Intraday technical levels and trading recommendations for GBP/USD for October 15, 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 supported 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 around 1.5170 (recent weekly bottom and the origin of a previous bullish engulfing weekly candlestick) has provided significant bullish rejection this week.

Weekly persistence below the level of 1.5350 (prominent weekly bottom) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders further bearish momentum giving time for more sideways consolidations which may extend up to the price levels of 1.5500 and 1.5550.

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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 applied around the zone of 1.5150-1.5200 (previous prominent weekly bottoms). Since then, bulls have been pushing the price towards 1.5350, a bullish breakout is currently taking place as depicted on the chart.

The price zone of 1.5500-1.5550 remains a significant supply zone to be watched for valid sell entries.

Daily fixation below 1.5350 is needed to allow bearish movement to occur towards the level of 1.5150 (previous prominent weekly bottoms), then 1.4970 (weekly demand level).

Trading Recommendation:

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.

Risky traders could have taken a valid sell entry around the current price levels at 1.5550. S/L should be placed above 1.5550.

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Intraday technical levels and trading recommendations for EUR/USD for October 15, 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 (low probability).

On the other hand, a bullish corrective movement towards 1.1500 can take place only if a monthly high of 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 this month.

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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.

Shortly after, 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 performed around the level of 1.1150, which led to the current pullback towards the intraday sell zone of 1.1370-1.1400. It may offer another sell entry in case of enough bearish pressure.

Conservative traders should wait for a 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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Technical analysis of Silver for October 15 2015

Technical outlook and chart setups:

Silver seem to be looking for an opportunity to hit its high around the levels of $16.30/37 before producing a meaningful retracement lower. As seen here, the RSI on the H4 chart shows divergence indicating a potential change in a direction. A drop below the level of $15.90 (wedge support) would accelerate the fall. It is hence recommended to remain flat now and buy after retracement to lower levels. Immediate support is seen at $15.40/60 followed by $15.00 and lower, while resistance is seen at $16.40/50 followed by $17.50/60 and higher.

Trading recommendations:

Remain flat and buy at lower levels.

Good luck!

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Technical analysis of Gold for October 15 2015

Technical outlook and chart setups:

Gold made yet another high at the $1,189.00 levels yesterday before pulling back lower. Please note that the metal almost hit an expected target at $1,190.00 and hence it could retrace any moment. The yellow metal has turned buy into dips for now until prices stay above $1,100.00. It is hence recommended to remain flat for now and look to initiate long positions on dips through the $1,150.00/30.00 levels. Immediate support is seen at the $1,157.00 levels (Fibonacci 0.382), followed by $1,135.00 and lower, while resistance is seen at the $1,200.00/30 levels and higher.

Trading recommendations:

Remain flat for now, look to enter lower.

Good luck!

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Technical analysis of EUR/JPY for October 15 2015

Technical outlook and chart setups:

The EUR/JPY pair has dropped to expected levels around the 135.00 levels for now. Besides, please note that the Elliott channel is also passing through the 134.80 levels, which could provide the necessary support and bounce. It is hence recommended to initiate 50% long positions at current levels and the remaining, around 134.70/80 levels if prices manage to reach it. Immediate support is seen around the 134.50 levels, followed by 133.00 and lower, while resistance is seen at the 137.00 levels, followed by 138.00/139.00 and higher.

Trading recommendations:

Initiate long positions between 134.75 and 135.10, stop is at 134.00, target is open.

Good luck!

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Technical analysis of GBP/CHF for October 15, 2015

Technical outlook and chart setups:

The GBP/CHF pair is approaching its Fibonacci 0.618 resistance of the drop from the 1.4900/50 to 1.4550/60 levels. Besides, the 50-day moving average seems to be passing through the 1.4750 levels, which could provide resistance. The pair should remain in control of bears until prices stay below the 1.4950 levels at least. It is hence recommended to remain flat for now and look to short around the 1.4775 levels with risk at 1.4950. Immediate support is seen at 1.4550 (interim), followed by 1.4400 and lower, while resistance is seen at the 1.4800 levels (interim), followed by the 1.4900/50 levels and higher.

