EUR/NZD analysis for October 28, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6400. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. An intraday trend is neutral but short-term trend is still downward. The support level is found at 1.6150. If the price breaks the level of 1.6150, we may see a downward continuation. In the H1 time frame, we can observe weak demand bars, which is a sign that buying EUR/NZD looks risky at this stage.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6350

R2: 1.6375

R3: 1.6420

Support levels:

S1: 1.6245

S2: 1.6225

S3: 1.6180

Trading recommendations: Be careful when buying at this stage. Short positions are preferable.

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Daily analysis of major pairs for October 28, 2015 Market Analysis Review

EUR/USD: This pair has rather traded sideways so far this week consolidating in the near term. One thing that causes the current bearish journey is the fact that the price is close to the psychological level at 1.1000, and it needs exceptional bearish stamina to breach it to the downside. The major bias is bearish and when momentum returns to the market, it would most probably favor bears.

USD/CHF: The USD/CHF pair has assumed its upward journey, which started last week. The price is now above the support level at 0.9850, going towards the resistance level of 0.9900. That resistance level is the second target for this week, and the target could be attained easily in the face of ongoing buying pressure in the market.

GBP/USD: The market remains weak though it is yet to experience a significant downward trend just like the EUR/USD pair. There is a Bearish Confirmation Pattern in the chart. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level of 50. Further movement to the south is therefore logically anticipated.

USD/JPY: The USD/JPY pair, which traded strongly northwards last week, has been corrected lower so far. The price has come down by 110 pips this week, but the bias is still bullish. The bullish bias would remain valid as long as the demand level at 119.50 is not breached to the downside.

EUR/JPY: This cross has continued its bearish journey in a determined manner. The price is now slightly below the supply zone of 113.00; and the bearish bias is supposed to continue, owing to the current weakness in the EUR and stamina in the JPY. For this bias to be reversed, the EUR would need to become stronger than the JPY, which might not be possible this week.

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Technical analysis of EUR/JPY for October 28, 2015 Market Analysis Review

General overview for 28/10/2015 08:10 CET

An impulsive wave progression to the downside is currently looking exhausted as wave c green is completed. The growing bullish divergence between the price and the momentum oscillator supports the view that the re-bound to the upside is taking place. Any breakout above the level of 133.20 opens the road to the weekly pivot test at the level of 134.31.

Support/Resistance:

132.28 - WS1

132.71 - Intraday Support

133.20 - Intraday Resistance

134.31 - Weekly Pivot

Trading recommendations:

Day traders should consider to open buy orders only if the level of 133.20 is violated. SL should be placed below the level of 132.70 and TP should be set at the level of 134.31.

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USDX technical analysis for October 28, 2015 Market Analysis Review

The US dollar index is most probably making a short-term bullish flag but with limited upside potential. The USDX is well-supported by dollar bulls, but traders should be very cautious specially today since we are awaiting the FOMC meeting.

Blue line - support

The US dollar index tested successfully the blue horizontal trend-line support, which was once resistance and got broken, This successful test implies that more upside should be expected today specially if we take into account the FOMC meeting scheduled for tonight. However, with stochastic at overbought levels bulls should be very cautious and use tight stops.

Black line - weekly resistance

The US dollar index is testing the important weekly resistance line. This could turn out to be a big rejection and we could see prices pulling back towards cloud support near 95. Volatility is expected to rise tonight, so traders should be very cautious and wary of potential fake breakouts. A confirmed breakout above resistance will imply all pullbacks should be bought as the longer-term target is seen at new highs.

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Gold technical analysis for October 28, 2015 Market Analysis Review

Gold price is showing some bullish signs. It is trying to break above the short-term bearish channel and if this breakout happens, we should expect gold price to move above $1,190 closer to $1,200 to reach a new higher high in October.

Black lines - bearish channel

Gold price has bounced off the 38% Fibonacci retracement and is testing a short-term channel and cloud resistance at $1,170-75. A break above this resistance area will be a bullish sign as this will imply that the correction is over and chances to hit a new high is very strong in October. Support is found at $1,160 and this should be used as stop for long positions.

Black lines - bullish wedge formation

Weekly gold price formation shows how gold price remains below the Ichimoku cloud, thus longer-term trend remains bearish, but the formation could have already ended and gold could be preparing for an important breakout, which could signal that a long-term low is in. As the level of $1,200 is important resistance, I would expect a deeper pullback from that area. Whether it is a new low or not it does not matter as the downward potential for gold price is limited. Gold is most probably preparing for a long-term reversal and we should be patient. The weekly chart will definitely show it to us.

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Technical analysis of USD/CAD for October 28, 2015 Market Analysis Review

General overview for 28/10/2015 07:50 CET

The price is moving inside the black channel. It has already moved above the 61% Fibo level. The wave development is still impulsive, but the current internal structure indicates a possible corrective sub-cycle to be made soon as wave -iv- blue develops. The internal invalidation line is at the level of 1.3197 ( intraday support). The first projected target for wave -v- is seen at the level of 1.3316.

Support/Resistance:

1.3316 - WR1

1.3278 - Intraday Resistance

1.3197 - Intraday Support

1.3109 - Weekly Pivot

Trading recommendations:

The stop loss orders for all open buy orders should now be moved higher and set at the level of 1.3277. TP level is still at the level of 1.3316.

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Elliott wave analysis of EUR/NZD for October 28, 2015 Market Analysis Review

Wave summary:

With a breakout above 1.6390 we can see the first indication that a bottom was found at 1.6124 and a new impulsive rally is about to develop. The next resistance to look for is found at 1.6546 and a breakout above here will be a strong indication of a bottom being in place and for a continuation higher to 1.6950 or just above this resistance. To mark the top of wave i.

Trading recommendation:

We bought EUR at 1.6390 and have placed our stop at 1.6180. If you are not long EUR yet, buy EUR near 1.6390 and use the same stop at 1.6180.

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