EUR/NZD analysis for October 23, 2015 Market Analysis Review

Overview:

Recently, EUR/NZD has been moving downwards. As we expected, the price tested the level of 1.6156. In the daily time frame, we can observe a neutral bar. Our Fibonacci retracement 50% major held successfully and the price successfully rejected. Selling EUR/NZD at this stage looks very risky. We can observe buyers supporting level of 1.6250 (intraday support). We may see possible testing of the level of 1.6500.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6755

R2: 1.6890

R3: 1.7113

Support levels:

S1: 1.6310

S2: 1.6175

S3: 1.6595

Trading recommendations: Be careful when selling at this stage. Buying positions are preferable.

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Daily analysis of Silver for October 23, 2015 Market Analysis Review

Overview

The silver price hovers around the 15.85 level and the EMA50, showing positive attempts to trade above the mentioned level, reinforcing the expectations of continuing the bullish correctional trend, waiting to visit 16.30 followed by 16.85 in the upcoming period. The price might witness some temporary sideways fluctuation affected by stochastic current negativity, but in general, the positive scenario will remain valid and active unless breaking the 15.40 level and settling with a daily close below it. Therefore, the positive scenario will remain valid and active if the price settled above the 15.40 level, supported by the EMA50.

Expected trading range for today is between the 15.40 support and 16.30 resistance.

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Daily analysis of GBP/JPY for October 23, 2015 Market Analysis Review

Overview

Outlook for GBP/JPY has not changed. A sideways consolidation from 180.36 is still in progress and further recovery might be seen. Strong resistance is expected at 188.28 to limit upside to finish the consolidation. A break of 180.36 will extend the whole fall from 195.86 and then target a test at the 174.86 key support level. A break of 174.86 will confirm a trend reversal and bring a deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious about strong resistance from 199.80/200.00 to bring the reversal finally.

Daily Pivots: (S1) 184.86; (P) 185.38; (R1) 186.27

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Gold analysis for October 23 , 2015 Market Analysis Review

Overview:

Since our last analysis, gold has been trading upwards. The price tested the level of $1,179.20 in a very high volume. The short- and mid-term trend changed from downward to upward. In the daily time frame, we can observe a neutral bar in an average volume. In the H1 time frame, we can observe strong upward momentum and rejection from strong support cluster at the price of $1,165.00. Major resistance is at the price of $1,191.50.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,168.20

R2: 1,169.40

R3: 1,171.35

Support levels:

S1: 1,164.30

S2: 1,163.10

S3: 1,161.15

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities.

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Technical analysis of USD/JPY for October 23, 2015 Market Analysis Review

USD/JPY is expected to trade in a higher range. Overnight, the US stocks surged along with the European markets (over 2% gains in Germany and France) as European Central Bank President Mario Draghi hinted further stimulus measures. The Dow Jones Industrial Average rose 1.9% to 17489, the S&P 500 gained 1.7% to 2052, and the Nasdaq Composite advanced 1.7% to 4920. Nymex crude oil increased 0.4% to $45.38 per a barrel and gold was 0.1% down landing at $1,166 per a troy ounce. The benchmark 10-year Treasury yield eased further to 2.025% from 2.030% at the previous session. The pair continues to climb higher after its overnight surge. It is currently trading above the 20-period intraday moving average (MA), which stands above the 50-period. The intraday relative strength index (RSI) has moved above the overbought level of 70, while showing no bearish divergence. An intraday outlook is bullish. The first upside target is seen at 121.00, and a break above this level would open a path toward the second target at 121.30 (around the high of September 25).

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 121 and the second target at 121.30. In the alternative scenario, short positions are recommended with the first target at 119.55 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 120.10.

Resistance levels:121 121.30 121.75

Support levels: 119.55 119.20 118.90

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Technical analysis of USD/CHF for October 23, 2015 Market Analysis Review

USD/CHF is expected to trade in a higher range. The pair remains on the upside following the recent breakout above its key level at 0.9685. The previous resistance should now act as support, which should limit any downward attempts. Furthermore, the intraday RSI is bullish and calls for a move further upside. Immediate momentum is strong as well. To sum up, as long as 0.9685 is not broken, expect a new rebound to 0.9775 and 0.9795.

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 0.9775 and the second target at 0.9795. In the alternative scenario, short positions are recommended with the first target at 0.9645 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 0.96. The pivot point is at 0.9685.

Resistance levels: 0.9775 0.9795 0.9815

Support levels: 0.9645 0.96 0.9550

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Technical analysis of NZD/USD for October 23, 2015 Market Analysis Review

NZD/USD is expected to trade with a bullish bias. The pair reversed up yesterday, and now it stands firmly above its nearest support of 0.6795. The intraday 20- and 50-period intraday MAs are moving upwards calling for further advance. Moreover, the RSI is above its neutrality area around 50. In this case, as long as 0.6760 is not broken, the pair is likely to challenge 0.6865 (October 20 top) first. I case of a breakout, watch for a new bounce to 0.6900.

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 0.6865 and the second target at 0.69. In the alternative scenario, short positions are recommended with the first target at 0.6735 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 0.67. The pivot point is at 0.6760.

Resistance levels: 0.6865 0.69 0.6925 Support levels: 0.6735 0.67 0.6650

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