EUR/NZD analysis for October 27, 2014

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Overview:


In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.6086 in an ultra high volume below average. Our Fibonacci retracement 38.2% at the price of 1,6090 is on the test so be careful when selling EUR/NZD at this stage. According to the 1H time frame, we may see potential end of the bearish corrective phase (abcd). We also got Fibonacci expansion 61.8% at the price of 1,6090. Be careful when selling EUR/NZD since we may see futher upward movement. Anyway, I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1.6090 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.6015. Watch for potential buying opportunities after retracement.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6194


R2: 1.6222


R3: 1.6268


Support levels:


S1: 1.6102


S2: 1.6074


S3: 1.6028


Trading recommendations: Be careful when selling the EUR/NZD pair since our Fibonacci retracement 38.2% is on the test


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Gold : analysis for October 27, 2014

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Overview:


Since our last analysis, gold has been trading sideways around the price of 1,230.00. We are facing low volume day and low activity on the market. We are still waiting for larger activity. Our submajor Fibonacci retracement 38.2% at the price of 1,227.00 held successful, so selling gold at this stage looks risky According to the daily time frame, we can observe supply in a volume below average. If the price breaks the level of 1,227.00 in a high volume, we may see testing of Fibonacci retracement 61.8% at the price of 1,210.00. Otherwise, if we see larger bullish reaction from our Fibonacci retracement 38.2%, a bullish continuation phase will be possible.We got first resistance at the price of 1,237.00.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,230.17


R2: 1,230.97


R3: 1,232.27


Support levels


S1: 1,227.57


S2: 1,226.77


S3: 1,225.47


Trading recommendations: Selling gold at this stage looks risky since Fibonacci retracement 38.2% held successful


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#USDX Technical analysis for October 27, 2014

The Dollar index has pulled back as expected from last week after being unable to break above 86. The resistance at 86 is a strong level and breaking above it will give me a buy signal with 87 as the 1st target. Support is found at 85.20-85.30. My longer-term view remains bullish in the Dollar index as the bullish flag pattern gives me 90 as the 1st target.


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Black line = previous resistance


The Dollar index remains above the cloud support and above the black trend line resistance that was broken. Support is found at 85.30. The 38% retracement of the entire rise is at 84 and we could still see a pull back towards that level if selling pressures against the Dollar continue. Breaking above 86 will cancel most probabilities of seeing a pull back below 85.30.


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The daily chart continues to be bullish as far as ichimoku cloud indicators are concerned and the bullish flag pattern that I mentioned last week still holds as a pattern and I still have 90 as my next target. Concluding I remain longer-term bullish and I will not expect a push towards 84 if we break above 86.


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Gold Technical analysis for October 27, 2014

Gold is trading sideways and has formed a bearish flag pattern. This sideways action following the sharp decline from $1,255 is not an encouraging sign for bulls. As I have been saying for the last few weeks, the longer-term trend remains bearish and despite the bounce from $1,180, we should consider this bounce only as a corrective bounce and that selling pressures should resume soon.


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Breaking below the $1,225 low will confirm the end of the sideways corrective move and the start of a new downward move towards $1,190-$1,180. The upward bounce from $1,180 has most probably finished at $1,255 and as I said in previous posts, I prefer to look for sell opportunities as my longer-term target remains at $1,050.


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In the 4-hour cahrt, we observe that price is still inside the Ichimoku cloud and this support still holds. Breaking below $1,225 will push Gold price out of the support area and will be a sell signal. Resistance is found at $1,240 and any bounce should find a strong resistance and a lot of sellers at that point.


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Elliott wave analysis of EUR/NZD for October 27 - 2014

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Today's support and resistance levels:


R3: 1.6161


R2: 1.6137


R1: 1.6115


Current spot: 1.6099


S1: 1.6090


S2: 1.6079


S3: 1.6056


Technical summary:


The correction from 1.6216 has been unfolding according to our expectation. We are still looking for a decline to 1.6056 to end red wave ii and set the stage for the next impulsive rally in red wave iii higher to 1.6446 on the way towards 1.6800. Short term, only an unexpected break above 1.6191 will indicate that red wave ii ended early and red wave iii is developing.


Trading recommendation:


We will buy EUR at 1.6065 with a stop at 1.6000 or upon a direct break above 1.6191.


