Daily analysis of Silver for October 07, 2014

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Overview


Based on the 4H chart above, silver is still stabilizing between the support level of 17.00 and the resistance level of 17.30 after it rebounded from the resistance level of 17.50 yesterday. If silver keeps its bearish move and manages to break the support level of 17.00, it would provide a strong indicator for the downward move and open the way towards the support level of 17.75. In this case, we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this resistance level will denote a bullish strength providing new buy signals from this level till reaching the resistance level of 17.50, then 17.75.


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 7, 2014

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Several congestion zones were established at meeting the downtrend line around price levels of 1.3800, 1.3580 and 1.3335 before further bearish decline took place.


The recent bearish slide below 1.2870 invalidated the previous attempt of bullish reversal. Thus, bearish decline towards 1.2680 and 1.2570 took place shortly after achieving the projection targets of the recent flag pattern.


Careful monitoring of price action around the current price levels is essential to determine the next destination of the EUR/USD pair.


The EUR/USD pair looked oversold and was trading beyond the lower limit of the channel.


Yesterday and earlier today, some bullish recovery is being expressed to push towards 1.2650 ( limit of the breached channel ).


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The current short-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2870 (the recent consolidation zone).


The bearish slide below 1.2820 invalidated the possibility of a short-term bullish reversal.


Careful watching of price action around the current price levels is essential to determine the next destination of the EUR/USD pair.


Recommendation :


A conservative trader should wait for daily closure again inside the channel to look for long positions.


In case the bulls initiate a corrective movement around the lower limit of the channel being breached today, the first target levels to be visited should be located around 1.2870 and 1.2940 where the upper limit of the channel and significant Fibonacci level are located.


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Elliott wave analysis of EUR/JPY for October 7 - 2014

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Today's support and resistance levels:


R3: 137.76


R2: 137.64


R1: 137.44


Current spot: 136.96


S1: 136.86


S2: 136.60


S3: 136.36


Technical summary:


We are still lock inside a narrow falling channel, but ideally support at 136.87 will protect the downside for a break above minor resistance at 137.76 and more importantly a break above 139.13, which will confirm a new test of the 141.22 top on the way higher to 143.79. At this point, the risk is obviously support at 136.87 and a break below here would call for a third zig-zag correction towards important support at 135.80. Support at 135.80 has to protect the downside to keep the bullish count alive.


Trading recommendation:


We are long EUR from 137.75 with stop and revers in place at 136.85. If you are not long EUR yet, then buy a break above 137.76 with the same stop. If support at 136.87 is broken, then sell EUR with a stop at 137.80 and take profit at 135.85.


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Gold analysis for October 07, 2014

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Overview:


Since our last analysis, gold has been trading upwards. The price tested the level of 1,212.40. Our Fibonacci retracement 61.8% at the price of 1,207.00 held successful, which is a sign that buying gold at this stage looks risky. According to the daily chart, we can observe demand in a volume below the average. According to previous price action, we got resistance level at the price of 1,204.00 (swing low like resistance). According to Fibonacci expansion, first down station may be around the price of 1,189.00 (Fibonacci expansion 61.8%). Any l arger supply in a high volume may confirm further bearish movement.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,217.04


R2: 1,.226.77


R3: 1,243.64


Support levels


S1: 1,190.44


S2: 1,173.57


S3: 1,163.54


Trading recommendations: Buying still looks risky since our Fibonacci retracement 61.8% held successful


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Technical analysis of EUR/USD for October 7, 2014

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Overview and trading recommendations :



  • The EUR/USD pair is in the long term.

  • The price of the EUR/USD pair is going to continue its bearish sentiment from the level of 1.2653 (the weekly resistance 1). Accordingly, it will be a good sign to sell below 1.2653 with the first target of 1.2576 to test a minor support at this price which coincides with the weekly pivot point. Also, it will call for a downtrend in order to continue its bearish movement towards 1.2495. The level of 1.2495 is the lowest point since 26/8/2012. At the same time, the stop loss should be placed above 1.2575 at the price of 1.2590. Equally important, the support will set around the double bottom 1.2500 level. Additionally, it should be noted that the range today will be about 125 pips.