Trading recommendations:

Remain flat for now and look to go short around 1.4775.

Good luck!

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Gold analysis for October 15, 2015

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Overview:

Since our last analysis, gold has been trading upwards. As we expected, the price tested the level of $1,189.62 in a high volume. An intraday trend is upward. In the daily time frame, our strong trading range $1,170.00 (resistance) to $1,098.50 (support) got finally broken. In the H1 time frame, we can observe weak supply around the price of $1,182.00. I placed major Fibonacci expansion to find potential objective points and 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: 1,187.00

R2: 1,192.30

R3: 1,200.50

Support levels:

S1: 1,170.50

S2: 1,165.40

S3: 1,157.00

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-$1,247.00.

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EUR/NZD analysis for October 15, 2015

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Overview:

Recently, EUR/NZD has been moving downwards. As we had expected, the price tested the level of 1.6580. In the daily time frame, we can observe a supply bar in a high volume. Our 6-day support level at 1.6845 (Fibonacci retracement 38.2%) got finally broken and we may see potential testing the level of 1.6280. Selling opportunities are preferable. On the H1 chart, we can observe weak demand around the level of 1.6675. I had placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860 (broken), Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7110

R2: 1.7195

R3: 1.7330

Support levels:

S1: 1.6835

S2: 1.6750

S3: 1.6615

Trading recommendations: Be careful when buying and watch for potential selling opportunities after retracement.

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Technical analysis of NZD/USD for October 15, 2015

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Overview:

  • The NZD/USD pair will continue moving straight from the price of 0.6770 (38.2% of Fibonacci retracement levels) on the daily chart. It has already formed a double bottom at the level of 0.6770; therefore, the kiwi is showing signs of strenght following the break of the highest levels of 0.6770 and 0.6825. So, it will be a good sign to buy above the level of 0.6825 with the first target of 0.6950 in order to retest the weekly resistance 1. If the trend breaks this strong resistance at the level of 0.6950, the pair will go further to 0.6983. The price of 0.6983 will act as strong resistance, it is going to be a good place to take profit this week. This level of taking profit will coincide with the last bullish wave. However, in case a reversal takes place and NZD/USD breaks through the support level of 0.6812, the market will lead to further decline to 0.6766 in order to indicate its bearish market in coming days.
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Technical analysis of EUR/JPY for October 15, 2015

General overview for 15/10/2015 10:50 CET

A green impulsive count has been invalidated due to wave (iv) and wave (i) overlaps and the count had been updated to incorporate recent changes. Currently, the wave development is getting more and more complex and time-consuming. The H4 time frame chart shows a possibility of another leg up if the overall corrective structure in wave D black progresses into a triple-three complex corrective structure. Nevertheless, any violation of the level at 133.40 will invalidate this scenario, and a downward wave progression will be more possible than upward.

Support/Resistance:

136.11 - Weekly Pivot

135.99 - Intraday Resistnace

135.28 - WS1

135.21 - Intraday Support

134.77 - 61% Fibo

Trading recommendations:

Day traders should consider opening sell orders from the level of 135.99 with SL above the level of 136.20 and TP at the level of 135.21.

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Global macro overview for 15/10/2015

Global macro overview for 15/10/2015:

The overnight data on the Australian labor market did not really change the overall job situation. Australia's unemployment remained steady at 6.2% last month, although the number of jobs fell by 5,100. While the unemployment rate is in line with market expectations, the employment numbers are bit disappointing as the market expected around 7,200 jobs to be created in September. This is the first drop since April this year; nevertheless, if the mortgage rates are hiked, this situation might spill over to the consumer spending and affect the labor market and finally slowly increase the unemployment rate in the nearest future.

The AUD/USD pair is currently trading just below the technical resistance at the level of 0.7384 after bouncing from the support at the level of 0.7198. The next resistance is seen at the level of 0.7438.

