Technical analysis of EUR/USD for October 12, 2015 Market Analysis Review

Overview:

• The EUR/USD pair has rebounded from the minor resistance at the level of 1.1393, and it is now approaching its support in order to test it. Moreover, the price of 1.1305 is representing the weekly pivot point for October 12-16, 2015. So it will probably start an upside movement in this area and recover again. Therefore, it will be a good sign to buy at this spot with the first target of 1.1305 to form the double top and continue moving towards 1.1438 (this level will form the weekly resistance 1). On the other hand, in case the 1.1305 level is brokern, a good place for a stop loss will be below 1.1270.

The weekly technical analysis of EUR/USD pair:

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EUR/NZD : analysis for October 12, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7025. In the daily time frame, we can observe a demand bar in an average volume. I found the 4-day support level at 1.6845 (Fibonacci retracement 38.2%). Selling opportunities are preferable. On the H1 chart, we can observe a potential reversed head and shoulders formation. If the price breaks the level of 1.700, it will confirm our HS formation. Selling opportunities are preferable only if the price breaks our strong support in a high volume. Otherwise, we may see an upward movement. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (on the test), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6990

R2: 1.7025

R3: 1.7085

Support levels:

S1: 1.6875

S2: 1.6835

S3: 1.6775

Trading recommendations: Be careful when buying and watch for potential selling opportunities if the price brekas the level of 1.6845 in a high volume.

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Technical analysis of GBP/USD for October 12, 2015 Market Analysis Review

The weekly technical analysis of GBP/USD pair:

Overview:

• The first key level will set at 1.5421 and the second key level will set at 1.5279 today. Equally important, GBP/USD pair is still moving between 1.5421 and 1.5279. Additionally, it should be noted that a range about 142 pips is expected within next hours. Moreover, the levels of 1.5421 and 1.5279 are likely to represent weekly resistance 1 and weekly pivot point in the H1 chart. Furthermore, the trend is very clear indicating a sideways market, because it has been moving between these levels for a while. As it is known, sellers are asking for a high price as well as buyers are bidding at a lower price. Therefore, we expect the trend to call for a bearish market at the level of 1.5421 in the same time frame. As a result, sell at the level of 1.5421 with the first target at 1.5325, it might resume to 1.5279 in order to test the weekly pivot point. On the other hand, your stop loss should be placed above 1.5421. Thus, it will be helpfull to set it at the level of 1.5453.

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Gold : analysis for October 12 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,166.49. An intraday trend is upward. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe weak supply around the level of $1,163.00. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday buying opportunities are preferable. The level of $1,170.00 is the first strong resistance. We may expect potential downward correction, so watch for potential buying opportunites after correction (buy on the dips). First support level is seen at $1,159.50.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,156.20

R2: 1,156.70

R3: 1,157.45

Support levels:

S1: 1,154.70

S2: 1,154.20

S3: 1,155.45

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on the dips. Strong resistance is seen around the level of $1,170.00.

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USDX technical analysis for October 12, 2015 Market Analysis Review

The US dollar index has broken the short-term triangle pattern and USD bulls are on the defensive. A break down should be expected as bears are now in control of a short-term trend.

Red line - resistance

Green line - support (broken)

The US dollar index found the short-term support at the 78.6% Fibonacci level of 94.60. The price is below the Ichimoku cloud confirming the bearish trend. Bulls need to break above the Ichimoku cloud at 96 in order to regain control of the trend.

Green line -weekly support

Red line - weekly resistance

The US dollar index is still trapped inside the trading range of the bullish flag. However, the weekly candle has entered the weekly Ichimoku cloud. This changed weekly trend to neutral. Bulls should be very cautious as bears are in control now. Only a strong bounce and breakout above 96 could shift trend to bullish again. I prefer to stay neutral over the longer-term as long as the price is inside this range.

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Gold technical analysis for October 12, 2015 Market Analysis Review

Gold price made a confirmed weekly breakout on Friday holding the support of $1,140 after the back test of the breakout. The trend remains bullish and my short-term target remains at $1,200.

Red line - trend line resistance

Gold price has broken above the short-term downward sloping red trend line trading above the Ichimoku cloud. Bulls are in control of the trend as the price is moving towards higher highs and higher lows. Important support is found at $1,140 and short-term support is seen at $1,152.

Black lines - triangle pattern

The weekly candles have broken above the triangle pattern and above the kijun-sen (yellow indicator). This is a bullish sign, which implies that the trend is bullish in the short-term and we are going to test the Ichimoku cloud that we found at $1,200.

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Elliott wave analysis of EUR/NZD for October 12, 2015 Market Analysis Review

Technical summary:

We are still looking lower towards 1.6781 before the bottom is in place and a new impulsive rally higher should be expected. In the short term, we expect resistance at 1.7048 to protect the upside for a final decline towards 1.6781.

Only an unexpected breakout above resistance at 1.7125 will indicate that the bottom is already in place, and the next impulsive rally to above 1.8020 should be seen soon.

Trading recommendation:

Our stop at 1.7020 was hit for a nice profit, and we will now be looking for a EUR-Buying opportunity near 1.6781

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