 1.5320/30 is the fibonacci 0.618 resistance of the fall between 1.5550 and 1.4975 respectively. It is recommended to initiate short positions between 1.5300 and 1.5320/30, risk remains at 1.5450 at least. Resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200 (interim), followed by 1.4975 and lower respectively.

Trading recommendations:

Initiate short positions around 1.5320/30, stop at 1.5450, the target is open.

Good luck!

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Technical analysis of Silver for October 22, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver is still trading between $17.20 and $17.50/60 as seen here. The metal could be looking to form base around $17.00 levels before resuming rally. As seen here, an engulfing bullish candle was confirmed at $16.60/70 levels earlier and the bullish reversal should hold for now. Support is seen at $17.00, followed by $16.60/70 and lower while resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up respectively. It is still recommended to hold long positions and add further on dips since bulls should remain in control till prices remain above $16.60/70 in the sessions to come.

Trading recommendations:

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

Good luck!

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Technical Analysis on EUR/JPY for October 22, 2014 Market Analysis Review

The ECB is likely to buy corporate bonds, which weakens the euro further. In yesterday's session, the pair faced selling pressure, erased its 2-day gains. Today, the pair opened above the previous close, but rejected at 35DEMA in the h4 chart. We have been recommending selling on every high from a couple of weeks. Still, we are sticking to the same strategy. The pair has resistance at 137.06 20Dsma. Until the pair closes above the 20Dsma, traders can use every rise to sell. In the h4 chart, we can observe the minor double top formation around 137.00. On an intraday basis, the pair has resistance at 136.22 (21hrsma). Until the h4 candle closes below this, be on the selling side. On the downside, 135.78 is the key trend decider level, below this the 135.55, 135.00, and 134.75 levels.

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Technical Analysis on USD/CAD for October 22, 2014 Market Analysis Review

In yesterday's session, again the pair was rejected from the highest closed level 1.1297 and fell back to 1.1203. For an Intraday view, the prices are closed and the pair is trading below the key hourly moving averages. In the h4 chart, we can observe lower lows and lower highs. This strategy will breach once the pair closes above the 1.1298 levels. But today, in Asian session the pair is facing resistance at a descending trend line. For an hourly view, the pair has support at 1.1200 below this, 1.1160 with 1.1120 as an open target. We recommend selling below 1.1199. On the bullish positional front, in case the pair closes above 1.1298 on a daily basis immediately, we can see 75-85 pips on the higher side. The weekly support existed at 1.1199 20Dsma. The weekly trading pattern is framed between the 1.1184-1.1298 levels. We recommend fresh buying only above the 1.1300 target at the 1.1385 levels on a positional basis.

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Technical analysis of Gold for October 22, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has hit a new intraday high at $1,255.00 levels yesterday, before pulling back. Please note that $1,255.00 region is seen to be converging with past support turned resistance, and the fibonacci 0.382 resistance of the downswing between $1,344.00 and $1,184.00 respectively. High probability for the metal is to turn lower from current levels, at least towards $1,210.00 if not further. It is recommended to initiate short positions, risk remains above $1,255.00. Support is seen at $1,210.00, followed by $1,184.00 while resistance is seen at $1,255.00 (interim), followed by $1,275.00 and higher up respectively.

Trading recommendations:

Initiate short positions, stop at $1,260.00, the target is $1,210.00 minimum.

Good luck!

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Technical analysis of EUR/USD for October 22, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German 30-y Bond Auction. The U.S. will release the economic data too such as the CPI m/m, Core CPI m/m, Crude Oil Inventories. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2774.

Strong Resistance:1.2766.

Original Resistance: 1.2754.

Inner Sell Area: 1.2742.

Target Inner Area: 1.2712.

Inner Buy Area: 1.2682.

Original Support: 1.2770.

Strong Support: 1.2658.

Breakout SELL Level: 1.2650.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for October 22, 2014 Market Analysis Review

In Asia, Japan will release the Trade Balance. The U.S. will release some economic data such as CPI m/m, Core CPI m/m, and Crude Oil Inventories. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the U.S. session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.49.

Resistance. 2: 107.28.

Resistance. 1: 107.07.

