EUR/NZD analysis for October 27, 2014 Market Analysis Review

Overview:

In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.6086 in an ultra high volume below average. Our Fibonacci retracement 38.2% at the price of 1,6090 is on the test so be careful when selling EUR/NZD at this stage. According to the 1H time frame, we may see potential end of the bearish corrective phase (abcd). We also got Fibonacci expansion 61.8% at the price of 1,6090. 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 (currently on the test) 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: 1.6194

R2: 1.6222

R3: 1.6268

Support levels:

S1: 1.6102

S2: 1.6074

S3: 1.6028

Trading recommendations: Be careful when selling the EUR/NZD pair since our Fibonacci retracement 38.2% is on the test

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Gold : analysis for October 27, 2014 Market Analysis Review

Overview:

Since our last analysis, gold has been trading sideways around the price of 1,230.00. We are facing low volume day and low activity on the market. We are still waiting for larger activity. Our submajor Fibonacci retracement 38.2% at the price of 1,227.00 held successful, so selling gold at this stage looks risky According to the daily time frame, we can observe supply in a volume below average. If the price breaks the level of 1,227.00 in a high volume, we may see testing of Fibonacci retracement 61.8% at the price of 1,210.00. Otherwise, if we see larger bullish reaction from our Fibonacci retracement 38.2%, a bullish continuation phase will be possible.We got first resistance at the price of 1,237.00.

Daily pivot Fibonacci points:

Resistance levels:

R1: 1,230.17

R2: 1,230.97

R3: 1,232.27

Support levels

S1: 1,227.57

S2: 1,226.77

S3: 1,225.47

Trading recommendations: Selling gold at this stage looks risky since Fibonacci retracement 38.2% held successful

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#USDX Technical analysis for October 27, 2014 Market Analysis Review

The Dollar index has pulled back as expected from last week after being unable to break above 86. The resistance at 86 is a strong level and breaking above it will give me a buy signal with 87 as the 1st target. Support is found at 85.20-85.30. My longer-term view remains bullish in the Dollar index as the bullish flag pattern gives me 90 as the 1st target.

Black line = previous resistance

The Dollar index remains above the cloud support and above the black trend line resistance that was broken. Support is found at 85.30. The 38% retracement of the entire rise is at 84 and we could still see a pull back towards that level if selling pressures against the Dollar continue. Breaking above 86 will cancel most probabilities of seeing a pull back below 85.30.

The daily chart continues to be bullish as far as ichimoku cloud indicators are concerned and the bullish flag pattern that I mentioned last week still holds as a pattern and I still have 90 as my next target. Concluding I remain longer-term bullish and I will not expect a push towards 84 if we break above 86.

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Gold Technical analysis for October 27, 2014 Market Analysis Review

Gold is trading sideways and has formed a bearish flag pattern. This sideways action following the sharp decline from $1,255 is not an encouraging sign for bulls. As I have been saying for the last few weeks, the longer-term trend remains bearish and despite the bounce from $1,180, we should consider this bounce only as a corrective bounce and that selling pressures should resume soon.

Breaking below the $1,225 low will confirm the end of the sideways corrective move and the start of a new downward move towards $1,190-$1,180. The upward bounce from $1,180 has most probably finished at $1,255 and as I said in previous posts, I prefer to look for sell opportunities as my longer-term target remains at $1,050.

In the 4-hour cahrt, we observe that price is still inside the Ichimoku cloud and this support still holds. Breaking below $1,225 will push Gold price out of the support area and will be a sell signal. Resistance is found at $1,240 and any bounce should find a strong resistance and a lot of sellers at that point.

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Elliott wave analysis of EUR/NZD for October 27 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6161

R2: 1.6137

R1: 1.6115

Current spot: 1.6099

S1: 1.6090

S2: 1.6079

S3: 1.6056

Technical summary:

The correction from 1.6216 has been unfolding according to our expectation. We are still looking for a decline to 1.6056 to end red wave ii and set the stage for the next impulsive rally in red wave iii higher to 1.6446 on the way towards 1.6800. Short term, only an unexpected break above 1.6191 will indicate that red wave ii ended early and red wave iii is developing.

Trading recommendation:

We will buy EUR at 1.6065 with a stop at 1.6000 or upon a direct break above 1.6191.

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Elliott wave analysis of EUR/JPY for October 27, 2014 Market Analysis Review

Today's support and resistance levels:

R3: 137.82

R2: 137.35

R1: 137.00

Current spot: 136.81

S1: 136.50

S2: 136.29

S3: 136.06

Technical summary:

The break above 137.00 confirmed that the correction in wave B still was unfolding and that we should be looking for a move closer to 137.82 before wave B finally is over and wave C lower to 130.73 will be ready to take over. In the short term we could see a move slightly lower to 136.49 and maybe even to 136.06 before the final rally higher in wave B to 137.82 and then wave C should take over for a decline to 130.73.

Trading recommendation:

Our stop at 137.10 was hit. We will re-sell EUR at 137.70 with a stop at 138.10.

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Technical analysis of EUR/JPY for October 27, 2014 Market Analysis Review

Technical outlook and chart setups:

The EUR/JPY dropped into 135.20/30 levels last week before bouncing off, as it was discussed and expected. Please note that the pair bounced off from confluence of fibonacci 0.618 support, the back side of the trend line (resistance turned support) and a right shoulder of potential inverted head and shoulder reversal. Minimum expectations on the higher side are 138.00, followed by 138.70/80 levels. Support is seen at 135.20/30, followed by 134.20/30 and lower, while resistance is seen at 138.00, followed by 139.00 and higher up respectively. It is recommended to remain long, risk remains at 135.00 now.

Trading recommendations:

Remain long for now, move stop to 135.00, target is 138.80 at least.

Good luck!

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