GBP/USD intraday technical levels and trading recommendations for October 3, 2014 Market Analysis Review

Overview:

On July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending below the depicted downtrend line.

Two bearish impulses were previously initiated around 1.7180 and 1.6630 corresponding to the downtrend line.

The price level of 1.6140 constituted a prominent weekly support to meet the pair. Bullish rejection was witnessed in the previous visit. This led to bullish weekly closure ( above the weekly support level around 1.6250 ).

Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse was applied as expected in previous articles.

This price zone corresponds to the upper limit of the depicted channels as well as Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.

The GBP/USD pair remains targeting at 1.6050 ( the recent weekly low ) then 1.6000 ( psychological support level ) as long as the market is trading below 1.6240 on a daily basis.

Trading recommendations:

Based on the previous data, the market offered a valid SELL opportunity around 1.6460 during last week's consolidations.

This short position remains valid as long as the bears keep defending price zone of 1.6250-1.6320 ( 23.6% Fibonacci level and previous broken bottom ). Hence, Stop Loss should be lowered to 1.6150 and let the remaining portion of the position run with the market.

Bearish targets are located around 1.6160, 1.6080 ( both were reached ) then 1.5890 ( significant weekly level ).

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Elliott wave analysis of EUR/NZD for October 3 - 2014 Market Analysis Review

Today's support and resistance levels:

R3: 1.6152

R2: 1.6120

R1: 1.6082

Current spot: 1.6059

S1: 1.6040

S2: 1.6012

S3: 1.5978

Technical summary:

We have seen a perfect test of the broken base-channel resistance-line at 1.5978 and this former resistance now support has protected the downside perfectly. We will now be looking for a break above 1.6120 as the first strong indication, that the correction from 1.6446 is over, but a break above 1.6242 is needed to confirm the bottom and the next rally higher towards 1.6446 on the way towards 1.6836. The risk is a break below 1.5978, that would call for a decline to the support-line near 1.5890 before higher.

Trading recommendation:

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Technical analysis of USD/CHF for October 3, 2014 Market Analysis Review

Overview :

• The price of USD/CHF pair is still located between levels of 0.9535 and 0.9595, i.e. above the strong support level 0.9492 (61.6% of Fibonacci retracement levels in H4 chart). These levels correspond to 100% and 78.6%% of Fibonacci retracement levels in the H4 chart. The pair has already formed strong resistance at this level of 0.9595 and is currently approaching it for further testing. Therefore, the swissie is expected to go downwards following the non-corrective structure and indicating the bearish opportunity below the 0.9595 level (the double top). Sell-deals are recommended below 0.9595 with the first target seen at the 0.9545 level. Thus downtrend is likely to continue the bearish movement towards the 0.9500 level. Moreover, it is crucial that the price has probably formed a strong support at 0.9492 (61.8% of Fibonacci retracement levels in H4 chart). The saturation is like to take place around 0.9490. Therefore it is possible that the market will start showing the signs of a bullish behaviour from today until next week. In the other word, buy-deals are recommended above 0.9400 with the first target seen at the 0.9550 level and further at the 0.9600 level.

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Technical analysis of EUR/USD for October 3, 2014 Market Analysis Review

Overview :

• The EUR/USD pair is trading below its pivot point which sets at the level of 1.2690. It is likely to trade in a lower range as far as it remains below its pivot point. Also, it might be noted that the ratio of 61.8% represents the same key level in H1 chart. Moreover, H1 chart is negative biased as RSI is turning bearish. Short position is recommended from the level of 1.2690 with the first target at 1.2615 in mind. A break of this target will move the pair further downwards towards 1.2568 in order to test the double bottom. Furthermore, the double bottom will act as strong support because it is the last bearish wave since the 30th of September 2014. In case the price moves in the contrary direction, it bounces back from the support level, and then moves above its first support around the 1.2620 level, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended from the double bottom with the first target at 1.2620 and the second target at 1.2665.

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#USDX Technical analysis for October 3, 2014 Market Analysis Review

The Dollar index continues to hold the important support at 85.50 and remains in a fully bullish trend. The trend will reverse to bearish if the index breaks below 85.50. The next upside target is at 87-89.

In the short term, the trend is bullish and support is found at 85.70. Price is above the ichimoku cloud and is trending higher making higher highs and higher lows after confirming support at 85.50. This support level has been tested and was not broken. This is a sign of Dollar strength.

Green line = price channel

The Dollar index remains inside the upward sloping channel. Ichimoku cloud indicators remain fully bullish. Support at 85.50 was held and we could see an upward break out soon towards 87. Breaking below 85 could signal a trend change on a daily basis. I remain bullish expecting this up trend to continue higher. Important for bulls to raise their stops as a possible reversal will be very sharp and could push the index towards 82-83.

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Gold Wave analysis for October 3, 2014 Market Analysis Review

Gold price most probably completed wave 4 yesterday and should start pushing below $1,204 lows towards $1,180 which is the major low and support. Our view remains longer-term bearish towards $1,000 as long as price is below $1,280.

Blue line = support

Green line = price channel

Gold price remains in a bearish trend. Yesterday, I mentioned that price got rejected at the upper channel boundaries and at the Ichimoku cloud resistance. This confirms that trend is bearish and that there are more chances of breaking below $1,200 now than pushing above $1,225. Resistance at $1,225 is important and a break above it will change the short-term trend to bullish. Support at $1,204 is expected to be broken and Gold price to move towards $1,180.

In the chart above, I post my Ellliott wave count and that is why I expect Gold to push towards $1,000 as the final wave 5. The sideways corective move since May 2013 has broken downwards from $1,270 and has given us a strong sell signal targeting $1,000.

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Technical Analysis of GBP/JPY for October 03, 2014 Market Analysis Review

In yesterday's session, the pair hit the 20 Dsma and closed below that. The pair has a weekly support between 173.24-173. Today, the pair opened with support of previous close and is showing good strength to touch 20Dsma. After a week of consolidation, the pair has been going through correction for the last 2 days. In the H4 chart, the pair is facing strong resistance in the ascending trend line and the 61.8 fib level. Above this, it can fly up to 176.66 levels. The prices are closed and trading below hourly key moving averages. We can clearly see the broadening top on the h4 chart. The pair has resistance at 176 above this 176.45, 177 and broadening descending trend line.

Resistance is at 176, 176.45, and 177.

Fresh buy only above 175.85.

Sell only below 175.

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