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Global macro overview for 15/10/2015

Global macro overview for 15/10/2015:

The US consumer price index data release is scheduled at 12:30 pm GMT today and it might spark another speculation regarding the Fed hike hopes. The market expects inflation to decrease further to the level of -0.2% m/m (-0.1% y/y) vs. the previous month reading of -0.1% m/m (0.2% y/y). The Fed is tying to convince financial markets that now is the time to raise the short-term interest rate, but so far the markets are not buying this. Moreover, yesterday's weak consumer spending data for September and downward revision for August acted as a double blow to the Fed, and currently the Fed Funds futures are pricing in only at a 32% chance of a rate hike this year.

The US Dollar index felt sharply below the golden trend line and is currently trading at the technical support at the level of 94.05. Next support is seen at the level of 93.07.

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Technical analysis of EUR/USD for October 15, 2015

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Overview:

  • The EUR/USD pair's resistance was broken and turned into support around the price of 1.1305 yesterday. The new support is coinciding with the ratio of 38.2% Fibonacci retracement levels. Therefore, the pair is going to form strong support at the that level. Moreover, after it failed to close below 50% Fibonacci retracement levels (1.1408), the pair started showing signs of a bullish market at this level (1.1408). Consequently, upside momentum is rather convincing and the structure of the fall does look not corrective to indicate the bearish opportunity above 1.1408. For that, it will be a good decision to buy above the price of 1.1408 with the first target of 1.1450 (the daily pivot point has set at the level of 1.1442) and it will call for an uptrend in order to continue with bullish movement towards 1.1481 for testing the ratio of 61.8% Fibonacci. However, the price has still been moving between 1.1480 and 1.1408.
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Technical analysis of USD/CAD for October 15, 2015

General overview for 15/10/2015 10:50 CET

The green impulsive count has been changed a little as there is still one last chance for the bullish impulsive reversal to the upside. The market is currently in the potential reversal zone, just above the golden trend-line support around the level of 1.2850. Any breakout below the golden trend line will likely result in a further price decline towards the level of 1.2550. On the other hand, any impulsive rebound will likely mean the termination of the wave (v) green of wave (c) blue. Higher prices should be seen soon.

Support/Resistnace:

1.2858 - Technical Support

1.2900 - Intraday Resistnace

1.2956 - Intraday Resistnace

1.2996 - Weekly Pivot

Trading recommendations:

Daytraders should consider opening buy orders at current market levels with tight SL (20-30 pips) and open TP for now.

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Daily analysis of Silver for October 15, 2015

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Overview

According to the H4 chart, silver price succeeded in breaching yesterday's horizontal resistance, whicn is observed on the chart. It aims to get a positive factor to reinforces the expectations of a rise during an upcoming period, waiting for a test at 16.30 followed by 16.85. Therefore, the bullish trend will remain valid and active on the intraday and short term basis if the price holds above 15.40. The EMA50 continues to provide the price with positive support.

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Daily analysis of GBP/JPY for October 15, 2015

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Overview

The H4 chart shows that price actions from 180.36 are viewed as a consolidation pattern. A break of 180.36 will extend a fall from 195.86 towards our targets 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 of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm 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 will be cautious as strong resistance at 199.80/200.00 ix expected to bring reversal finally.

Daily Pivots: (S1) 182.70; (P) 183.51; (R1) 184.71;

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USDX technical analysis for October 15, 2015

The US dollar index is moving in a bearish short-term trend but with increased chances of a bounce as we are trading near the lower channel boundary. The long-term trend remains neutral and a bullish flag is still valid.

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Blue lines - bearish channel

The US dollar index has broken the 61.8% Fibonacci retracement. This is not a good sign for the USDX bulls, but the price is very close to the lower channel boundary. This justifies an at least short-term bounce. Resistance is found at 94.55 and at 95.35.

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Red line -weekly resistance

Green line - weekly support

The weekly candle has entered the long-term Ichimoku cloud and this has changed trend to neutral. Bulls need to break above the Ichimoku cloud in order to regain control. The Ichimoku cloud resistance is found at 95.40. A weekly break above that level will be a clear bullish sign. Until then, we need to be patient as we could see a deeper correction towards the long-term 38% Fibonacci retracement at 92.20.

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Gold technical analysis for October 15, 2015

Gold price continued moving towards new highs yesterday confirming my expectations. The price is in a bullish trend heading towards $1,200 as I forecasted several days ago. Gold price is expected to make a pullback today, but I would remain bullish looking for an opportunity to take profits soon.

