Daily analysis of Silver for October 15, 2015 Market Analysis Review

Overview

According to the H4 chart, silver price succeeded in breaching yesterday's horizontal resistance, whicn is observed on the chart. It aims to get a positive factor to reinforces the expectations of a rise during an upcoming period, waiting for a test at 16.30 followed by 16.85. Therefore, the bullish trend will remain valid and active on the intraday and short term basis if the price holds above 15.40. The EMA50 continues to provide the price with positive support.

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Daily analysis of GBP/JPY for October 15, 2015 Market Analysis Review

Overview

The H4 chart shows that price actions from 180.36 are viewed as a consolidation pattern. A break of 180.36 will extend a fall from 195.86 towards our targets to test the key support level of 174.86. In case of another rise, strong resistance should be seen around 188.28 to end the consolidation. The pair was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious as strong resistance at 199.80/200.00 ix expected to bring reversal finally.

Daily Pivots: (S1) 182.70; (P) 183.51; (R1) 184.71;

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USDX technical analysis for October 15, 2015 Market Analysis Review

The US dollar index is moving in a bearish short-term trend but with increased chances of a bounce as we are trading near the lower channel boundary. The long-term trend remains neutral and a bullish flag is still valid.

Blue lines - bearish channel

The US dollar index has broken the 61.8% Fibonacci retracement. This is not a good sign for the USDX bulls, but the price is very close to the lower channel boundary. This justifies an at least short-term bounce. Resistance is found at 94.55 and at 95.35.

Red line -weekly resistance

Green line - weekly support

The weekly candle has entered the long-term Ichimoku cloud and this has changed trend to neutral. Bulls need to break above the Ichimoku cloud in order to regain control. The Ichimoku cloud resistance is found at 95.40. A weekly break above that level will be a clear bullish sign. Until then, we need to be patient as we could see a deeper correction towards the long-term 38% Fibonacci retracement at 92.20.

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Gold technical analysis for October 15, 2015 Market Analysis Review

Gold price continued moving towards new highs yesterday confirming my expectations. The price is in a bullish trend heading towards $1,200 as I forecasted several days ago. Gold price is expected to make a pullback today, but I would remain bullish looking for an opportunity to take profits soon.

Red lines - bullish channel

Gold price is trading above the Ichimoku cloud and above the tenkan- (red line indicator) and kijun-sen (yellow line indicator). Gold price may pull back today towards the lower channel boundary near $1,170 but an overall trend is likely to remain bullish.

Black lines - broken triangle

The weekly chart remains bullish and Gold price is heading towards our target. The Ichimoku cloud at $1,200 is important weekly resistance and I expect the price to pause the rally at that area. I prefer to take profits once we reach the $1,195 plus or minus 5$.

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Daily analysis of major pairs for October 15, 2015 Market Analysis Review

EUR/USD: The EUR/USD pair moved upwards by 280 pips since last week. The Bullish Confirmation Pattern in the chart is now particularly strong, and we may witness further northwards rally as the price goes above the resistance line at 1.1500.

USD/CHF: The USD/CHF pair has been trending downwards since last week, and the price is now below the resistance level of 0.9500, exceeding the bearish target for the week. There is a possibility that the price would reach the support level at 0.9450 by the end of this week. In addition, some fundamental figures are expected today and they can have impact on the market.

GBP/USD: After testing the accumulation territory of 1.5200, the GBP/USD pair skyrocketed by 280 pips. This is a strong movement, which is supposed to continue during this and next week; since the outlook (including some other GBP pairs) is bullish. The distribution territories at 1.5550 and 1.5600 are the next targets.

USD/JPY: The USD/JPY pair seems to have finally gone out of the recent equilibrium phase as the price goes below the supply level at 119.00. The price is under the EMA 56 and the RSI period 14 is below the level of 50. However, the price needs to break below the demand level at 118.00 and remain below it. This week would determine whether that would happen.

EUR/JPY: The EUR/JPY pair did not move seriously on Wednesday, though a bullish outlook is valid. The validity of the bullish outlook will hold as long as the demand zone at 135.00 is not broken to the downside. The demand zone, including the one at 135.50, is expected to foil bearish attempts.

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Elliott wave analysis of EUR/NZD for October 15, 2015 Market Analysis Review

Wave Summary:

We clearly were a bit too early to call for a bottom at 1.6820. More downside room closer to our original target at 1.6781 is observed now. The question is whether the bottom is in place at the moment? Good news is that we are very close to a firm bottom for at least a sizable rally. However, as long as minor resistance at 1.6955 protects the upside, we could see a deeper decline in wave v, as wave v will be equal to wave i at 1.6544. Wave v has hit a downside target and could turn higher anytime soon.

Trading recommendation:

Our stop was hit for a loss. We will re-buy EUR at 1.6555 or upon a break above resistance at 1.6955 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for October 15, 2015 Market Analysis Review

Wave summary:

There is no changes in view here: we continue to expect a test of important resistance near 137.44 to take place soon. A break above the resistance-line will confirm a further rally towards 138.10 and 139.02 on the way higher to 141.00. As we begin to see the shape of a triangle, the big question is if the rally of the 126.05 low is a giant triangle. If it is, then it has to be an X-wave. This triangle should be resolved downside and ultimately a break below 126.05 is expected. It all depends on what will happen near the resistance line.

Trading recommendation:

We are long EUR from 135.10 and will move our stop higher to 135.90. If you are not long EUR yet, then wait to buy a break above resistance at 137.44 and use the same stop at 135.90.

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