Technical analysis of Silver for October 14 2015

Technical outlook and chart setups:

Silver has reversed lower for the third time from the $16.00/10 levels (a rising wedge formation) as depicted here. The metal should accelerate towards the $15.00 levels after it breaks below the interim support line passing through the $15.75 levels for now. It is hence recommended to fix profits on all long positions held and remain flat for a corrective dip. Immediate support is seen at the $15.70 levels (interim) followed by $15.40, $15.00 and lower, while resistance is seen at the $16.40/50 levels followed by $17.50/60 and higher.

Trading recommendations:

Fix full profits on long positions and remain flat.

Good luck!

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Technical analysis of Gold for October 14 2015

Technical outlook and chart setups:

Gold is retracing after printing intraday highs around the $1,175.00/77.00 levels. No doubt, that the yellow metal still has enough room to push through the $1,200.00 levels and even higher, but a correction is due to take place before further extension. It is hence recommended to fix full profits on long positions taken earlier, and wait for a dip to materialize before re-entering. Immediate support is seen at the $1,150.00 levels followed by $1,130.00, $1,100.00 and lower, while resistance is seen at the $1,200.00 levels followed by $1,230.00 and higher.

Trading recommendations:

Fix full profits on long positions and remain flat.

Good luck!

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Technical analysis of EUR/JPY for October 14 2015

Technical outlook and chart setups:

The EUR/JPY pair might still be looking to drop to the 135.00/50 levels at least before turning bullish again. As depicted here, the trade cycle that began from the 133.20 levels seem to be completed at the 136.70/80 levels, and a pullback could take place before rally continues. It is hence recommended to remain flat for now and look to enter on a bounce around the 135.00 levels. Immediate support is seen at the 135.00 levels followed by 134.50, 133.00 and lower, while resistance is seen at the 137.00 levels and higher. Bulls should remain in control until prices stay above the 133.00 levels.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/CHF for October 14, 2015

Technical outlook and chart setups:

The GBP/CHF pair dropped to the 1.4550 levels before pulling back sharply. The pair is testing the 1.4700 level for now with interim resistance seen at the 1.4800 levels. A push through the 1.4800 level would confirm that a bottom is in place and that the pair is heading north. It is hence recommended to remain flat for now and watch out for reaction at 1.4800 or 1.4430. Immediate support is seen at the 1.4450 levels followed by 1.4200 and lower, while resistance is seen at the 1.4800 levels (interim) followed by 1.4900, 1.5100 and higher.

Trading recommendations:

Remain flat for now.

Good luck!

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Technical analysis of GBP/USD for October 14, 2015

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Overview:

  • According to the previous events, the price of the GBP/USD pair is rising above the weekly pivot point. Subsequently, the ascending movement will probably be higher than the 1.5279 level. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good decision to buy above the weekly pivot point (1.5279) with the first target at 1.5383 (the double top). It will call for an uptrend to continue with its bearish movement towards the price of 1.5421, which represents the weekly support 1. Stop loss should be always taken into account. Stop loss should never exceed your maximum exposure amounts. Consequently, stop loss should be placed above the resistance level at the price of 1.5250.
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Technical analysis of USD/CAD for October 14, 2015

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Overview:

  • The key level of the USD/CAD pair has been set at the level of 1.3030. Therefore, this level is going to act as a daily pivot point. As it is known, history will probably repeat itself at this level again. According to the previous events, the USD/CAD pair is still moving between 1.2966 and 1.3112. The resistances are set at the levels of 1.3112, 1.3178, and 1.3244, which coincide with the ratios of 38.2%, 50%, and 61.8% Fibonacci retracement levels, respectively. On the other hand, support has already been placed at the price of 1.2900 near the ratio of 00% Fibonacci, which represents strong support.

Trading recommandations:

  • Sell at the price of 1.3112 with the first target at 1.2966, that will continue towards 1.2900 in order to test the double bottom on the H4 chart. Moreover, the trend could fail to close below the level of 1.2900. Consequently, buy above the 1.2900 prices with the targets at 1.3030 and 1.3075. The level of 1.3075 represents a minor resistance in the same time frame. Nevertheless, review the market volatility before investing because the sight price may have been already reached and scenarios might have become invalidated.
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EUR/NZD : analysis for October 14, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. As we had expected, the price tested the level of 1.6895 in a high volume in the daily time frame, we can observe a supply bar in a volume below the average. I found the 6-day support level at 1.6845 (Fibonacci retracement 38.2%). Selling opportunities are preferable. On the H1 chart, we can observe supply in a high volume. Selling opportunities are preferable only if the price breaks our strong support in a high volume. Otherwise, we may see an upward movement. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (on the test), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7185

R2: 1.7255

R3: 1.7365

Support levels:

S1: 1.6965

S2: 1.6895

S3: 1.6785

Trading recommendations: Be careful when buying and watch for potential selling opportunities if the price breaks the level of 1.6845 in a high volume.

