Technical analysis of USD/CHF for October 29, 2014

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Fundamental overview:


USD/CHF is expected to consolidate with a bearish bias as markets are awaiting Fed's interest rate decision. The Fed is expected to announce the end of its monthly bond-buying program. Market participants will be closely watching the outlook for short-term interest rates which are expected to be raised in the second half of 2015. USD/CHF is undermined by the franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.


Technical comments:

Daily chart is tilting negative as MACD is in a bearish mode, stochastics is turning bearish.


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 0.9435. A break of this target will move the pair further downwards to 0.9395. The pivot point stands at 0.9515. In case the price moves in the opposite direction and bounces back from the support level, then it will moves 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 0.9560 and the second target at 0.9590.


Resistance levels:

0.9560

0.9590

0.9625



Support levels:


0.9435

0.9395

0.9360


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Technical analysis of USD/JPY for October 29, 2014

USDJPYM30.png


Fundamental overview:


USD/JPY is expected to consolidate in a higher range as markets await 1800 GMT Federal Reserve's interest rate announcement: the Fed is expected to announce the end of its monthly bond-buying program. Market participants will be closely watching the outlook for short-term interest rates which are expected to be raised in the second half of 2015. USD/JPY is underpinned by the yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 10.29% to 14.39; S&P 500 rose 1.19% to close at 1,985.05 overnight) on stronger-than-expected rise in U.S. Conference Board consumer confidence index to 94.5 in October--its highest level since 2007--(versus forecast 87.9) from a revised 89.0 in September (first reported as 86.0) and a jump in Richmond Fed's manufacturing index to 20 in October from 14 in September. The data overshadowed a surprise 1.3% on-month drop in U.S. September durable goods orders (versus forecast +0.7%) and a smaller-than-expected 5.6% yearly rise in S&P / Case-Shiller 20-city home price index in August (versus forecast +5.7% and July's +6.7%). USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.299% versus 2.257% late Monday; demand from Japan's importers; ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's exporter sales and caution before Fed's interest rate decision.


Technical comment:
Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turned positive, five-day moving average is above 15-day MA and is advancing.


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 108.35 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 107.75.


Resistance levels:

108.35

108.75

109


Support levels:

107.35

107.05

106.75


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Technical analysis of NZD/USD for October 29, 2014

1414591294_USDCHFM30.png


Fundamental overview:


NZD/USD is expected to consolidate with a bullish bias as markets are awaiting Fed's interest rate decision and 2000 GMT (NZ time 9.00 am Thursday) Reserve Bank of New Zealand's interest rate announcement: RBNZ is expected to keep rates on hold at 3.5%. NZD/USD is supported by the Kiwi demand on buoyant NZD/JPY cross amid the positive risk sentiment and NZD-USD interest differential. But NZD/USD gains are tempered by the Kiwi sales on buoyant AUD/NZD cross.


Technical comment:

Daily chart is tilting positive as MACD is in bullish mode, stochastics is 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 0.7990 and the second target at 0.8010. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7880. A break of this target would push the pair further downwards and one may expect the second target at 0.7840 The pivot point is at 0.7910.


Resistance levels:

0.7990

0.8010

0.8045



Support levels:


0.7880

0.7840

0.7805


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Technical analysis of GBP/JPY for October 29, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to consolidate in a higher range as markets are awaiting Fed's interest rate decision. GBP/JPY is supported by the broadly weaker JPY undertone amid the positive risk sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales and by sterling sales on buoyant EUR/GBP cross.


Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish, five-day moving average is above 15-day MA and is advancing.


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 174.95 and the second target at 175.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 173.25. A break of this target would push the pair further downwards and one may expect the second target at 172.90. The pivot point is at 173.75.