Weekly technical levels :



  • R3: 1.2867

  • R2: 1.2790

  • R1: 1.2653

  • PP: 1.2576

  • S1: 1.2439

  • S2: 1.2362

  • S3: 1.2225


Notes :



  • It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.

  • We expect a new range up to 250 145 pips this week.

  • The key level is seen set at the level of 1.2575.


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Technical analysis of USD/CHF for October 7, 2014

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Overview :



  • The USD/CHF pair is going to set strong support at the level of 0.9550 which represents the weekly support 1. Equally important, the price is still moving between 0.9565 and 0.9615 (the weekly pivot point on October 7, 2014). Also, the USD/CHF pair has still been above 38.2% of Fibonacci retracement levels for a while. As a result, the price has already formed the strong support at this level of 0.9550 and it is going to come around it in order to test it. Therefore, the USD/CHF pair will get a upside momentum rather convincing and the structure of the fall does not look corrective, for indicating a bullish opportunity above the the weekly support 1 level (0.9550). It will be a good sign to buy above this level with a first target of 0.9615 (this level is coinciding with the weekly pivot point this week) and it will call for an uptrend in order to continue bullish towards 0.9683. Additionally, the price of 0.9683 would form the double top. Moreover, the range of USD/CHF pair will be about 190 pips this week. On the other hand, the stop loss should always be taken into account, thus it will of the sagacity to set your stop loss at the price of 0.9505.


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Technical analysis of EUR/JPY for October 7, 2014

General overview for 07/10/2014 10:20

The market keeps trading in very narrow range zone between the levels of 136.86 - 1137.94 and only a clear breakout either up or down will give more clues about further wave progression. Please note that despite the bottom for wave B, the market still did not really developed any impassive progression to the upside and this might turn our short-term bias to more bearish one. Support/Resistance:


136.86 - Intraday Support | Wave B Low|

137.68 - Weekly Pivot

137.93 - Intraday Resistance

138.45 - WR1

138.97 - 139.15 - Demand Breakthrough Zone


Trading recommendations:

Market range trading still did not change the outlook and daytraders should pay attention to the mentioned key level as any breakout higher would provide a great opportunity for a buy side trade with SL below the level of 136.85.


eurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

#USDX technical analysis for October 7, 2014

The Dollar index has broken short-term support and is showing signs of a possible trend reversal. The critical support at 85.50 was challenged yesterday but the daily close did not find the index below that support area. The index is in a short-term down trend that is now testing support at 85.50 and 85.


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Green line = price channel


The Dollar index remains in a long-term up trend despite the strong reversal from yesterday. Price is still inside the upward sloping channel and above the Ichimoku cloud. However there are some indications that a break below 85 will signal the start of a bigger downward correction.


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The 1st important support level below 85.50 which is the short-term support, is the 85.08 level where the 23.8% retracement of the rise from 79.75 is found. Next important support is the 38% Fibonacci retracement at 84.10. A break below 85 will confirm the bearish reversal towards 84.


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Gold Technical analysis for October 7, 2014

Gold price has bounced strongly yesterday above $1,200 and has now reached the important downward sloping channel boundaries at $1,213. Trend remains bearish in the longer-term as price is below the Ichimoku cloud. Our longer-term view remains bearish as long as price is below $1,233.


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Blue line= support


Green line= price channel


Gold price is testing the downward sloping channel. Just above the upper channel boundaries is the Ichimoku cloud resistance. So the area between $1,213 and $1,222 is strong short-term resistance. Support is found at $1,180 and I still expect this level to be challenged once again.


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Blue line = support


In the short-term chart as shown above, important short-term support levels are the $1,202.50 level from the horizontal support trend line, and the $1,206 level from the upward sloping blue trend line. Breaking those two support trend lines will confirm that bears are again back in control and that a new lower low below $1,180 should be expected.