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Gold : analysis for October 14 , 2015

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Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,175.90 in a high volume. An intraday trend is upward. In the daily time frame, our strong trading range $1,170.00 (resistance) and $1,098.50 (support) got finally broken. In the H1 time frame, we can observe broken bullish flag and demand in a high volume. I have placed major Fibonacci expansion to find potential objective points. I got Fibonacci expansion 100% at the level of $1,191.00 and Fibonacci expansion 161.8% at the price of $1,247.00.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,166.65

R2: 1,169.30

R3: 1,173.60

Support levels:

S1: 1,158.00

S2: 1,155.30

S3: 1,151.00

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on dips. Next resistance level is seen around $1,191.00.

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Global macro overview for 14/10/2015

Global macro overview for 14/10/2015:

The UK unemployment figures released today as claimant count change had revealed the biggest decrease in unemployment figures since mid-2008 (4.6k vs. -2.3k, 1.2k prior). The unemployment rate fell to 5.4% from 5.5% a month ago, but the wages growth rate slowed down to 3.0% from 3.1% on a three-month basis. Nevertheless, the wage growth at this levels can still boost consumer spending, while the negative inflation reading will prevent the BoE from the interest rate hike any time soon.

The GBP/USD pair reacted in a bullish way and is currently trading near the important technical resistance at the level of 1.5387. The next support is seen at the level of 1.5300.

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Technical analysis of USD/CAD for October 14, 2015

General overview for 14/10/2015 09:50 CET

The first wave impulsive wave to the upside had been completed, and now the market is in the corrective cycle in wave -ii-. Any breakout below the level of 1.2900 is likely to invalidate the bullish outlook. To confirm the upcoming impulsive wave progression, the market must break above the resistance at 1.3074 and head higher in impulsive fashion.

Support/Resistance:

1.2900 - Technical Support

1.2990 - Intraday Support

1.2996 - Weekly Pivot

1.3074 - Intraday Resistance

1.3092 - WR1

Trading recommendations:

Buy orders from Monday had hit the TP and profits were booked. Currently day traders should consider an opportunity to buy on dips with SL below the level of 1.2900 and TP open for now.

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Technical analysis of EUR/JPY for October 14, 2015

General overview for 14/10/2015 09:10 CET

The fourth wave looks completed now, but there is no real impulsive wave progression to the upside yet. This means the market might evolve into more complex and time- consuming correction. Please notice the invalidation line for the whole structure is seen at the level of 135.70.

Support/Resistnace:

135.70 - Invalidation Level

135.98 - Intraday Support

136.11 - Weekly Pivot

136.95 - Intraday Resistance

Trading recommendations:

Buy orders should be still in play and the SL should be moved higher to the level of 135.98. The projected target for TP is at the level of 137.20 (minimum target).

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Daily analysis of Silver for October 14, 2015

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Overview

Silver price broke the level of 15.85 and closed above it. That underpinned a bullish correctional rise on an intraday and short-term basis. As the price targets the level of 16.30, a breakout above this level will extend the bullish wave towards 16.85. The price found continuous support at the EMA50, and we should n hold above the level of 15.40 to hit our targets. We expect a trading range between support of 15.40 support and resistance of 16.85 today.

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Daily analysis of GBP/JPY for October 14, 2015

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Overview

GBP/JPY has turned neutral. Price actions at 180.36 are viewed as a consolidation pattern. A breakout at 180.36 will extend the fall from 195.86 in order to test the key support level of 174.86. In case of another rise, strong resistance should be seen around 188.28 to end the consolidation. The pair was close to key cluster resistance of 61.8% retracement from 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A breakout at 174.86 will confirm the 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 should be cautious as strong resistance at 199.80/200.00 could cause a reversal.

Daily Pivots: (S1) 181.45; (P) 182.89; (R1) 183.97;

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USDX technical analysis for October 14, 2015

The US dollar index remains in a short-term bearish trend as it continues approaching lower lows and lower highs. We are inside a neutral area regarding the long-term trend, but breaking below 93 is unlikely to be a good sign for bulls. Important long-term support is found at 92.

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Blue lines- bearish channel

The US dollar index is trading inside a bearish channel below the Ichimoku cloud in the 4-hour chart as can be seen above. The short-term resistance is seen at 95 and support is found at 94.15.