Resistance levels:

174.95

175.90

176.75

Support levels:

173.25

172.90

172.55


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Gold : analysis for October 29, 2014

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Overview:


Since our last analysis, gold has been trading downwards. The price tested the level of 1,225.25 in an average volume. Our Fibonacci retracement 38.2% at the price of 1,234.00 held successful, that action led the price to start downward movement. According to the daily time frame, we can observe demand in a volume below the average I have placed Fibonacci retracement to find resistance levels that price breaks the level of 1,234.00 and I got Fibonacci retracement 61.8% at the price of 1,242.00. Anyway, if we see larger reaction from sellers aroud our resistance, a testing of the level of 1,211.00 (Fibonacci retracement 61.8%) will be possible.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,234.11


R2: 1,237.25


R3: 1,242.33


Support levels


S1: 1,223.95


S2: 1,220.81


S3: 1,215.73


Trading recommendations: Buying gold at this stage looks risky since price didint broke Fibonacci retracement 38.2%.


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Technical analysis of USD/CAD for October 29, 2014

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Overview :



  • The USD/CAD pair is still moving between 1.1165 and 1.1217. So, we expect a large range about 52 pips in coming hours but the weekly range will be around 195. The breakout seen at the ratio of 50% Fibonacci retracement level (1.1097) for that the key level is set at the level of 1.1165 because it represents strong support and it coincides with the 61.8% Fibonacci retracement level. As it is known, history will probably repeat itself at this level again. Thereupon, the ascendant movement will probably be higher than the 1.1165. Consequently, it will be a good idea to buy above 1.1165 with the first target of 1.1215. It will call for an uptrend in order to continue its bullish movement towards 1.1263. Also, it should be noted that the level of 1.1263 is acting as strong resistance for 28-31 October, 2014. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed below the double bottom at the price of 1.1075.


usdcadh1.png

Review :



  • The first resistance of USD/CAD pair is projected at the level of 1.1217 today.

  • The second resistance had already fixed at 1.1263.

  • The area of 1.1097 / 1.1150 is a useful spot to buy in the long term this week.

  • We expect a range of 50 - 60 pips on October 28, 2014. And 180 -200 pips would make a profit of 94 pips.

  • The value of 50% Fibonacci retracement levels is: 1.1097.

  • Volatility: 249.28. As a rule, the market is highly volatile if the last day had a huge volatility.


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Technical analysis of AUD/USD for October 29, 2014

Overview :



  • The AUD/USD pair has still moved between 0.8727 and 0.8929 since the 3rd of October 2014. Equally important, the resistance has set at the price of 0.8929 and the support at the 0.8727 price. But today, the minor support has set at 0.8773. Accordingly, if the trend fails to close below the level of minor support (0.8773), then it will be a good opportunity to buy above 0.8773 with the first target at 0.8866, then it will be continued straight towards 0.8929 in order to test the weekly resistance. Notwithstanding, the stop loss should always be taken in account because it should never exceed your maximum exposure amounts. Consequently, the best location to set your stop loss should be placed below the level of 0.8720.



1414581959_audusdh4.1.png


Intraday technical levels :


Date:29/10/2014


Pair:AUD/USD



  • R3: 0.8934

  • R2: 0.8887

  • R1: 0.8869

  • PP: 0.8822

  • S1: 0.8804

  • S2: 0.8757

  • S3: 0.8739



audusdh4.png


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Technical analysis of NZD/USD for October 29, 2014

1414581592_nzdusdh1.png

Overview :



  • The double bottom of NZD/USD pair will set at the level of 0.7800 and supports are going to be set at the 0.7855 and 0.7895 levels. It should be noted that the price hit the weekly pivot point, resistance 1, and support 1 last week. Moreover, this week the weekly pivot point sets at the point of 0.7895; for that it will act as support in coming days. However, the resistances are already placed at 0.7991 and 0.8033. So, according to the previous events, the price of the EUR/USD pair is going to move between 0.7902 and 0.7973. Another thought, we expect a range of 208 pips this week. Additionally, the market is calling for the bullish market from the level of 0.7855 and 0.7895 (The level of 0.7895 represents the weekly pivot point). Therefore, it will be very useful to buy the price of 0.7895 in the short term with the first target at 0.7963; but if the trend is able to break the minor resistance at 0.7975, then it might resume to 0.7991. On the contrary, the double top sets at the 0.8030 price in H1 chart. Consequently, it will be a good opportunity to sell below 0.8030 with the first target at 0.7960, then it will be continued towards 0.7891.


