Technical analysis of USD/JPY for October 24, 2014

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Fundamental overview:


USD/JPY is expected to trade in a higher range. It is underpinned by the positive USD sentiment (ICE spot dollar index last 85.82 versus 85.75 early Thursday) after four-week moving average for U.S. jobless claims fell 3,000 to 281,000 in week ended October 18, its lowest level since May 2000. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.277% versus 2.230% late Wednesday) and demand from Japan's importers, ultra-loose Bank of Japan's monetary policy and yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 7.5% to 16.53) as U.S. stocks rose overnight (S&P 500 closed up 1.23% at 1,950.82). But USD/JPY gains are tempered by Japan's export sales and positions adjustment before the weekend.


Technical comment:
Daily chart is positive-biased as stochastics is rising from the oversold zone, negative MACD histogram bars are contracting, bullish parabolic stop-and-reverse signal hit on Thursday, five-day moving average is rising above 15-day MA.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 108.45 and the second target at 108.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.35. A break of this target would push the pair further downwards and one may expect the second target at 107.05. The pivot point is at 107.65.


Resistance levels:

108.45

108.75

109


Support levels:

107.35

107.05

106.75


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

Technical analysis of USD/CHF for October 24, 20142

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Fundamental overview:


USD/CHF is expected to consolidate with a bullish bias after hitting a six-day high 0.9559 on Thursday. It is supported by the positive USD sentiment (ICE spot dollar index last 85.82 versus 85.75 early Thursday) after four-week moving average for U.S. jobless claims fell 3,000 to 281,000 on week ended October 18, its lowest level since May 2000. Dovish Swiss National Bank's monetary policy is taken into account as well. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross and positions adjustment before the weekend.


Technical comments:
Daily chart is mixed as MACD is bearish, but stochastics is rising from the oversold zone.


Trading recommendations:


The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9560 and the second target at 0.9590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9465. A break of this target would push the pair further downwards and one may expect the second target at 0.9435. The pivot point is at 0.9500.


Resistance levels:

0.9560

0.9590

0.9625



Support levels:


0.9465

0.9435

0.9390


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

Technical analysis of NZD/USD for October 24, 2014

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Fundamental overview:


NZD/USD is expected to trade in a lower range. It is undermined by the wider-than-expected New Zealand September trade deficit of NZ$1.35 billion (versus forecast NZ$675 million deficit), positive USD sentiment and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the NZD-USD interest differential, Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment and positions adjustment before the weekend.


Technical comment:

Daily chart is mixed as MACD is bullish, but stochastics is falling from overbought.


Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 0.7805. A break of this target will move the pair further downwards to 0.7775. The pivot point stands at 0.7885. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7915 and the second target at 0.7885.


Resistance levels:

0.7915

0.7955

0.7985



Support levels:


0.7805

0.7775

0.7735


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

Technical analysis of GBP/JPY for October 24 2014

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Fundamental overview:


GBP/JPY is expected to trade in a higher range. It is supported by the improved GBP sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales and positions adjustment before the weekend.


Technical comment:


Daily chart is tilting positive as bullish outside-day-range pattern was completed on Thursday, MACD and stochastics are turning bullish.


Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 174.15 and the second target at 174.95. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 172.55. A break of this target would push the pair further downwards and one may expect the second target at 171.75 The pivot point is at 172.90.


Resistance levels:

174.15

174.95

175.65

Support levels:

172.55

171.75

171


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