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Red line -weekly resistance

Green line -weekly support

The US dollar index has entered the weekly cloud area. This could turn trend neutral. Bulls need to break above the cloud in order to regain control. Important Fibonacci support of 38% at 92 is the key level, which bulls need to defend. The overall price remains trapped inside the bullish flag pattern. The best strategy would be to remain neutral since we have no signals.

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Gold technical analysis for October 14, 2015

Gold price broke above the short-term resistance and previous high of $1,170 confirming the uptrend on the chart. The level of $1,200 is my target area plus or minus 10$. I do not believe that gold bulls have enough strength to break above $1,250 at the moment.

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Red line - resistance

Green line - support

The price is above cloud support trending higher. We have broken the previous high of $1,170 and we are moving towards our target of $1,200. The short-term support is found at $1,150.

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Black line - triangle patter

Red horizontal line - previous high resistance

Gold price has broken above the kijun-sen and above the previous resistance. We are approaching the Ichimoku cloud at $1,200, which is our target. I would remain bullish looking for an opportunity to take profits as we approach the area of $1,200.

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Daily analysis of major pairs for October 14, 2015

EUR/USD: This pair still shows its willingness to continue its upwards journey. The resistance line at 1.1400 has been tested again and again. Today or tomorrow, the price might breach the resistance level to the upside so as to assert its bullishness.

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USD/CHF: There is still a Bearish Confirmation Pattern on the USD/CHF - the EMA 11 is below the EMA 56, while the Williams' % Range period 20 is in the oversold area. Therefore, any rallies that are seen here could be interpreted as short-selling opportunities. The price is now under the resistance level at 0.9600, moving towards the support level at 0.9550. The USD/CHF would be weak as long as the EURUSD is able to maintain its current bullishness.

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GBP/USD: The cable plunged on Tuesday, owing to a sudden selling pressure that came on it. However, further drop was halted at the accumulation territory of 1.5200. The price has bounced up from that territory, since the outlook on the market remains bullish, and the bullish outlook would hold as long as the price is unable to go below the accumulation territory at 1.5100. A rally may happen today or tomorrow.

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USD/JPY: This market remains in an equilibrium phase, not going above the supply level at 121.00 nor going below the demand level at 119.00. There must be a journey above the supply level or below the demand level before it can be said that the equilibrium phase is over (which is something that will happen this week or next week).

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EUR/JPY: The EUR/JPY pair did not change seriously on Tuesday, though the bullish outlook is valid. The validity of the bullish outlook will hold as long as the demand zone at 135.00 is not broken to the downside. The demand zone, including the one at 135.50, could foil bearish attempts.

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Elliott wave analysis of EUR/NZD for October 14, 2015

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Technical summary:

The breakout above resistance at 1.7125 indicates that a bottom is already in place at 1.6820. We have also seen a break above the resistance line at 1.7901, which indicates a change of the trend. So, we have changed our count slightly to make the best fit. However, the breakout above 1.7125 calls for more upside room towards at least 1.8021 and above.

In the short term, I would like to see support at 1.6924 protecting the downside (ideally support at 1.7000 will do the job) for a break above 1.7198 and more importantly a break above the resistance line near 1.7400 confirming the rally to 1.8021.

Trading recommendation:

We bought EUR at 1.7125 and will place our stop at 1.6920. If you are not long EUR, buy on a break above 1.7198 and use the same stop, but expect it to rise soon.

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Elliott wave analysis of EUR/JPY for October 14, 2015

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Technical summary:

We continue to watch for a continuation higher towards 141.00 over coming days/weeks. In the short term, we would like to find support at 135.63 to protect the downside for a break above minor resistance at 136.60 and more importantly above resistance at 136.95 for a continuation higher towards 138.10 as the ideal target for red wave iii. After a minor sideways consolidation, more upside room towards 141.00 would be expected.

Only a breakout below 135.63 would question the upside expectations, but it will take a break below 134.62 to invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 135.10 with stop placed at 135.30. If you are not long EUR yet, buy near 136.00 or upon a break above 136.60, using the same stop at 135.30.

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Daily analysis of USDX for October 14, 2015

On the daily chart, the USDX is currently trading above the 200 SMA, means the current bullish bias is still alive and we should wait for a rise towards the resistance zone of 95.26. However, if the index does a pullback at the level, it could try a consolidation below the moving average. The MACD indicator is at the negative territory.

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The index is moving sideways on the H1 chart, but it still remains below the 200 SMA. The support level of 94.61 currently offers a good bottom for the USDX bears, and we could expect another corrective rebound before a decline takes place. The MACD indicator is entering the neutral territory.

