GBP/USD intraday technical levels and trading recommendations for October 19, 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, 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 on October 6.

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.This sell position was triggered last Wednesday. S/L should be placed above 1.5530.

Note that bearish persistence below the level of 1.5330 is needed for further bearish decline towards the level of 1.5100 and 1.5050 to occur.

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USD/CAD intraday technical levels and trading recommendations for October 19, 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 have moved further above this resistance level faced on September 23.

A significant bearish rejection was observed around 1.3450 where 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed 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.

On the other hand, the level of 1.3075 constitutes acting as intraday resistance to be watched for intraday sell entries.

It offered a valid sell position for retesting, which can take place Tuesday. It is already running in profits now. S/L should be lowered to 1.2955 to secure our profits.

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 strong support.

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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Technical analysis of USD/JPY for October 19, 2015 Market Analysis Review

USD/JPY is expected to trade in a higher range. US stocks advanced on Friday, led by shares in the consumer durable goods and apparel, food beverage and tobacco, as well as healthcare equipment and services sectors. The Dow Jones Industrial Average gained 0.4% to 17,215, the S&P 500 edged up 0.5% to 2,033, and Nasdaq Composite added 0.3% to 4,886. On the economic data front, the US industrial production declined 0.2% in September (vs -0.4% in August). Meanwhile, the University of Michigan consumer sentiment increased to 92.1 in October (vs 89.5 expected) from 87.2 in September, making the greenback strengthen against most other major currencies, including the euro and the yen. The pair keeps trading on the upside, though it has entered a consolidation phase after reaching as high as 119.65 last Friday. The intraday outlook remains bullish as the 20-period intraday moving average (MA) remains above the 50-period one, while the intraday relative strength index (RSI) is around the neutrality level of 50. As long as 118.90 holds as the key support, the pair is expected to retake the first upside target at 119.65.

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 119.65 and the second target at 119.90. In the alternative scenario, short positions are recommended with the first target at 118.60 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 118.25. The pivot point is at 118.90.

Resistance levels:119.65 119.90 120.25

Support levels: 118.60 118.25 117.75

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Technical analysis of USD/CHF for October 19, 2015 Market Analysis Review

USD/CHF is expected to trade with bullish bias as the key support is at 0.9500. The pair remains on the upside above the 0.950 level, which is clearly an important support. The intraday situation is mixed to bearish. As long as the support at 0.9500 is not surpassed, the risk of the break above 0.9585 remains high. The technical indicator RSI is negative, calling for a new upside. Hence, look above 0.9500 for a new upside to 0.9585 and 0.9615 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 0.9585 and the second target at 0.9615. In the alternative scenario, short positions are recommended with the first target at 0.9475 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 0.9450. The pivot point is at 0.95.

Resistance levels: 0.9585 0.9615 0.9650

Support levels: 0.9475 0.9450 0.94

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Intraday technical levels and trading recommendations for GBP/USD for October 19, 2015 Market Analysis Review

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for the reversal pattern.

In the short term, the nearest demand level around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) has provided significant bullish rejection last week.

Weekly persistence below the level of 1.5350 (prominent weekly bottom) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders further bearish momentum giving time for sideways consolidations which may extend up to the price levels of 1.5500 and 1.5550.

The previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, the evident bullish candlestick took place around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

As anticipated, obvious bullish pressure was applied around the zone of 1.5150-1.5200 (previous prominent weekly bottoms). A bullish breakout above 1.5350 (Intraday Demand) took place last week as depicted on the chart.

The price zone of 1.5500-1.5550 remains a significant supply zone to be watched for valid sell entries.

Daily fixation below 1.5350 is needed to allow bearish movement to occur towards the level of 1.5150 (previous prominent weekly bottoms), then 1.4970 (weekly demand level).

Trading Recommendation:

Risky traders can take a valid SELL entry around the price zone of 1.5500-1.5550. S/L should be placed above 1.5550.

On the other hand, a low-risk BUY entry can be offered around the weekly demand level (1.4970) if bearish breakdown of both demand levels at 1.5350 and 1.5150 occurs soon. S/L should be placed below 1.4930.

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Technical analysis of NZD/USD for October 19, 2015 Market Analysis Review

NZD/USD is expected to trade with bullish bias above 0.6765. The pair stands firmly above its key support at 0.6840, and seems likely to post a pause on an intraday basis. Nevertheless, even though a continuation of the consolidation cannot be ruled out, its extent should be limited before a new rise. As the intraday RSI lacks downward momentum, and a strong support base around 0.6765 should limit any downward attempts.

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 0.6840 and the second target at 0.690. In the alternative scenario, short positions are recommended with the first target at 0.6725 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 0.6690. The pivot point is at 0.6765.

Resistance levels: 0.6840 0.69 0.6945 Support levels: 0.6725 0.6690 0.6660

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Intraday technical levels and trading recommendations for EUR/USD for October 19, 2015 Market Analysis Review

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection, which exists around the level of 1.1450.

In the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon (low probability).

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if the weekly high at 1.1465 gets breached.

This can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of this month.

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Shortly after, the market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) took place, which provided evident bullish rejections several times in a row.

Previously, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050. The latter was not reached as the price level of 1.1150 prevented further bearish decline.

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) was needed to expose the next demand level around 1.0980 where the daily uptrend comes to meet the EUR/USD pair.

However, bullish rejection was expressed around the level of 1.1150, which led to another bullish pullback towards the intraday sell zone of 1.1370-1.1400.

As anticipated, it offered a valid sell entry as long as the market keeps defending the EUR/USD supply zone at 1.1450-1.1500.

On the other hand, conservative traders should wait for a bearish correction towards the zone of 1.0980-1.1000 (the depicted uptrend line) for a low-risk buy entry. S/L should be placed below 1.0950. T/P levels should be placed at 1.1080 and 1.1160.

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