Technical analysis of Silver for October 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Silver might be looking for an opportunity to correct lower towards $15.00/10 before rallying further. Please note that $15.10 is also Fibonacci 0.618 support for the metal along with past resistance turned support in the same area. It is hence recommended to book partial profits on long positions taken earlier and watch for an opportunity to add further on dips. Immediate support is seen at the levels of $15.40 (interim) followed by $15.00, $14.50, and lower, while resistance is seen at the levels of $16.40/50 followed by $17.50 and higher respectively.

Trading recommendations:

Book partial profits and look to add further positions at lower levels.

Good luck!

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GBP/USD intraday technical levels and trading recommendations for October 9, 2015 Market Analysis Review

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later on, the support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on Tuesday (bullish engulfing daily candlestick).

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5350 for a low-risk sell entry. S/L should remain above 1.5400.

Bearish persistence below the level of 1.5170 is needed for a further bearish decline towards the level of 1.5100 initially and then to 1.5050 (bearish Flag projection target).

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Technical analysis of USD/JPY for October 09, 2015 Market Analysis Review

USD/JPY is expected to trade with bullish bias. US indices closed higher on Thursday led by shares in the Consumer Durables & Apparel, Energy and Media sectors. The Dow Jones Industrial Average added 138.46 points, or 0.8%, to 17,050.75. The S&P 500 rose 0.9%, and the Nasdaq Composite gained 0.4%. Nymex crude oil futures gained 3.4% to $49.43 a barrel, while gold prices fell 0.4% to $1144.70 an ounce. The yield on the 10-year Treasury note rose to 2.108%. On the economic data front, initial jobless claims decreased by 13,000 to a seasonally adjusted 263,000 in the week ended on October 3 (274K estimate). Continuing claims came in at 2204K for the week ended on September 26 from revised 2195K the week before. The greenback fell to a six-week low after the minutes of September's Federal Reserve meeting indicated the central bank wants to see higher inflation before raising interest rates. The pair stands above its horizontal support at 1.1230 and has been well supported by its rising 50-period intraday MA. The intraday RSI is above its 50% neutrality area and is well directed. Further upside is expected with the next horizontal resistance and overlap set at the 119.85 level (high of October 2) at first. A break above this level would call for further advance towards 120.65 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 120.65 and the second target at 120.90. In the alternative scenario, short positions are recommended with the first target at 119.45 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 119.20. The pivot point is at 119.85.

Resistance levels:120.65 120.90 121.45

Support levels: 119.45 119.20 118.75

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Technical analysis of Gold for October 09, 2015 Market Analysis Review

Technical outlook and chart setups:

Gold was pushed through the levels of $1,157.00 today before pulling back. Please note that the yellow metal might correct itself towards $1,125.00/30.00 now before rallying further up. It is hence recommended to book partial profits and look for an opportunity to add further on corrections. Immediate support is seen at the level of $1,136.00 levels (Fibonacci 0.382) followed by $1,125.00, $1,100.00, and lower, while resistance is seen at $1,170.00 and higher. The metal remains in control of bulls until prices stay above a lows of $1,105.00, reached on October 02.

Trading recommendations:

Book partial profits and look to add further at lower levels.

Good luck!

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For detail explanation and best discovery on daily market trends and news you may visit via Technical analysis of Gold for October 09, 2015 . Thanks for your support.

Technical analysis of NZD/USD for October 09, 2015 Market Analysis Review

NZD/USD is expected to continue its upside movement. The pair validated a "bullish flag" pattern yesterday and resumed its uptrend. A strong support base around 0.6625 has been formed, and it should limit the downside room. The intraday RSI also confirmed a positive outlook, and is in the buying area (above 50), but is not yet overbought (above 70), which suggests that the pair may still have potential to go up. To sum up, as long as 0.6625 is not broken, an advance to 0.6745 and 0.6775 in extension would be on the cards.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6745 and the second target at 0.6775. In the alternative scenario, short positions are recommended with the first target at 0.6580 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6550. The pivot point is at 0.6625.

Resistance levels: 0.6745 0.6775 0.68 Support levels: 0.6580 0.6550 0.6515 0.6475

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Technical analysis of USD/CHF for October 09, 2015 Market Analysis Review

USD/CHF pair is under pressure. The pair is still moving sideways within the trading range between 0.9690 and 0.9520, and is likely to test the lower boundary in sight. The risk of a break below the threshold remains high, as the RSI indicator is negative, and favors a new decline. In conclusion, the outlook remains negative, as long as 0.9690 holds on the upside. A downside breakout of 0.9690 would trigger bearish acceleration towards 0.9550.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9640. A breakout of that target will move the pair further downwards to 0.960. The pivot point stands at 0.9725. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9765 and the second target at 0.9795.

Resistance levels: 0.9730 0.9765 0.9795

Support levels: 0.9550 0.9520 0.9475

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USD/CAD intraday technical levels and trading recommendations for October 9, 2015 Market Analysis Review

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls overcame this level three weeks ago.

However, bearish persistence below 1.3270 (Fibonacci Expansion 100%) and 1.3075 (significant Support) is needed to maintain enough bearish pressure to expose the next support levels around 1.2910, and 1.2750 where long-term buy entries should be considered.

The level of 1.3075 constitutes the recent resistance level to be watched for intraday sell entries.

Trading recommendations:

Conservative traders should wait for more bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support level.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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