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Elliott wave analysis of EUR/NZD for October 29 - 2014

2014-10-29-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.6089


R2: 1.6062


R1: 1.6043


Current spot: 1.6023


S1: 1.6023


S2: 1.5995


S3: 1.5970


Technical summary:


The correction in red wave ii has reached its 1.6025 target. Now, we will be looking for a break above minor resistance at 1.6062 as the first good indication, that red wave iii higher to 1.6446 is developing. However, to confirm that red wave ii is over a break above 1.6089 is needed. The risk now is a break below support at 1.5960 and more importantly a break below 1.5903 that will revive the expanding diagonal alternative count.


Trading recommendation:


We are long in EUR from 1.6065 with stop placed at 1.6000. If you are not long in EUR yet, then buy a break above 1.6089 with the same stop at 1.6000


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Technical analysis of NZD/USD for October 29, 2014


Technical outlook and chart setups:


The NZD/USD pair has entered into a pullback mode after it made lows at the 0.7700 levels on September 29, 2014. The pair seems to be on its way higher towards the 0.8230/40 and 0.8400/50 levels before resuming the larger down swing extension. Support is seen at the 0.7800 level, followed by 0.7700, while resistance is seen at 0.8140, followed by 0.8270 and higher respectively. It is recommended to initiate long positions at the current price 0.7940/50, risk remains just below the 0.7800 levels. Bulls should remain in control till prices stay above 0.7800 for now.


Trading recommendations:


Remain long, stop below 0.7800, the target is open.


Good luck!


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

Elliott wave analysis of EUR/JPY for October 29 - 2014

2014-10-29-EURJPY-8H.png


Today's support and resistance levels:


R3: 137.95


R2: 137.80


R1: 137.75


Current spot: 137.72


S1: 137.48


S2: 137.23


S3: 136.90


Technical summary:


The target for wave B at 137.82 has been reached. Now, we will be looking for a break below minor support at 137.21 and more importantly a break below support at 136.90 to confirm that wave B is over and wave C lower to 130.73 is developing. As long as support at 137.21 protects the downside, we could still see a move slightly higher to 137.95, but the upside potential should be limited from here.


Trading recommendation:


We are short in EUR from 137.70 with stop placed at 138.10. If you are not short in EUR yet, then sell near 137.82 or upon a break below 137.21 with the same stop at 138.10.


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#USDX Technical analysis for October 29, 2014

The Dollar index continues its downward pullback towards short-term support at 85.20-85.30. Breaking below 85.20 could start a bigger downward move that will put 84.45 in danger and bring the index towards 84 where the 38% retracement from 79.75 is found.


usdx.jpg

Black line = previous resistance


The Dollar index is now testing cloud support at 85.20-85.30. Price remains above the Ichimoku cloud and above the downward sloping trend line that was once resistance. Short-term resistance is found at 85.60-85.70. Breaking above this level will put 86 level to the test. Important resistance level at 86 needs to be broken in order for the up trend to resume towards 87.20.


usdxd.jpg

The daily chart continues to be bullish but could also justify a pull back towards the cloud support at 84 where we also find the 38% retracement. The bullish flag pattern remains valid with 91 as first target. My strategy is to buy on signs of strength and not try to pick a bottom.


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Gold Technical analysis for October 29, 2014

Gold price remains below weekly resistance at $1,237 and also remains in a short-term bearish trend as price has broken below the Ichimoku cloud. My longer-term view remains unchanged with $1,050 as target.


goldh4.jpg

Gold price remains below Ichimoku cloud and has short-term resistance at $1,237 and short-term support at $1,222. The short-term pattern looks like a bearish flag and I believe it is more probable to see a push lower towards $1,200 if $1,220 support fails to hold price.


goldd.jpg

Blue line = resistance


Black line = support


The weekly chart remains bearish as Gold price is making lower highs with consistent lows at $1,180. Combined with the rejection at the Ichimoku cloud I believe that Gold price will at best bounce towards $1,300. HoweverŠ± I believe that eventually Gold price will break below $1,180 and will move to $1,000 as the lower highs are a sign of bulls getting weaker and weaker.


