Review of USD/CAD for October 15, 2014 Market Analysis Review

As we recommended in yesterday's session safe buying was above 1.1223 levels. The buying call produces good money approximately 100 pips as of now today. The pair successfully breached the March 2013 high, trading above a 5-year high. On the upside the pair has positional target at 1.1647, 200Mema. In case, if the pair closes above 1.1279 on a monthly closing basis, we can expect 1.1938 in the long term. As we recommended in the previous article on October 07, 2014, an upside breakout of 0.0650 pips could print 1.1279 + 0.0650 = 1.1938 levels. In case, if this week the pair closes above 1.1279, we can see 1.1530 (the 138 fib level) in the next few weeks. For the near term we can see 1.1458 in the next few sessions. On the down side, it has support at 1.1150 levels.

For an intraday view, the prices are closed above the hourly key moving averages. In the h4 chart, the pair gave an upside breakout from the ascending triangle height at 0.0129 targeting 1.1340 levels on an hourly basis. And the bigger hns pattern height of 0.0198 targeting 1.1468 on a daily basis.

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Technical analysis of GBP/USD for October 15, 2014 Market Analysis Review

The weak British CPI data pushes the cable to an 11-month low. In yesterday's session, the cable fell below the 200Msma. The cable has the nearest parallel support at 1.5854 (November 2011 low), below this, 1.5725, the 61.8 fib level, will act as support. In case, if the pair closes below 1.6025 on a monthly basis, the medium- and longer-term view turns negative. On the downside the cable is aiming at 1.5725, 1.5500 and even 1.5300 levels. On the upper side, it has resistance at 1.6027 and 1.6159 on a monthly basis. For the near and medium term, until the cable closes below 1.6227, the cable is aiming at 1.5655 levels. In the daily chart, the pair closed below the descending triangle.

Support 1.5854, 1.5760-1.5725, 1.55

Resistance 1.5955, 1.6052, 1.6176

For an intraday view, the prices are closed far below the 12ema. In yesterday's session the pair closed below the descending triangle. The pair favors selling on every rise for a downside target at 1.5760 and 1.5725 in the near term. Safe selling will be triggered below 1.5854 levels.

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Technical analysis of EUR/USD for October 15, 2014 Market Analysis Review

When the European market opens, some economic news will be released such as German Final CPI m/m. The US will release the economic data too such as the PPI m/m, Retail Sales m/m, Core PPI m/m, Empire State Manufacturing Index, Business Inventories m/m, Beige Book, Federal Budget Balance, so amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2701.

Strong Resistance:1.2694

Original Resistance: 1.2682.

Inner Sell Area: 1.2670.

Target Inner Area: 1.2641.

Inner Buy Area: 1.2612.

Original Support: 1.2600.

Strong Support: 1.2588.

Breakout SELL Level: 1.2581.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Technical analysis of USD/JPY for October 15, 2014 Market Analysis Review

In Asia, Japan will release the 30-y Bond Auction, Revised Industrial Production m/m, and the US will release some economic data such as PPI m/m, Retail Sales m/m, Core PPI m/m, Empire State Manufacturing Index, Business Inventories m/m, Beige Book, Federal Budget Balance. So there is a big probability the USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 107.70.

Resistance. 2: 107.49.

Resistance. 1: 107.28.

Support. 1: 107.03.

Support. 2: 106.82.

Support. 3: 106.60.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of GBP/USD for October 15, 2014 Market Analysis Review

On the daily chart, we can see that the GBP/USD fell steeply from the level of 1.6050 to the support level of 1.5883, because the GBP/USD is very weak now and it is likely that this pair will begin to form another bearish pattern for continue strengthening the current bearish trend. If the pair manages to consolidate below this support level, the next target would be the 1.5746 level in the medium term.

Dailychart's resistance levels: 1.6046 – 1.6146

Daily chart's support levels: 1.5883 - 1.5746

The GBP/USD is forming a lower low pattern below the resistance level of 1.5925, because this pair found resistance near the 200 SMA on the H1 chart. However, the GBP/USD could begin to make a retracement because the MACD indicator is entering oversold zone.

H1 chart's resistance levels: 1.5925 – 1.5980

H1 chart's support levels: 1.5871 – 1.5810

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.

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USDCAD Daily Analysis - October 15, 2014 Forex Analysis

USDCAD broke above 1.1269 resistance, indicating that the uptrend from 1.0810 (Aug 29 low) has resumed. Further rise could be expected, and next target would be at 1.1500 area. Support is now located at the upward trend line on 4-hour chart, only a clear break below the trend line support could signal completion of the uptrend.

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USDCHF Daily Analysis - October 15, 2014 Forex Analysis

USDCHF failed to break below 0.9468 support, and stayed in the trading range between 0.9468 and 0.9687. However the rise from 0.9468 is likely consolidation of the downtrend from 0.9687, one more fall to 0.9400 area is still possible after consolidation. Key resistance is at 0.9687, only break above this level could trigger another rise towards 1.0000.

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