Technical analysis of EUR/JPY for October 30, 2014 Market Analysis Review

General overview for 30/10/2014 07:30 CET

As anticipated two days ago the one to one equal legs market geometry pattern between waves a and c green has been completed and supply zone has provided the resistance necessary to move the market down. Currently it looks like intern sub-cycle wave -i- is completed and now the market is in wave -ii- of the cycle. When the correction is finished, the market should break below the level of 137.25 in impulsive fashion and continue lower. Nevertheless, the key support for the bulls is still at the level of 136.48 and only a breakout below this level confirms the top for wave B black at the level of 138.04. On the other hand, any breakout higher above the supply zone invalidates the immediate impulsive bearish scenario.

Support/Resistance:

138.11 - WR1

138.06 - Projected Target Level For wave B |Key Level for Bears|

137.92 - Intraday Resistance

137.80 - 137.93 - Supply Zone

137.24 - Intraday Support

136.66 - Weekly Pivot

136.48 - Intraday Support|Key Level for Bulls|

136.11 - WS1

Trading recommendations:

Sell positions opened yesterday should still be kept open. Just to remind you: SL above the level of 138.11, TP below the level of 137.24.

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Technical analysis of GBP/CHF for October 30, 2014 Market Analysis Review

Technical outlook and chart setups:

The GBP/CHF dropped close to 1.5200 levels yesterday before pulling back higher. The pair is trading around 1.5300 levels at the moment and bears should resume down swing till prices are below 1.5340/50 levels. Support is seen just below 1.5200 levels, followed by 1.5100, 1.4975 and lower while resistance is seen at 1.5450, followed by 1.5550/5 respectively. It is recommended to remain short from last week, risk remains above 1.5450. The pair could drop below 1.4700 levels if 1.5350 and subsequently 1.5450 levels (resistances) hold good.

Trading recommendations:

Remain short, set stop above 1.5450, target is open.

Good luck!

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Technical analysis of Silver for October 30, 2014 Market Analysis Review

Technical outlook and chart setups:

Silver has tested the range lows at sub $17.00 levels again. Please note that it is also at the fibonacci 0.618 support (sub $17.00 levels). The metal could be preparing to rally from current price levels up to $18.50 in the days to come. Hence recommendations are to remain long, risk is below $16.60 for now. Support is seen at $17.00, followed by $16.60 and lower, while resistance is seen at $18.00 levels, followed by $18.80/19.00 and higher respectively. Bulls could be determined to take control back till prices remain above $16.60 .

Trading recommendations:

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

Good luck!

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Technical analysis of Gold for October 30, 2014 Market Analysis Review

Technical outlook and chart setups:

Gold has dropped to $1,210.00 levels as discussed and expected earlier. Please also note that the metal is at fibonacci 0.618 support levels of the rally between $1,183.00 and $1,255.00. It is recommended to exit short positions taken earlier (last week) and initiate long positions, with risk at $1,180.00 levels. Support is seen at $1,205.00 followed by $1,183.00 and lower while resistance is seen at $1,225.00, followed by $1,255.00 (interim), $1,275.00 and higher respectively. The metal is moving sideways since yesterdays' drop and bulls are expected to resume rally from here.

Trading recommendations:

Remain long, set stop at $1,179.00, target is open.

Good luck!

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Technical analysis of GBP/JPY for October 30, 2014 Market Analysis Review

The cross is trading at a 2-week high. The cross managed to hold the 20Wsma. In the daily chart, we can see the minor double top at 174.76 levels on a closing basis. On a monthly closing basis, the pair must close above 177.80 levels. In case, if the cross closes below 177.80 we can clearly see the double top formation in the monthly charts representing down side again back to 168.00 levels, 200Mema. In case, if the cross manages to close above 177.80 the pair can extend its upswing towards 180.70 and 183.50 levels. Including today, we have 1 more trading session left in the current month. In the current month, the cross erased the 3/4th of its losses. We will re-analyze the chart, in case if the pair closes above 177.80 on a monthly closing basis.

Today in Asia's session the cross held the support at 50Dsma, 174.00. We recommend buying only above 174.76 levels. The hourly stochastics is indicating sell mode. The prices are taking support at 21ema, 174.00 levels. We recommend selling below 174.00. The hourly resistance exists at 174.40 35DEMA. The pair will face heavy selling pressure below 173.60, 34hrsma, for an immediate target at 173.00.

Trade:

Buying above 174.80 for targets at 175.02, 175.90

Selling below 173.60 for targets at 173.00

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Trading recommendation on Gold for October 30, 2014 Market Analysis Review

The yellow metal was pushed to a 3-week low. In today's early session the metal holds steady by holding previous low. In yesterday's session the metal fell below 20Dsma and closed below that. The metal has the nearest support at $1,207.00 levels, below this, $1,202.80 and $1,200.00 will act as support levels. On the other hand, the metal has resistance at $1,217.00, above this $1,222.00 and $1,227.00, 20Dsma. For an intraday basis, the prices are taking support at $1,211.70 and facing strong resistance at $1,217.00. A breakout either side will provide further room to trade. In the h4 chart, the momentum oscillators are indicating oversold levels. The metal prices closed far below the 12ema and 35DEMA. We recommend using every rise to sell or sell below 1210.00 and panic will be triggered below 1,207.00 levels. The resistance levels exist at $1,217.00, $1,221.60, 12ema, $1,226.00, 21hrsma, and $1,229.60, 34hrsma. Until the prices close below the 34hrsma selling will mint the money for today and tomorrow as well. For an hourly trade, risky traders, use sl $1,216.50 selling at a market price at $1,213.00 for targets at $1,211.00, $1,207.50, below this, $1,204.00 and $1,200.00 levels. Buying above $1,217.00 for targets at $1,220.00 and $1,221.60 levels.

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Forecast and trading recommendations on EUR/JPY for Octoebr 30, 2014 Market Analysis Review

The cross is trading at 3-week high. The cross managed to breach the 20Wsma, but was unable to sustain above that. In the daily chart, we can see the minor double top at 137.75 levels on a closing basis. On a monthly closing basis, the pair must close above 138.48 levels. In case, if the cross closes below 138.48 we can clearly see the double top formation in the monthly charts representing a downward move towards 135.45 levels. In case, if the cross manages to close above 138.48 the pair can extend its upswing towards 139.40 and 139.90 levels. Including today, we have 1 more trading session left in the current month. In the longer term picture we can see the 131.40 and 129.0 breaks, below this, another steep correction towards 2013 February and March lows. In the current month, the cross erased the 3/4th of its losses. We will re-analyze the chart in case if the pair closes above 138.48 on a monthly closing basis. The Euro is weaker than the Yen.

For an intraday basis, the cross looks weak only below 137.40 levels. We recommend buying above 137.75 levels. In the h4 chart, the hourly Stochastics is indicating a selling signal. The intraday trading pattern is framed between 137.40 and 137.75. We recommend selling below 137.30 for targets at 136.90 and 135.60 levels. We recommend buying above 137.75 and strong momentum only above 138.02 levels. In the hourly chart, the pair made a double top at 138.02 levels. We can expect a strong upswing only above 138.02.

Trade:

Risky traders, buying above 137.75

Safe traders, buying above 138.02

Selling below 137.30

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