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Red lines - bullish channel

Gold price is trading above the Ichimoku cloud and above the tenkan- (red line indicator) and kijun-sen (yellow line indicator). Gold price may pull back today towards the lower channel boundary near $1,170 but an overall trend is likely to remain bullish.

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Black lines - broken triangle

The weekly chart remains bullish and Gold price is heading towards our target. The Ichimoku cloud at $1,200 is important weekly resistance and I expect the price to pause the rally at that area. I prefer to take profits once we reach the $1,195 plus or minus 5$.

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Daily analysis of major pairs for October 15, 2015

EUR/USD: The EUR/USD pair moved upwards by 280 pips since last week. The Bullish Confirmation Pattern in the chart is now particularly strong, and we may witness further northwards rally as the price goes above the resistance line at 1.1500.

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USD/CHF: The USD/CHF pair has been trending downwards since last week, and the price is now below the resistance level of 0.9500, exceeding the bearish target for the week. There is a possibility that the price would reach the support level at 0.9450 by the end of this week. In addition, some fundamental figures are expected today and they can have impact on the market.

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GBP/USD: After testing the accumulation territory of 1.5200, the GBP/USD pair skyrocketed by 280 pips. This is a strong movement, which is supposed to continue during this and next week; since the outlook (including some other GBP pairs) is bullish. The distribution territories at 1.5550 and 1.5600 are the next targets.

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USD/JPY: The USD/JPY pair seems to have finally gone out of the recent equilibrium phase as the price goes below the supply level at 119.00. The price is under the EMA 56 and the RSI period 14 is below the level of 50. However, the price needs to break below the demand level at 118.00 and remain below it. This week would determine whether that would happen.

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EUR/JPY: The EUR/JPY pair did not move seriously on Wednesday, though a 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, is expected to foil bearish attempts.

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Elliott wave analysis of EUR/NZD for October 15, 2015

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Wave Summary:

We clearly were a bit too early to call for a bottom at 1.6820. More downside room closer to our original target at 1.6781 is observed now. The question is whether the bottom is in place at the moment? Good news is that we are very close to a firm bottom for at least a sizable rally. However, as long as minor resistance at 1.6955 protects the upside, we could see a deeper decline in wave v, as wave v will be equal to wave i at 1.6544. Wave v has hit a downside target and could turn higher anytime soon.

Trading recommendation:

Our stop was hit for a loss. We will re-buy EUR at 1.6555 or upon a break above resistance at 1.6955 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for October 15, 2015

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Wave summary:

There is no changes in view here: we continue to expect a test of important resistance near 137.44 to take place soon. A break above the resistance-line will confirm a further rally towards 138.10 and 139.02 on the way higher to 141.00. As we begin to see the shape of a triangle, the big question is if the rally of the 126.05 low is a giant triangle. If it is, then it has to be an X-wave. This triangle should be resolved downside and ultimately a break below 126.05 is expected. It all depends on what will happen near the resistance line.

Trading recommendation:

We are long EUR from 135.10 and will move our stop higher to 135.90. If you are not long EUR yet, then wait to buy a break above resistance at 137.44 and use the same stop at 135.90.

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Technical analysis of EUR/USD for October 15, 2015

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When the European market opens, the economic news on the Spanish 10-y Bond Auction is due to be released. The US will publish economic data on Crude Oil Inventories, Natural Gas Storage, Philly Fed Manufacturing Index, Empire State Manufacturing Index, Unemployment Claims, Core CPI m/m, and CPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1530.

Strong Resistance:1.1523.

Original Resistance: 1.1512.

Inner Sell Area: 1.1501.

Target Inner Area: 1.1474.

Inner Buy Area: 1.1447.

Original Support: 1.1436.

Strong Support: 1.1425.

Breakout SELL Level: 1.1418.

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 15, 2015

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In Asia, Japan will release data on the Tertiary Industry Activity m/m and Revised Industrial Production m/m. The US is expected the economic news about Crude Oil Inventories, Natural Gas Storage, Philly Fed Manufacturing Index, Empire State Manufacturing Index, Unemployment Claims, Core CPI m/m, and CPI m/m. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 119.67.