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Weekly forecast and intraday trading recommendations for USD/JPY for October 07, 2014

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Today traders eye the BOJ monetary policy meeting. The pair was unable to breach the previous week's high and successfully held 20Dsma. For the last 3 days the pair has got enough support to push the pair back to higher levels. The pair has support at 108.50 20Dsma, below this, 108.0. In case if the pair closes below 20Dsma, 108.50, the weakness will come to foreground to drive the pair towards 107 and 106.80 levels. On the other hand, until the pair closes above 20Dma, we can expect new higher levels. If the pair manages to breach 111.10, it can extend its bull image up to 112 immediately. We recommend buying above 109.90 and safe buyers can take long positions above 110.10 for an upside target at 112 levels.


Support: 108.0, 107.40, 106.80


Resistance: 109.50, 110.10, 112.00


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For an intraday view, the pair is trading near a 6-hour low at 108.66 levels. Ahead of the BOJ announcement, we expect some pullback from the current lower levels. The prices are closed and trading below 12ema and 35DEMA. We recommend buying at the current levels for a target at 109.00, 109.15, 109.25 and 109.50. For an hourly trading perspective the prices have strong resistance at 109.25 (35DEMA). We expect strong buying above 109.25 for an extending target at 109.50. Use sl 108.35 for this view.


Buy at cmp 108.76, sl 108.35, target is 109.00, 109.15, 109.25 and 109.50.


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Short-term forecast and intraday trading recommendation on USD/CAD for October 07, 2014

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The pair was unable to breach the previous swing high at 1.1279 (March 2014). It made a high at 1.1270 and started looking at the downside. We recommend fresh buying only above 1.1280. Until the pair trades below 1.1270, in the weekly chart it represents a double top. And in the monthly chart, until the pair trades below 1.1279, it represents a double top. The bulls must breach 1.1279 as soon as they can to erase the double the top formation. If the pair closes above 1.1279 on the weekly basis, we can expect 1.1525 in a couple of weeks. If the pair closes above 1.1279 on the monthly basis, we can expect 1.1640 and 1.1930 in a couple of months.


Buying above 1.1279


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For an intraday view, the safe buying will be triggered only above 1.1190 and strong momentum, only above 1.1210 for an upside target at 1.1244, 1.1265. Huge buying and short covering will be triggered at a time in case the pair breaches the 1.1280 levels for an immediate target at 1.1315. For an hourly perspective the pair has support at 1.1161 and 1.1130. Safe selling will be triggered below 1.1100 for a downside target at 1.1070, 1.1050 and 1.1035 levels. The panic will be triggered below 1.170. In case an hourly H4 candle closes below the base support of the ascending symmetric triangle, the bearish views will move the pair towards 1.0985 levels. Another side, in case if the hourly candle h4 closes above the triangle, we can expect a 50-pip immediate rise.


Trade-


Buying above 1.1190, target 1.1210, 1.1244 and 1.1265


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Technical analysis of EUR/USD for October 07, 2014

When the European market opens, some economic news will be released such as German Industrial Production m/m, French Gov Budget Balance. The US will release the economic data too such as the JOLTS Job Openings, IBD/TIPP Economic Optimism, Consumer Credit m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2704.

Strong Resistance:1.2696.

Original Resistance: 1.2684.

Inner Sell Area: 1.2672.

Target Inner Area: 1.2642.

Inner Buy Area: 1.2612.

Original Support: 1.2600.

Strong Support: 1.2588.

Breakout SELL Level: 1.2580.


Best regards,


Arief Makmur


Official analyst of InstaForex Group


InstaForex Group


http://instaforex.com


email: Arief.jakarta@indo.instaforex.com


Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for October 07, 2014

In Asia, Japan will release the Monetary Policy Statement, Leading Indicators, and the US will release some economic data such as JOLTS Job Openings, IBD/TIPP Economic Optimism, Consumer Credit m/m. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 109.60.