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Elliott wave analysis of EUR/JPY for October 27, 2014

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Today's support and resistance levels:


R3: 137.82


R2: 137.35


R1: 137.00


Current spot: 136.81


S1: 136.50


S2: 136.29


S3: 136.06


Technical summary:


The break above 137.00 confirmed that the correction in wave B still was unfolding and that we should be looking for a move closer to 137.82 before wave B finally is over and wave C lower to 130.73 will be ready to take over. In the short term we could see a move slightly lower to 136.49 and maybe even to 136.06 before the final rally higher in wave B to 137.82 and then wave C should take over for a decline to 130.73.


Trading recommendation:


Our stop at 137.10 was hit. We will re-sell EUR at 137.70 with a stop at 138.10.


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Technical analysis of EUR/JPY for October 27, 2014


Technical outlook and chart setups:


The EUR/JPY dropped into 135.20/30 levels last week before bouncing off, as it was discussed and expected. Please note that the pair bounced off from confluence of fibonacci 0.618 support, the back side of the trend line (resistance turned support) and a right shoulder of potential inverted head and shoulder reversal. Minimum expectations on the higher side are 138.00, followed by 138.70/80 levels. Support is seen at 135.20/30, followed by 134.20/30 and lower, while resistance is seen at 138.00, followed by 139.00 and higher up respectively. It is recommended to remain long, risk remains at 135.00 now.


Trading recommendations:


Remain long for now, move stop to 135.00, target is 138.80 at least.


Good luck!


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Technical analysis of GBP/CHF for October 27, 2014


Technical outlook and chart setups:


The GBP/CHF pair is seen to be facing resistance at 1.5290/1.5300 levels as seen here. The pair could possibly resume its down move from current levels. It is still recommended to remain short, risk remains above 1.5450. Resistance is seen at 1.5450, followed by 1.5550, while support is seen at 1.5225/1.5200, followed by 1.5125, 1.4975 and lower respectively. The bears are expected to re-gin control from current levels and possibly push prices below 1.4975 levels. The structure indicated that GBP/CHF may have completed 2 waves, within the 3 wave correction that begun from sub 1.5550 levels. The 3rd wave could extend itself into the 1.4800 and subsequently 1.4700 levels.


Trading recommendations:


Remain short for now, stop is at 1.5450/60, target is open.


Good luck!


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Technical analysis of Silver for October 27, 2014


Technical outlook and chart setups:


Silver remains locked in a trading range between $17.00 and $17.60 since a few trading sessions as seen here. Support is seen at $17.00 levels, followed by $16.60 while resistance is seen at $17.60/70 followed by $18.00 and higher respectively. It is recommended to remain long for now, risk remains below $16.60. Immediate expected movement is a rally towards at least $17.60 levels if not higher. Only a break above $17.60.70 levels would confirm that the metal is headed towards $18.00, $18.80 and higher levels. On the flip side, a break below $17.00 and subsequently $16.60 would delay matters further and confirm that bears remain in control.


Trading recommendations:


Remain long, stop is at $16.40, target is open.


Good luck!


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Technical analysis of Gold for October 27, 2014


Technical outlook and chart setups:


Gold looks to have completed its first leg of correction at $1,225.00/26.00 last week. The metal is expected to rally to $1,245.00 levels before dropping lower. The area of interest for bottom formation is around $1,208.00/10.00 levels. Please note that $1,208.00 is the fibonacci 0.618 support of the rally between $1,183.00 and $1,255.00 respectively. It is recommended to remain short for now (aggressive trade setup). Risk is above $1,255.00. The metal is correcting towards $1,208.00 for now, and a bullish bounce from there could resume rally towards $1,280.00 and higher. Support is seen at $1,220.00/22.00, followed by $1,205.00, $1,183.00 and lower, while resistance is seen at $1,255.00, followed by $1,275.00/77.00 and higher respectively.


Trading recommendations:


Look to go long again around $1,208.00/10.00.


Good luck!


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Technical analysis of EUR/USD for October 27, 2014

When the European market opens, some economic news will be released such as German Ifo Business Climate, M3 Money Supply y/y, Private Loans y/y, Private Loans y/y. The US will release the economic data too such as the Flash Services PMI, Pending Home Sales m/m, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2738.

Strong Resistance:1.2730.

Original Resistance: 1.2718.

Inner Sell Area: 1.2706.

Target Inner Area: 1.2676.

Inner Buy Area: 1.2646.

Original Support: 1.2634.

Strong Support: 1.2622.

Breakout SELL Level: 1.2614.