Support. 1: 106.81.

Support. 2: 106.60.

Support. 3: 106.39.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical Analysis on USD/CHF for October 22, 2014 Market Analysis Review

Stronger U.S. data pushed the green back ahead of Swiss Franck 4-day higher and closed at the highest level. 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 the 0.9516 level (20Dsma). In case, the pair manages to close above 20Dsma, we can see a strong momentum towards the 0.9562 levels. In yesterday's session, the 200WEma gave a good amount of support. The trading pattern is framed between the 0.9562-0.9398 levels. In case, if the pair closes below 0.9398, we can see a sharp correction towards the 0.9353 and 0.9301 levels.

Support is at 0.9398, 0.9353, and 0.9301.

Resistance is at 0.9516, 0.9562, 0.9625.

For an hourly view, the prices are closed and the pair is trading below the 12ema and 34hrsma levels. The pair has resistance at 0.9505 or 61.8 fib level in the h4 chart above this, it can extend its upward journey towards the 0.9515 and 0.9545 levels. On the down side, it has support at 0.9480, 0.9458 (12ema) and 0.9440 (35DEMA). We recommend selling only below the 0.9440 levels as panic might emerge below 0.9398. The pair can challenge 0.9515 and 0.9545 only above 0.9505.

Intrada y- Fresh buying only above 0.9505.

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Intraday trading recommendations on EUR/USD for October 22, 2014 Market Analysis Review

The euro was sold off in yesterday's session against the U.S. dollar and closed at the lowest point of the day. Today, at the Pacific session, the pair made a low at 1.2707, it has parallel support at 1.2706, below this at 1.2699 (20Dsma). The pair is trading in a verge of an ascending trend line. In case, if the pair closes below 1.2699, the euro can fall 50-75 pips initially, reaching later the 1.2575 level. The ECB is likely to buy corporate bonds, which weakens the euro further. For an Intraday view, we recommend selling below the 1.2699 levels. The pair has resistance at 1.2760 (34h sma), above this at 1.2781 (35DEMA). In the h4 chart, we can see a large distribution pattern between the 1.2845 and 1.2840 levels. From a positional view, we can use every rise to sell.

Trade -

Selling below 1.2699.

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Daily analysis of USDX for October 22, 2014 Market Analysis Review

The USDX is trying again to consolidate above the support level of 85.18, so that the next target would be the resistance level of 86.20 in the medium term. Furthermore, the USDX had already made a rebound at the support level of 84.29, so this instrument is strong in the current bullish trend.

Daily chart's resistance levels: 86.20 / 87.35

Dailychart's support levels: 85.18 / 84.29

On the H1 chart, the USDX has managed to consolidate above the 200 SMA, because the USDX made a rebound at the support level of 84.81. Now, the USDX could touch the resistance level of 85.49 in the coming hours, but we must not rule out the possibility that this instrument could make a pullback at the current levels.

H1 chart's resistance levels: 85.49 / 85.73

H1 chart's support levels: 86.27 / 85.03

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 85.27, take profit is at 85.03, and stop loss is at 85.49.

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Daily analysis of GBP/USD for October 22, 2014 Market Analysis Review

On the H4 chart, the GBP/USD pair found resistance at the level of 1.6184, where the pair has formed a fractal. However, the GBP/USD pair could prolong the fall to the support level of 1.6051, because this pair is still maintained below 200 SMA. In addition, if the GBP/USD pair achieves consolidation above the level of 1.6247, the next target would be the level of 1.6276. The MACD indicator is entering the negative territory which is favoring the current bearish bias.

H4chart's resistance levels: 1.6226 / 1.6247

H4chart's support levels: 1.6051 / 1.6004

The GBP/USD pair has made a strong retracement from the resistance level of 1.6170 so far. This pair could fall to the support level of 1.6075 where the 200 SMA is located. However, we must stress that this pair could make one bullish consolidation in the coming hours, due to the dynamic support offered by the 200 SMA on the H1 chart.

H1 chart's resistance levels: 1.6170 / 1.6216

H1 chart's support levels: 1.6117 / 1.6075

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6170, take profit is at 1.6216, and stop loss is at 1.6126.