Resistance. 2: 109.39.

Resistance. 1: 109.17.

Support. 1: 108.91.

Support. 2: 108.70.

Support. 3: 108.48.


Best regards,


Arief Makmur


Official analyst of InstaForex Group


InstaForex Group


http://instaforex.com


email: Arief.jakarta@indo.instaforex.com


Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for October 07, 2014


Technical outlook and chart setups:


As seen here, the EUR/JPY pair is testing the back side of the resistance turned support line at 137.00/20 levels. A bullish reversal here would push the pair higher towards at least 142.40 levels in the coming trading sessions. Immediate support is at 135.80, while resistance is seen at 139.20, followed y 141.30 and higher respectively. It is recommended to remain long for now, risk remains at 135.80 levels. Also please note that prices remain supported at fibonacci 0.786 level, of the rally from 135.80 to 141.30. Bulls are expected to remain in control till prices stay above 135.80. Only a break below 135.00 now, would delay matters.


Trading recommendations:


Remain long, stop at 135.80, target is at 142.30.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/CHF for October 07, 2014


Technical outlook and chart setups:


The GBP/CHF pair is seen to be facing resistance at 1.5470/75 levels for now. The pair had made lows at 1.5400 levels yesterday before pulling back higher. A push below 1.5375, would be required to see further lows being printed towards 1.5200 levels. Please note that the current drop is corrective (counter-trend) in nature and 1.5200 levels is a good place to initiate long positions towards the over all bull trend. Major support on 4H chart is seen at 1.4975 while resistance is at 1.5550 respectively. It is recommended to remain short till prices remain below 1.5550 for now.


Trading recommendations:


Remain short, stop at 1.5560, target is at 1.5200.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Short-term forecast and intraday recommendation on Gold for October 07, 2014

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The metal prices bounced from the multi-support levels at $1,180 and $1,182. On the down side, in case the metal falls below $1,180, it will extend its fall to $1,175, $1,160 and $1,150. If the metal closes below $1,180, another bearish larger corrective wave will start for a downside target at $1,135, $1,100, $1,050 and $1,035 levels. This view will open only in case if the metal breaks below $1,180 levels. The probability of the US interest rates hike made gold prices to move towards 2013 lows. The metal jumped and closed above $1,200 levels in yesterday's session. The 20Dsma is at $1,220, until it closes below this, use every rise to sell.


In case of a monthly close below $1,180 on the down side, we can expect $1,100 and $1,035- pending


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In today's session the metal opened on a bearish note, opened higher at $1,207 levels. On the down side the metal has initial support at $1,204, below this, $1,200 will act as physiological support. For an intraday basis the trading pattern is framed between $1,209-$1,204. In case if the metal breaks below $1,204, we recommend selling for a downside target at $1,200, $1,195, $1,193, $1,187.50 and $1,185. A free fall is likely only below $1,180 levels. In case if the metal breaks the open higher strategy and manages to trade above $1,209, we recommend buying for an upside target at $1,212, $1,213.50 and $1,215 levels.


Trade- cmp $1,206


Risky traders use sl $1,209 selling for targets at $1,204, below this, $1,200, below this, $1,195.


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Technical analysis of Silver for October 07, 2014


Technical outlook and chart setups:


Silver is seen to have bounced off yesterday's lows, from around $16.60/70 levels. The metal has produced an engulfing bullish candlestick signal as seen on the daily chart view presented, indicating that the next big move could be higher up. Trading at $17.30/40 levels at present, the metal is expected to reverse down trend. Immediate support is at $16.60/70 levels, while resistance is seen at $20.00 and higher respectively. It is recommended to initiate long positions now, risk remains at $16.60/70. A break of $18.50, and subsequently $20.00/50 would be encouraging for the bulls.