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Technical analysis of GBP/JPY for October 29, 2014


Technical outlook and chart setups:


The GBP/JPY is facing resistance around 175.00 levels and extends up to 175.80/176.00 respectively. The earlier support at 169.30/40 levels has been taken out and the pair is pulling back higher for now, before it resumes its down swing. The level of interest to initiate short position is around 175.50/80, but it is recommended to initiate 50% short positions at the current price (174.30/40) and the remaining higher. Support is seen at 168.00 (interim), followed by 164.00 on the daily chart view, while resistance is seen at 175.80/176.00, followed by 178.00, and 180.00 respectively. Selling intraday rallies should be a preferred trading strategy here.


Trading recommendations:


Initiate 50% short positions now (174.30/40), the remaining at 175.80/176.00, stop above 178.00, target 163.00 and 160.00.


Good luck!


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

Technical analysis of USD/CAD for October 29, 2014


Technical outlook and chart setups:


The USD/CAD pair has has been rallying from 0.9700 levels and a major support has now been formed at 1.0600 levels as seen here. The pair has hit a temporary resistance around the 1.1350 levels and is seen to be pulling back at the moment. Minimum drop could be up to the 1.1093 levels i.e fibonacci 0.382 support. A push below that could drag prices towards 1.0912 i.e fibonacci 0.618 support. Hence, it is recommended to initiate 50% short positions at current price 1.1160/70, risk remains at 1.1300. Support is seen at 1.1100, followed by 1.0850 and lower, while resistance is seen at 1.1300, followed by 1.1350 respectively.


Trading recommendations:


Initiate 50% short positions now, stop above 1.1300, target is open.


Good luck!


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Technical analysis of GBP/USD for October 29, 2014


Technical outlook and chart setups:


The GBP/USD pair is into the buy zone clearly and has bounced off the resistance turned support trend line at the 1.6000 level as depicted here. Furthermore, 1.6000 is also the 0.618 fibonacci support of the rally between 1.5875 and 1.6175. The pair seems to be on its way towards 1.6375/1.6400 levels according to fibonacci extensions seen here. Hence, it is recommended to initiate long positions (at least 50%) at the current levels (1.6150), risk remains just below the 1.6000 mark. Furthermore, intraday dips could be bought, till prices remain firmly above 1.6000 levels. Support is seen at 1.6000, followed by 1.5950 and lower, while resistance is seen at 1.6175, followed by 1.6225 and higher respectively.


Trading recommendations:


Remain/initiate long positions, stop below 1.6000, the target is open.


Good luck!


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Technical analysis of USD/CHF for October 29, 2014


Technical outlook and chart setups:


The USD/CHF pair looks to be in a deeper correction mode with downside extensions pointing towards 0.9150 levels at least, as depicted on the daily chart view here. Interim support is seen at 0.9350, followed by 0.9300, 0.9150 and lower, while resistance is seen at 0.9550 (interim), followed by 0.9680/0.9700 respectively. It is recommended to initiate at least 50% short positions at current level (0.9460/70), risk remains above 0.9600. The structure indicates that bears remain in control for a while. On the flip side, a push through 0.9550 levels would indicate that the pair is heading towards fresh highs.


Trading recommendations:


Remain 50% short from current levels, set stop at 0.9600, target is 0.9150.


Good luck!


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Technical analysis of USD/JPY for October 29, 2014


Technical outlook and chart setups:


The USD/JPY pair has rallied into the resistance zone around 108.00/20, as depicted here on the Daily chart view. Please note that the 108.20 levels is also convergence of past support turned resistance and fibonacci 0.681 of the fall between 110.00 and 105.00. A bearish reversal remains high probability from current levels and hence it is recommended to initiate short positions now, risk remains above 109.50 at least. Resistance is fixed at 110.00 levels, while support is seen at 106.50, followed by 105.00 and lower respectively. On the flip side, a push through 110.00 would negate the bearish outlook for the pair.