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Daily chart's resistance levels: 95.26 / 95.83

Daily chart's support levels: 94.36 / 93.16

H1 chart's resistance levels: 95.03 / 95.38

H1 chart's support levels: 94.61 / 94.15

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the US dollar index breaks with a bearish candlestick; the support level is at 94.61, take profit is at 94.15, and stop loss is at 95.08.

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Daily analysis of GBP/USD for October 14, 2015

GBP/USD had a bearish session yesterday. The pair is looking to break the support level of 1.5256, and that would open the door to test the level of 1.5182. On the other hand, the cable is trying to perform a rebound at a current stage to do a rally towards the resistance level of 1.5381 in coming days.

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On the H1 chart, the cable is doing a consolidation below the 200 SMA with a lower low pattern. The support level of 1.5223 is currently offering a strong demand zone, which could contain an advance of bears in a short-term basis. By the way, we expect another little rally above that moving average before declines take place.

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Daily chart's resistance levels: 1.5325 / 1.5381

Daily chart's support levels: 1.5256 / 1.5182

H1 chart's resistance levels: 1.5285 / 1.5342

H1 chart's support levels: 1.5223 / 1.5167

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 1.5285, take profit is at 1.5342, and stop loss is at 1.5227.

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GBP/USD intraday technical levels and trading recommendations for October 13, 2015

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Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later on, the support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on Tuesday (bullish engulfing daily candlestick).

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5350 for a low-risk sell entry. It was triggered during yesterday's consolidations. It is running in profits now. S/L should remain above 1.5400.

Bearish persistence below the level of 1.5300 (SELL ENTRY) and 1.5200 is needed for further bearish decline towards the level of 1.5100 then 1.5050 (bearish Flag projection target).

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USD/CAD intraday technical levels and trading recommendations for October 13, 2015

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Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls overcame this level three weeks ago.

However, bearish persistence below 1.3270 (Fibonacci Expansion 100%) and 1.3075 (significant Support) is needed to maintain enough bearish pressure to expose the next support levels around 1.2910, and 1.2750 where long-term buy entries should be considered.

On the other hand, the price level of 1.3075 constitutes an intraday resistance level to be watched for intraday sell entries. It has offered a new SELL position at retesting that took place earlier today.

Trading recommendations:

Conservative traders should wait for more bearish pullbacks towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support level.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

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Intraday technical levels and trading recommendations for GBP/USD for October 13, 2015

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Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with evident resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supports the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for the reversal pattern.

In the short term, the nearest demand level is located around 1.5170 (recent weekly bottom and the origin of a previous bullish engulfing weekly candlestick).

Weekly persistence below the zone of 1.5170 (the current demand level) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders the current bearish momentum giving time for more sideways consolidations which may extend up to the price level of 1.5350 which was being tested yesterday.

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Prominent supply/resistance was seen around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, the valid sell entry was suggested for retesting at 1.5770 one month ago. All of its targets were successfully achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish candlestick took place around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

As anticipated, obvious bullish pressure was expressed around the zone of 1.5150-1.5200 (previous prominent weekly bottoms). Since then, bulls have been pushing towards 1.5350.

The price level of 1.5350 remains a significant supply level to be watched for valid intraday sell entries. Our suggested SELL entry is already running in profits now.

Daily fixation below 1.5150 is needed to allow bearish movement to occur towards the level of 1.4970 (weekly demand level).

Trading Recommendation:

A valid sell entry can was offered around the price level of 1.5350 as it corresponds to a prominent previous bottom. SL should be placed above 1.5450.

On the other hand, a low-risk buy entry can be offered around the weekly demand level (1.4970) if a bearish breakdown of 1.5150 occurs soon. S/L should be placed below 1.4930.

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Intraday technical levels and trading recommendations for EUR/USD for October 13, 2015

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The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection, which exists around the level of 1.1450.

In the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high at 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of the current month (low probability considering September's monthly candlestick that is obviously bearish).

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Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Continuous bullish pressure took place until it faced significant bearish resistance around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) took place, which provided evident bullish rejections several times in a row (note the recent daily candlesticks during last week's consolidations).

Previously, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050. The latter was not reached as the price level of 1.1150 prevented further bearish decline.

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) was needed to expose the next demand level around 1.0980 where the daily uptrend comes to meet the EUR/USD pair. However, bullish rejection was expressed around the 1.1150 level, which led to the current pullback towards the intraday SELL ZONE at 1.1370-1.1400.

Conservative traders should wait for bearish correction towards the zone of 1.0980-1.1000 (the depicted uptrend line) for a low-risk buy entry. S/L should be placed below 1.0950.

T/P levels should be placed at 1.1080 and 1.1160.

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