Trading recommendations:


Initiate long positions now, stop at $16.40, target is open.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for October 07, 2014


Technical outlook and chart setups:


Gold is bouncing off the trend line support with the 15-month range bottom around $1,180.00/85.00 levels as seen here. The metal has produced an engulfing bullish candlestick signal on the daily chart at yesterdays' close. Trading at $1,206.00 levels for now, the metal is expected to rally from here on. Immediate support remains at $1,180.00/85.00 levels while resistance is at $1,230.00/40.00, followed by $1,273.00/75.00 and higher respectively. It is recommended to initiate long positions now, risk remains at $1,180.00. A bullish follow through towards $1,230.00/40.00 would be extremely encouraging for the bulls.


Trading recommendations:


Initiate long positions now, stop at $1,180.00, target is open.


Good luck!


The material has been provided by InstaForex Company - www.instaforex.com

Intraday trading recommendations on USDX for October 07, 2014

USDX


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The US dollar started this week on a bearish note, being unable to breach previous week's high of 86.75. In yesterday's session, the US dollar erased its Friday's gains completely and fell to a 5-day low. The USDX managed to pull back from the 5-day low and close above Friday's opening price. It represents the bulls using every dip to buy. Today, as of now in the Pacific session the USD index made a high at 85.93 and started falling towards the previous day's low at 85.18. The index has the nearest support at 85.07 levels (20Dsma).


USDXH4.png

We recommend buying at the current market price of 85.18 using sl 85.07 and targets at 85.45, 85.65 levels. The prices are closed and trading below hourly key moving averages (12ema). In the early Pacific hours, the price was rejected at 34hrsma and drifted lower to 20Dsma. In case, if the price manages to trade above 34hrsma at 85.95, it can extend its increase towards 86.13. Safe buying will be triggered only above 86.15 (21hrsma). On the down side, the index has support at 85.18, the previous day low, and an 8-hour low, below this, 85.07 (20Dsma) will act as strong support during the week.


Trade-


Buy at cmp 85.18 using sl 85.07 and targets at 85.45, 85.65. levels


The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for October 07, 2014

The USDX tried to consolidate above the resistance level of 86.20, and as we see in the H1 chart, the USDX performed a rebound at the support level of 85.18 during the session. Now the USDX continues forming a higher high pattern for a breakout at the resistance level of 86.20. The MACD indicator is entering neutral territory.


USDXDaily.png

Dailychart's resistance levels: 86.20 – 87.35


H4chart's support levels: 85.18 – 84.29


The USDX made a pullback on the resistance level of 86.72, so this instrument is trying to drop to the 200-day moving average, where there is a good chance that the USDX will make a rebound on the level of support 85.73 (200-day SMA), because the USDX has been very strong in the bullish trend for the past few days. The MACD indicator remains in negative territory, that could strengthen the current intraday bearish trend.


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H1 chart's resistance levels: 86.17– 86.72


H1 chart's support levels: 85.95 – 85.73


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 85.95, take profit is at 85.73, and stop loss is at 86.17.


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Daily analysis of GBP/USD for October 07, 2014

On the daily chart, the GBP/USD has made a rebound at the level of 1.5959, because this pair has been very strong in the bearsh trend for several weeks, but this pair still has intentions to fall to the support level of 1.5883. Now, it is very likely that the pair will begin to form a bearish pattern behind these corrective movements on the daily chart. The MACD indicator is supporting our bearish outlook.


GBPUSDDaily.png


Daily chart's resistance levels: 1.6146 - 1.6235


Daily chart's support levels: 1.56046 - 1.5883


The GBP/USD had a significant recovery above the support level of 1.5980, so this pair is trying to make a breakout atf the resistance level at 1.6075 level on the H1 chart. The next target would be the resistance level of 1.6117. However, we would expect this pair to fall back to the support level of 1.5980, GBP/USD remains below the 200 SMA.


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H1 chart's resistance levels: 1.6075 – 1.6117


H1 chart's support levels: 1.6031 – 1.5980


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5925, take profit is at 1.5871, and stop loss is at 1.5980.


The material has been provided by InstaForex Company - www.instaforex.com