Trading recommendations:


Remain/Initiate short positions now (108.00/10), set stop above 109.50, target is 102.00.


Good luck!


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Technical analysis of EUR/USD for October 29, 2014


Technical outlook and chart setups:


The EUR/USD is setting up for a counter trend rally towards at least 1.3100 levels and subsequently into 1.3500's before resuming down trend. The pair is currently trading at 1.2730/40 levels and it is recommended to initiate long positions now, risk remains below 1.2600 levels. Support is seen at 1.2600 (fibonacci 0.618), followed by 1.2500, while resistance is seen at 1.3000, followed by 1.3150 and higher respectively. The pair could witness a powerful counter trend rally towards 1.34/1.35 levels in the weeks to come by, before it reverses towards the larger down trend. Bulls shall remain in control till prices are above 1.2500/50 levels.


Trading recommendations:


Remain long, set stop at 1.2540, target is 1.3100 and 1.3500.


Good luck!


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Trading recommendation on USD/CAD for October 29, 2014

USD/CAD


The pair was beaten heavily in the previous session, closed below 20Dsma. The soft US data pulled the pair to a 2-weeks low. The nearest support exists at 1.1155 levels. Below this we can expect 50 or 80 pips down towards 1.1080 or 1.1070 levels. In the near-term perspective the pair is in a bear grip. The following reasons will explain my view. The pair is trading below 1.1185 which is not a good sign in the near term. The monthly candle is turning red and the pair is trading below 1.1198 levels. These two factors give an indication of weakness. We recommend fresh buying above 1.1200. Today traders eye the FOMC announcement and BOC Governor Poloz speech. Today's closing will provide clear direction for the near and short term. In the h4 chart, we can clearly see lower low swings and lower high swings forming. We recommend selling below 1.1150 levels. In the h4 chart the momentum indicators are in oversold zone. We expect pull back from these levels. Risky traders can buy at the market price of 1.1167 with sl 1.1155 and target at 1.1195. We recommend selling below 1.1150 for a downward target at 1.1140, 1.1100 and 1.1072 levels.


Trade:


Buying at a market price with sl 1.1155


Selling below 1.1150


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Trading recommendation on USD/JPY for October 29, 2014

The pair finally managed to close above 20Dsma. In the previous session, the pair closes at the highest point of the day. We recommend fresh buying above 108.35 levels. The pair has erased most of its losses this week, and more than half of its monthly losses on a monthly basis. We are expecting a strong upswing above 108.35 towards 108.75, 109.00 and 109.10 levels. On the other side, the pair has support at 107.60, below this, 107.00 will act as strong support zone. Below 107.00 we can see some long unwinding, which represents selling pressure towards 105.90 and even more downwards. For an intraday view, we expect huge volatility ahead the FOMC announcement. We recommend selling below 107.95 levels, for targets at 107.70, 107.60 levels. In case, if the prices falls below 107.60 we can see heavy selling pressure towards 107.40, 107.10 and 106.80 levels.


Trade:


Buying above 108.35


Selling below 107.95, panic below 107.60


1414553399_USDJPYH4.pngThe material has been provided by InstaForex Company - www.instaforex.com

Trading recommendation on GBP/JPY for October 29, 2014

The pound gained against the yen closing above the key moving averages in the daily and weekly chart. This week, as of now the cross took the support from 20Wsma trading above a 2-weeks high. The cross managed to close above 50Dsma in the previous session after 12 trading sessions. On the higher side, the cross has resistance at 175.00, 175.41 and 175.92, the 61.8 fib levels. On the other side, the cross has support at 173.90, 50Dsma, 173.40, 100Dsma, and 173.15, 20Dsma. The cross looks weak only below 173.40 levels. In the h4 chart, the 200sma acts as a major resistance level. The cross has been facing strong resistance at 174.76, 200sma.We recommend fresh buying above 174.80, with targets at 175.00 and 175.16, may be even at 175.40 levels. The pair looks weak below 174.00, 12ema, and selling pressure below 173.70. We recommend selling below 173.70 for targets at 173.25 and 173.00.


