Elliott wave analysis of EUR/JPY for September 22 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 140.96

R2: 170.71

R1: 140.33

Current spot:140.10

S1: 139.94

S2: 139.67

S3: 139.51

Technical summary:

The correction from 141.22 became slightly deeper than expected, but it does not change anything in the larger picture as the expected rally higher to 143.79 is well on track. In the short term, we are looking for a rally above minor resistance at 140.33 as the first indication, that the rally higher is unfolding for a move higher to 141.22 on the way towards important resistance at 143.79.

Trading recommendation:

We are long in EUR from 135.95 and we sill move stop higher to 139.05. If you are not long in EUR yet, then buy here or upon a break above 140.33 with the same stop at 139.05

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#USDX Technical analysis for September 22, 2014 Market Analysis Review

The Dollar index remains above short-term support and we identify a bullish setup that could push price towards 85. The trend remains bullish in the longer-term. So, long positions are favored for now as we do not want to go against the trend. The next target is 85.

The Dollar index has made a new higher high on Friday and a pull back is underway. Support by the Ichimoku cloud was held and a bounce followed as we wanted. Support at 84.20 is important for the short-term uptrend. As long as price is above 84.20, we should expect a break out towards 85.

Red line = resistance

In the daily chart above, the Dollar index remains in a fully bullish momentum according to the Ichimoku indicators. The ichimoku cloud remains below price. Tenkan-sen and kijun-sen still have a positive slope and the Chikou Span remains bullish above the current candles rising along.

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Gold Wave analysis for September 22, 2014 Market Analysis Review

Gold price remains in a downtrend as it has given a new lower low earlier this morning. The wave structure suggests we are at the final stages of the longer-term downward move that started from around $1,900. Our target remains near $1,000.

Green lines = price channel

Red line = resistance

Blue line = support.

Gold price remains below the Ichimoku cloud and inside the downward sloping green channel. Support is found at $1,208 and resistance at $1,220-25. A bounce towards the resistance could be justified and we should take this opportunity to sell as the trend remains bearish. Our short-term target if we reach $1,220 is at $1,200-$1,180 as long as our short-term stop at $1,230 is not broken.

In the weekly chart above, I show my elliott wave count. Price is below the Ichimoku cloud and has broken out of the sideways triangle wave 4. Wave 5 is under way towards $1,100 and $900. We remain bearish.

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

General overview for 22/09/2014 09:45 CET

The corrective cycle that had started after the swing high at the level of 141.22 was could belong to one of two possible wave progressions: the first one is an impulsive purple count with the invalidation line at the level of139.16 and the second one is larger degree blue impulsive count with the invalidation line at the level of 138.25. Although the bias remains bullish, traders need to wait for a trading range to be broken to draw more important conclusions about further wave developments.

Support/Resistance:

141.22- Swing High|WR1|

140.20 - Intraday Resistance

139.84 - Weekly Pivot

139.67 - Intraday Support

139.16 - Purple Impulsive Count Invalidation Level

138.46 - WS1

138.25 - Blue Impulsive Count Invalidation Level

137.12 - WS2

Trading recommendations:

It looks like there is one wave to the downside missing. So, day traders should consider opening sell orders from the current price levels with SL above the level of 140.21 and TP below the level of 139.16.

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

General overview for 22/09/2014 09:20 CET

There are two Elliott Wave counts, main and alternative, presented here on two charts with different time frames. The first one is the main count on the hourly chart, it indicates a bullish wave progression to the upside after successful completion of a double zigzag pattern in green wave (ii). The first clue that would support this point of view is present when the golden trend line is broken, a weekly pivot at the level of 1.0971 is broken as well and the price is moving in impulsive fashion. The key level here has been labeled as demand breakthrough zone and it is between the levels of 1.1028 - 1.1038. The alternative count has been presented in the H4 chart, where traders can see two possible forms of a corrective cycle: running and irregular flat. It looks like the running flat might be completed already. Now, the market is expected to make impulsive five-wave progression. Otherwise this corrective cycle might fail and become more complex and time-consuming.

Support/Resistance:

1.0809 - 1.0838 - Demand Zone

1.0885 - Intraday Support

1.0979 - Weekly Pivot

1.1028 - 1.1038 - Demand Breakthrough Zone

1.1065 - WR1

1.1097 - Swing High

Trading recommendations:

Day traders and swing traders should consider opening buy positions here with SL below the level of 1.0884 and TP at the level of 1.1028. However, breakout above 1.1038 allows to add to the long position.

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Weekly forecast and an intraday analysis of USD/CAD for September 22-26, 2014 Market Analysis Review

The pair managed to close above 200WEma the previous week. The pair tested its fate for many times during the past few years. Whenever the pair tried to close above that, it was rejected with sell-offs from there. This time, the pair successfully closed above that, indicating further bullish mode in the future. Today the pair opened below the previous week close and is trading below 200WEma, indicating some weakness. The pair is trading at 0.9387 levels in the Asia's session. On the down side, the pair has support at 0.9332 and 0.93-0.9290 levels. A daily close below 0.9290 only, the weekly trend turns to negative. In the daily chart, the Stochastics indicates a buy mode. The safe buying will be triggered only above 0.9413 levels.

Support 0.9332, 0.9290, 0.9250

Resistance 0.9413, 0.9456, 0.9535

For an intraday view, the pair is trading below 35DEMA but holding at the 12ema support level of 0.9379, below this, it has support at 0.9368 and 0.9360. We recommend safe selling below 0.9360.

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Weekly forecast and an intraday analysis of EUR/USD for September 22-26, 2014 Market Analysis Review

The pair is trading at a short-term trend decider level at 1.2760 (200MEma), the pair made a low at 1.2827 this month, as of now. The support zone is between 1.2760-1.2745 levels. If these levels are breached, it can extend its fall to 1.2660, 1.25, 1.2432, and 1.22. A monthly close below 1.2750 on the downside, 1.22 is an open target in the short term. On the other hand, if the US dollar manages to breach the 85 mark and holds above it, the Euro will continue to weaken further 300-500 pips down. For the weekly perspective, 1.30 (20Dsma) is acting as strong resistance. A daily close above 1.30 only, the weekly trend turns positive, until it, sell on every up move.

Support 1.2745 1.2660 1.25

Resistance 1.30 1.3160 1.3240

For an intraday view, the pair is trading at 1.2835, the hourly momentum oscillators are indicating some pullback, hope it can move up to 35DEMA (1.2870) and 12ema (1.2875). The US dollar is expected to be taken back from the higher levels because of the 85 resistance mark. Those who like to buy this pair can buy only above 1.2875 for an immediate target at 1.29 and 1.2920.

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