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.


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Technical analysis of USD/JPY for October 27, 2014

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In Asia, Japan will release the SPPI y/y and the US will release some economic data such as Flash Services PMI, Pending Home Sales m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 108.53.

Resistance. 2: 108.32.

Resistance. 1: 108.83.

Support. 1: 107.84.

Support. 2: 107.63.

Support. 3: 107.42.

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

Weekly technical levels of EUR/USD for October 27-31, 2014

The weekly technical levels of EUR/USD pair.


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Overview :



  • The EUR/USD pair in the long term.

  • The pair called for a bearish market from the level of 1.2839 and closed at 1.2669 last week. So, the price of the EUR/USD pair is going to continue the bearish trend from the level of 1.2707. It also should be noted that the pivot point is set at the same price of 1.2707 for October 27-31, 2014. Accordingly, it will be a good sign to sell below 1. 2707 with the first target of 1.2613 to test a minor support at this price. Moreover, the double bottom will set at the 1.2613 level. Also, it will call for downtrend in order to continue its bearish movement towards 1.2575 in order to test the weekly support 1.

  • At the same time, the stop loss should be placed above the weekly pivot point at the price of 1.2730. Equally important, the resistance will set at the 1.2727 level (50% of Fibonacci retracement levels). Additionally, it should be noted that the range today will be about 74 pips.


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Weekly technical levels of NZD/USD for October 27-31, 2014

The weekly technical levels of NZD/USD.



Trading recommendations :



  • The market will turn to bearish sentiment from the level of 0.7895. Moreover, the weekly pivot point of the NZD/USD pair is set at the level of 0.7895 in the short term. Therefore, it will be a good sign to sell below 0. 7895 with the first target of 0.7825. It will call for downtrend in order to continue its bearish movement towards 0.7800 to form a double bottom in the H1 chart. Notwithstanding, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the weekly pivot point at the price of 0.7916 .


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Observations:



  • According to the previous events, the NZD/USD pair is going to move between 0.7758 and 0.7895 today.

  • It should be noted that the level of 0.7800 represents the double bottom and the weekly pivot point is placed at the price of 0.7895.

  • The resistance will be set at the level of 0.7960 this week.

  • The support has already been placed at the price of 0.7778.

  • We expect a new range about 182 pips this week.

  • The key level will be set at the level of 0.7903.


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Weekly technical levels of USD/CHF for October 27-31, 2014

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Overview :



  • The price of USD/CHF pair has still been moving between the price of 0.9491 and the 0.9584 price. A psychological level has set at the 0.9491 price because the weekly pivot point has placed at the same level (0.9491). Moreover, the weekly resistance is set at 0.9584. Therefore, sell deals are recommended below the 0. 9584 level with targets at the level of 0.9491 in order to test the weekly pivot point at this level in H1 chart. Hence, the price of the USD/CHF pair is going to try to break the weekly pivot point at 0.9491 to call for the bearish market below 0.9477. Thus, the price will go further towards the level of 0.9425. The major support has been placed at the price of 0.9425. The stop loss should always be taken into account, so it will be of the wisdom to set your stop loss at the 0.9605 price.


The weekly technical levels of USD/CHF pair.


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Weekly technical levels of GBP/USD for October 27-31, 2014

The weekly technical levels of GBP/USD pair.


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Tools of the chart :



  • The market was in downtrend. Moreover, the trend was so clear because the price moved higher to 1.6089; but the price of GBP/USD pair has been rebounding lower towards the level of 1.5994.

  • The double bottom is set at the price of 1.5994.

  • We expect a range of 210 pips this week. The last range was 189 pips.

  • The level of 1.6111 is the key level to confirm the bullish market.


Review :


The movement of pivot point among resistances and supports.



  • Resistance 3: 1.6372

  • Resistance 2: 1.6278

  • Resistance 1: 1.6183

  • Pivot Point: 1.6089

  • Support 1: 1.5994

  • Support 2: 1.5900

  • Support 3: 1.5805


Notes :

  • If the price is at pivot point, watch for a move back to resistance 1 or support 1.

  • If the price is at resistance 1, expect a move to resistance 2 or back towards the pivot point.

  • If the price is at support 1, expect a move to support 2 or back towards resistance 1.

  • If the price is at support 2, expect a move to support 3 or back towards support 1.

  • If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.



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Observations :



  • It should be noted that if there is no significant news to influence, the market price will be moving from the 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.


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