Trade-


Buying above 174.80


Selling below 173.70


Risky traders, use sl 174.78, sell at market price.


1414542842_GBPJPYH4.png


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Trading recommendation on Gold for October 29, 2014

GOLD


The yellow metal gave back some of its gains in yesterday's session. We recommended buying in yesterday's session that gave good money. Traders eye today's Federal Reserve announcement. Expectations are high, the US central bank is expected to hike interest rates in 2015. In yesterday's session the metal managed to close above 20Dsma. Today in Asia's session the asset took the support at 20Dsma trading at $1,228.00 levels. On the higher side, the metal has resistance between $1,239.00 and $1,240.00 levels. In case, the metal closes above $1,240.00, we can expect some upswing in the near term. On the other side, the metal has support between $1,221.50 and $1,217.00 levels. The metal will experience panic selling below $1,217.00 levels. On the other side, we can see strong momentum only above $1,240.00 levels. For an intraday view, the metal prices have been trading below 34hrsma. Until the prices close below 34hrsma at $1,235.00, sell on every rise. We recommend buying above $1,230.00 and safe buying, only above $1,236.00 levels. The metal has resistance at $1,230.00 levels. Above this, it can go towards $1,235.00 and $1,236.00 levels. We recommend selling below $1,225.00 and safe selling, below $1,221.00 levels.


Support $1,226.00, $1,221.00, $1,217.00


Resistance $1,230.00, $1,236.00, $1,240.00


1414539049_GOLDH4.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for October 29, 2014


Technical outlook and chart setups:


The EUR/JPY pair is inching towards its first measured extension levels at 138.00 and 138.70/80 levels respectively, as seen on the 4H chart view here. Resistance is just around the current price action at 138.00, followed by 139.00 and higher, while support is 136.50, followed by 135.00 and lower respectively. Please note that the pair has bounced off the confluences of fibonacci 0.618 and resistance turned support trend line earlier (around 135.20 levels). It is still recommended to hold long positions, risk remains just below 135.00.


Trading recommendations:


Remain long, move stop to 136.50, target is 138.70.


Good luck!


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Technical analysis of USD/JPY for October 29, 2014

In Asia, Japan will release the Prelim Industrial Production m/m and the US will release some economic data such as Crude Oil Inventories, FOMC Statement, Federal Funds Rate. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium to high volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 108.65.

Resistance. 2: 108.44.

Resistance. 1: 108.23.

Support. 1: 107.96.

Support. 2: 107.75.

Support. 3: 107.54.

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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Daily analysis of USDX for October 29, 2014

On the daily chart the USDX is trying to find support at the level of 85.18, even though the instrument remains strong in our current bullish outlook. However, the USDX has formed four fractals at the resistance level of 86.20. The USDX could make a breakout at the support level of 85.18 to fall to the level of 84.29. The MACD indicator remains in negative territory.


USDXDaily.png

Daily chart's resistance levels: 86.20/87.35


Daily chart's support levels: 85.18/84.29


The USDX is trying to form a lower low pattern below the 200 SMA on the H1 chart. However, the USDX is finding strong support at the 85.27 level, a level that could serve as a strong support zone for the USDX to consolidate again above the 200-day moving average, but the next target in the bearish trend remains the 85.03 level.


USDXH1.png

H1 chart's resistance levels: 85.49 / 85.73


H1 chart's support levels: 85.27 / 85.03


Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD Index breaks with a bearish candlestick; the support level is at 85.27, take profit is at 85.03, and stop loss is at 85.49.


