Technical analysis of EUR/JPY for October 27, 2014 Market Analysis Review

General overview for 27/10/2014 18:20 CET

The corrective wave development to the upside look like completed and any breakout below the intraday support at the level of 136.48 is the first confirmation of a bearish bias. There is however a slight probability that the market might go a little bit higher and breakout above the intraday resistance at the level of 137.24, but it should be capped at the previous supply zone between the levels of 137.80 and 137.93.

Support/Resistance:

138.11 - WR1

137.80 - 137.93 - Supply Zone

137.24 - Intraday Resistance

136.66 - Weekly Pivot

136.48 - Intraday Support

136.11 - WS1

Trading recommendations:

Daytraders should consider opening sell orders from the current price levels with SL above the level of 137.24 and TP at the level of 135.20.

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Technical analysis of USD/CAD for October 27, 2014 Market Analysis Review

General overview for 27/10/2014 08:20 CET

This market is still in the range zone between the levels of 1.1182 and 1.1294. The corrective cycle is getting more complex and time consuming, but the bias is still bullish as long as the level of 1.1080 is not broken (purple impulsive wave count invalidation). The first clue that the uptrend will be continued is impulsive breakout above the golden channel line, weekly pivot level and intraday resistance at the level of 1.1262. Otherwise the market might still penetrate the lower levels of the price range.

Support/Resistance:

1.1070 - 1.1080 - Demand Zone

1.1128 - WS2

1.1182 - Intraday Support

1.1185 - WS1

1.1240 - Weekly Pivot

1.1262 - Intraday Resistance

1.1293 - Intraday Resistance

1.1296 - WR1

1.1354 - WR2

1.1384 - Swing High

1.1409 - WR3

Trading recommendations:

Traders should wait for an important level breakout and trade accordingly.

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USDCAD Daily Analysis - October 28, 2014 Forex Analysis

USDCAD remains in uptrend from 1.0810 (Aug 29 low), the fall from 1.1385 is likely consolidation of the uptrend. Deeper decline is still possible, and the target would be at 1.1150 area. Resistance is at 1.1300, a break above this level will indicate that the uptrend from 1.0810 has resumed, then another rise towards 1.1500 could be seen.

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USDCHF Daily Analysis - October 28, 2014 Forex Analysis

USDCHF remains in uptrend from 0.9370, as long as 0.9440 support holds, the fall from 0.9557 could be treated as consolidation of the uptrend. Another rise could be expected after consolidation, and next target would be at 0.9650 area. Only break below 0.9440 support could trigger another fall to 0.9300 area.

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USDJPY Daily Analysis - October 28, 2014 Forex Analysis

USDJPY stays in the rising price channel on 4-hour chart, and remains in uptrend from 105.32, the fall from 108.34 is likely consolidation of the uptrend. As long as the channel support holds, the uptrend could be expected to continue, and next target would be at 109.50 area. On the downside, a clear break below the channel support will indicate that the uptrend had completed at 108.34 already, then deeper decline to 106.50 area could be seen.

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AUDUSD Daily Analysis - October 28, 2014 Forex Analysis

AUDUSD moved sideways in a range between 0.8642 and 0.8898. As long as 0.8898 resistance holds, the price action in the range could be treated as consolidation of the downtrend from 0.9401, another fall to 0.8400 area could be expected after consolidation. Only break above 0.8898 resistance could signal completion of the downtrend.

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GBPUSD Daily Analysis - October 28, 2014 Forex Analysis

GBPUSD remains in downtrend from 1.6524, the sideways movement from 1.5951 could be treated as consolidation of the downtrend. Resistance is at 1.6226, as long as this level holds, the downtrend could be expected to resume, and another fall to 1.5600 area is possible. Only break above 1.6226 resistance will indicate that the downtrend had completed at 1.5874 already, then further rise to 1.6400 area could be seen.

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