Technical analysis of USD/JPY for October 24, 2014 Market Analysis Review

Fundamental overview:

USD/JPY is expected to trade in a higher range. It is underpinned by the positive USD sentiment (ICE spot dollar index last 85.82 versus 85.75 early Thursday) after four-week moving average for U.S. jobless claims fell 3,000 to 281,000 in week ended October 18, its lowest level since May 2000. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.277% versus 2.230% late Wednesday) and demand from Japan's importers, ultra-loose Bank of Japan's monetary policy and yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 7.5% to 16.53) as U.S. stocks rose overnight (S&P 500 closed up 1.23% at 1,950.82). But USD/JPY gains are tempered by Japan's export sales and positions adjustment before the weekend.

Technical comment:
Daily chart is positive-biased as stochastics is rising from the oversold zone, negative MACD histogram bars are contracting, bullish parabolic stop-and-reverse signal hit on Thursday, five-day moving average is rising above 15-day MA.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 108.45 and the second target at 108.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.35. A break of this target would push the pair further downwards and one may expect the second target at 107.05. The pivot point is at 107.65.

Resistance levels:

108.45

108.75

109

Support levels:

107.35

107.05

106.75

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Technical analysis of USD/CHF for October 24, 20142 Market Analysis Review

Fundamental overview:

USD/CHF is expected to consolidate with a bullish bias after hitting a six-day high 0.9559 on Thursday. It is supported by the positive USD sentiment (ICE spot dollar index last 85.82 versus 85.75 early Thursday) after four-week moving average for U.S. jobless claims fell 3,000 to 281,000 on week ended October 18, its lowest level since May 2000. Dovish Swiss National Bank's monetary policy is taken into account as well. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross and positions adjustment before the weekend.

Technical comments:
Daily chart is mixed as MACD is bearish, but stochastics is rising from the oversold zone.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9560 and the second target at 0.9590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9465. A break of this target would push the pair further downwards and one may expect the second target at 0.9435. The pivot point is at 0.9500.

Resistance levels:

0.9560

0.9590

0.9625



Support levels:

0.9465

0.9435

0.9390

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Technical analysis of NZD/USD for October 24, 2014 Market Analysis Review

Fundamental overview:

NZD/USD is expected to trade in a lower range. It is undermined by the wider-than-expected New Zealand September trade deficit of NZ$1.35 billion (versus forecast NZ$675 million deficit), positive USD sentiment and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD-USD interest differential, Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment and positions adjustment before the weekend.

Technical comment:

Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought.

Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7805. A break of this target will move the pair further downwards to 0.7775. The pivot point stands at 0.7885. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7915 and the second target at 0.7885.

Resistance levels:

0.7915

0.7955

0.7985



Support levels:

0.7805

0.7775

0.7735

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Technical analysis of GBP/JPY for October 24 2014 Market Analysis Review

Fundamental overview:

GBP/JPY is expected to trade in a higher range. It is supported by the improved GBP sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales and positions adjustment before the weekend.

Technical comment:

Daily chart is tilting positive as bullish outside-day-range pattern was completed on Thursday, MACD and stochastics are turning bullish.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 174.15 and the second target at 174.95. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.55. A break of this target would push the pair further downwards and one may expect the second target at 171.75 The pivot point is at 172.90.

Resistance levels:

174.15

174.95

175.65

Support levels:

172.55

171.75

171

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Daily analysis of Silver for October 24, 2014 Market Analysis Review

Overview

The 4H chart demonstrates that silver is going to take an upward move after its rebound from the Support level at 17.00 and currently is approaching the Resistance level of 17.30 trying to break it through to continue its bullish move. More buy signals would be provided in case of closing the 4H above this Resistance level with the first target few pips below the Resistance level of 17.50. Then we should wait for closing above this Resistance level too to get more bullish signals. Therefore, presently, we recommend waiting for breaking the Resistance level of 17.30 before making the decision. But as long as the price is trading below the Resistance level this cancels the first scenario.

Resistance and support levels: R3 (17.75), R2 (17.50), R1 (17.30), S1 (17.00), S2 (16.75), S3(16.50)

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Intraday technical levels and trading recommendations on EUR/USD for October 24, 2014 Market Analysis Review

Last week, the EUR/USD pair looked oversold before the bullish momentum could get it back inside the channel.

The origin of the bullish engulfing pattern (around 1.2600) once provided a good BUY position as suggested in previous articles.

The upper limit of the movement channel (1.2880-1.2900) was being targeted this week. However, bearish pressure was applied earlier around 1.2800-1.2840.

This allowed a bearish breakout off the current bullish channel to take place. This probably confirms a Flag continuation pattern. Initial daily target level would be located around 1.2490.

A valid BUY position was previously suggested around the neckline of the bullish Head and Shoulders pattern (price level of 1.2660).

On Wednesday, the market expressed quite strong bearish momentum that pushed below the lower limit of the channel.

Bears have successfully pushed towards price zone of 1.2600-1.2620 ( projection target of the double-top pattern ). As anticipated, around this price zone, bullish recovery was expressed.

Recommendation:

A valid SELL entry may be anticipated around 1.2730 at retesting which should be happening soon. Stop Loss should be set at 1.2780.

Price level of 1.2730 corresponds to the backside of the broken channel as well as the upper limit of the newly established channel depicted on the chart.

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Intraday technical levels and trading recommendations on GBP/USD for October 24, 2014 Market Analysis Review

A Shooting Star daily candlestick occurred previously around 61.8% - 50% Fibonacci levels. A valid SELL position was suggested then and it got triggered few days later.

Recently, bullish rejection was expressed when the market pushed below 1.6100 and 1.6060 on September 9. However, another bearish leg was expressed below 1.6060 during the current month.

On the other hand, the price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone where considerable bearish pressure was applied on the pair last week on Thursday.

On Wednesday, bullish recovery was expressed off 1.5880. Bullish engulfing daily candlestick is depicted on the chart. Bullish targets were located around the price zone of 1.6130-1.6180 ( already reached ).

Bullish breakout off the depicted bearish channel is apparent on the daily chart. A bullish corrective move towards 1.6300 may occur as long as the bulls keep moving above the upper limit of the channel.

Breakout above 1.6140 is essential to confirm this suggested position. Otherwise, the pair remains under bearish pressure to revisit 1.5880 at least.

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.

A SELL entry was suggested around the price level of 1.6140 last week. The resulting bearish swing managed to push below 1.5950 (weekly DEMAND level).

This week, bulls managed to push beyond the upper limit of the channel as well as previous broken bottom (probably now acting as resistance).

The GBP/USD pair remains trapped between the backside of the channel (1.6020) and price level of 1.6140.

Breakout in either direction is necessary to take a position in the same direction of breakout.

Until then, risky traders can take a BUY entry around 1.6010-1.6020. Stop Loss should be located below 1.5980.

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