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Daily analysis of GBP/USD for October 29, 2014

The GBP/USD has made a pullback to the 200-day moving average, which is near the resistance level of 1.6183 on the H1 chart, so it is very likely that this pair will fall back to the support level of 1.6051. The GBP/USD has formed a fractal at 200 SMA so the bullish road could lose momentum in the coming hours, and this pair has not finished forming the bullish pattern. The MACD indicator is entering neutral territory.


1414535940_GBPUSDH4.png


H4 chart's resistance levels: 1.6183/1.6226


H4chart's support levels: 1.6051/1.6004


On the H1 chart, GBP/USD made a strong pullback at the resistance level of 1.6170, although the pair remains above the support level of 1.6117. This could mean that the GBP/USD is still very much bullish force and is likely to go up again to the resistance level of 1.6170. However, caution should be exercised, because the MACD indicator is moving into negative territory.


GBPUSDH1.png


H1 chart's resistance levels: 1.6170 / 1.6216


H1 chart's support levels: 1.6117 / 1.6075


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.6170, take profit is at 1.6216, and stop loss is at 1.6127.


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Technical analysis of GBP/CHF for October 29, 2014


Technical outlook and chart setups:


The GBP/CHF pair reverses from 1.5310/20 levels, defined as resistance (fibonacci 0.618) as depicted here on the 4H chart view. A follow through is required through the 1.5200 break, to confirm and accelerate further downside. Please note that the pair has turned back from confluence of past support turned resistance and fibonacci 0.618 at 1.5320 levels. Resistance is seen at 1.5420/50 levels, followed by 1.5550, while support is seen at 1.5200 levels, followed by 1.4975 and lower respectively. It is recommended to remain short here, risk remains above 1.5450 at least. On the flip side now, a push through 1.5350 levels could delay matters further.


Trading recommendations:


Remain short, set stop above 1.5450, target is open.


Good luck!


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

Technical analysis of Silver for October 29, 2014


Technical outlook and chart setups:


Silver rallied through $17.40 region yesterday before pulling back into the support zone around $17.10/20 levels as seen in the 4H chart view presented here. Bulls are expected to remain in control till prices remain above $16.60/70 levels. The metal could be targeting $18.20/50 levels for now. Support is seen at $17.00, followed by $16.60 and lower, while resistance is seen at $18.00, followed by $18.50 and higher respectively. Having produced an engulfing bullish reversal pattern on October 06, 2014, the metal is expected to rally at least till $18.50 levels, if not higher.


Trading recommendations:


Remain long, set stop at $16.40, target is $18.50.


Good luck!


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

Technical analysis of Gold for October 29, 2014


Technical outlook and chart setups:


The 4H chart view presented here indicates that Gold could still dip towards $1,210.00 levels before resuming rally. As seen here, the $1,210.00 level is fibonacci 0.618 support of the rally between $1183 and $1,255.00. Furthermore it is also the extension of the drop from $1,255.00 to $1,225.00/26.00 levels. Support is seen at $1,205.00, followed by $1,183.00, while resistance is seen at $1,255.00 (interim), followed by $1,275.00 and higher respectively. It is recommended to look to enter buying around $1,210.00 levels as a safe trading strategy. On the flip side, the metal is expected to face resistance around $1,240.00 levels, if a rally is materialized from current levels. An aggressive trade strategy cold be to initiate short positions there. ($1,240.00).


Trading recommendations:


Short around $1,240.00 if the metal rallies from current levels, set stop above $1,255.00, target is $1,210.00. OR Initiate long positions after a dip at $1,210.00 levels.


Good luck!


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

Technical analysis of EUR/USD for October 29, 2014

!EURUSD.jpg

When the European market opens, some economic news will be released such as German 10-y Bond Auction. The US will release economic data too such as the Crude Oil Inventories, FOMC Statement, Federal Funds Rate, so amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2799.

Strong Resistance:1.2791.

Original Resistance: 1.2779.

Inner Sell Area: 1.2767.

Target Inner Area: 1.2737.

Inner Buy Area: 1.2707.

Original Support: 1.2695.

Strong Support: 1.2683.

Breakout SELL Level: 1.2675.

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