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Intraday technical levels and trading recommendations on GBP/USD for October 21, 2014 Market Analysis Review

Note the depicted Shooting Star daily candlestick that occurred previously around 61.8% Fibonacci level. Such bearish pressure offered SELL positions a few days later at retesting.

Note that the bullish rejection was initiated when the market pushed below 1.6100 and 1.6060 on September 9. However, another bearish leg was expressed below 1.6060.

On the other hand, the price zone of 1.6100-1.6140 remains a prominent SUPPLY zone where considerable bearish pressure was applied on the pair on Thursday resulting in formation of an Inverted Hammer daily candlestick followed by a long bearish engulfing daily candlestick.

On Wednesday, bullish recovery was expressed off 1.5880. Bullish engulfing daily candlestick is depicted on the chart. Bullish targets are located ain the price zone of 1.6130-1.6180 where price action should be watched for price action.

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

However, another SELL entry remains suggested around 1.6140-1.6180. Stop Loss should be located above 1.6200.

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Intraday technical levels and trading recommendations on EUR/USD for October 21, 2014 Market Analysis Review

Last week, the EUR/USD pair looked oversold and was trading beyond the lower limit of the channel before the 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 offering a valid SELL entry.

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. 4H fixation above 1.2700 confirmed the reversal and allowed the bulls to reach 1.2850.

Another valid BUY position was suggested around the origin of the bullish Head and Shoulders pattern (price level of 1.2660). The final target was approached this week 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 1.2730-1.2760 should be watched for price action. A break below this price zone ( the lower limit of the 4H channel ) indicates a SELL position towards 1.2620 initially.

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GBP/USD intraday technical levels and trading recommendations for October 21, 2014 Market Analysis Review

Overview:

On July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been moving downwards below the depicted downtrend line.

Many bearish impulses were previously initiated around 1.7180, 1.6630 and 1.6400 where the downtrend line came to meet the pair then.

The price zone of 1.6140 - 1.6100 constituted a weekly support that paused the bearish movement for a few days after September 9. However, the bears quickly managed to push below the price level of 1.6060.

A new bearish impulse was applied after retracement towards the price zone of 1.6350-1.6400 took place.

As suggested, the price level of 1.5890 provided evident bullish recovery. A bullish engulfing daily candlestick emerged.

Since last week, the bulls were pushing towards the downtrend line (price zone around 1.6110) where another bearish swing was anticipated. However, further upside movement took place instead.

Bullish fixtation above 1.6120 will probably liberate a strong bullish swing towards 1.6250 initially.

Trading recommendations:

Bullish breakout above 1.6110 ( the depicted trend line ) indicates a valid BUY entry towards 1.6250 and 1.6310. Stop Loss should be located below 1.6040.

On the other hand, conservative traders can wait for BUY positions at retesting of price level of 1.6070.

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USD/CAD intraday technical levels and trading recommendations for October 21, 2014 Market Analysis Review

Overview:

Two months ago, the ongoing bearish swing (initiated in March 2014) was hindered at the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper bearish one.

A bullish breakout off the movement channel took place in August. This enabled a bullish Flag pattern to be established. Bullish targets were successfully hit, including the price level of 1.1230 and recently 1.1289.

As mentioned before, breaching the price zone of 1.1230-1.1260 and fixation above it triggered new bullish swing. Strong bullish momentum has been expressed for a couple of weeks.

Few days ago, the USD/CAD pair tested the upper limit of a steeper bullish channel depicted on the chart. This corresponded to the price level of 1.1370. Bearish rejection was anticipated after such a long bullish swing.

Bearish correction occurred towards 1.1260. This is manifested in the resulting daily candlesticks which indicate strong bearish rejection around 1.1330-1.1350.

Recommendations:

The bulls were pushing beyond the upper limit of the movement channel. The USD/CAD pair looked overbought on the daily chart.

Conservative traders were looking for short positions around the price zone of 1.1370-1.1390 which was recommended as a valid SELL entry with SL located just above 1.1400. This position is running in profits now.

On the other hand, a break below 1.1230 ( previous prominent top and 50% Fibonacci level ) indicates another SELL entry with higher risk. Initial targets are located at 1.1180-1.1160.

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