Resistance. 2: 119.44.

Resistance. 1: 119.21.

Support. 1: 118.92.

Support. 2: 118.69.

Support. 3: 118.45.

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 15, 2015

The USDX is extending losses below the 200 SMA on the daily chart with a big bearish Japanese candlestick. This should mean the index could start moving across the support level of 93.16 to find a bottom in the mid-term. However, there is still a high risk of a rebound at current levels, with a target around the level of 95.26.

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On the H1 chart, the USDX is forming a lower low pattern, and the bearish bias is getting stronger. The next support is seen at the level of 93.73, where a breakout should happen towards the level of 93.26. Currently, we expect some corrective moves to take place.

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Daily chart's resistance levels: 94.36 / 95.26

Daily chart's support levels: 93.16 / 92.33

H1 chart's resistance levels: 94.15 / 94.61

H1 chart's support levels: 93.73 / 93.26

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 seen at 93.73, take profit is at 93.26, and stop loss is at 94.21.

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Daily analysis of GBP/USD for October 15, 2015

On the daily chart, GBP/USD is approaching dynamic resistance at the 200 SMA after gaining strong bullish momentum during Wednesday's session. For sure, this zone should offer some obstacle for buyers in the nearest term. However, our target remains around the level of 1.5589. The MACD indicator is seen at the positive territory.

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The pair is forming a higher high pattern above the support level of 1.5458 in the H1 chart in the wake of a rebound above the 200 SMA. That is why we want to keep following the bullish bias in the short term. Remember, the cable could start to perform deeper pullbacks in order to correct the rallies, which were made hours ago. The MACD indicator is reaching the overbought territory.

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Daily chart's resistance levels: 1.5589 / 1.5643

Daily chart's support levels: 1.5469 / 1.5381

H1 chart's resistance levels: 1.5506 / 1.5551

H1 chart's support levels: 1.5458 / 1.5411

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 1.5506, take profit is at 1.5551, and stop loss is at 1.5458.

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GBP/USD intraday technical levels and trading recommendations for October 14, 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 on October 6.

Conservative traders are advised to wait for a bullish pullback towards the price level of 1.5470 for a low-risk sell entry.This price level is being approached today. A price action should be watched for a valid short position.

Note that bearish persistence below the level of 1.5330 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 14, 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 offers a valid SELL position at retesting that is taking place 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 14, 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 around 1.5170 (recent weekly bottom and the origin of a previous bullish engulfing weekly candlestick) has provided significant bullish rejection this week.

Weekly persistence below the price level of 1.5350 (prominent weekly bottom) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders further bearish momentum giving time for more sideways consolidations which may extend up to the price levels of 1.5500 and 1.5550.

gbpusdaily.png

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, a bullish breakout above which is currently taking place as depicted on the chart.

The price zone of 1.5500-1.5550 remains a significant supply zone to be watched for valid sell entries.

Daily fixation below 1.5350 is needed to allow bearish movement to occur towards the level of 1.5150 (previous prominent weekly bottoms), then 1.4970 (weekly demand level).

Trading Recommendation:

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.

Risky traders can take a valid SELL entry at the price level of 1.5550 if the current bullish pullback continues pushing above the depicted Intraday supply level at 1.5350.

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Intraday technical levels and trading recommendations for EUR/USD for October 14, 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 (low probability).

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.

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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. It may offer another SELL entry if enough bearish rejection is expressed.

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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Technical analysis of USD/JPY for October 14, 2015

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USD/JPY is expected to trade with bearish bias as the pair continues sliding downwards. US indices closed lower on Tuesday pressured by shares in the pharmaceutical biotechnology and life sciences, transportation and semiconductor and semiconductor equipment sectors. The DJIA fell 49.97 points, or 0.3%, to 17,081.89. The S&P 500 slipped 13.77 points, or 0.7%, to 2,003.69, and the Nasdaq Composite declined 42.03 points, or 0.9%, to 4,796.61. US crude prices slipped 0.9% to $46.66 a barrel. Gold prices added 0.1% to $1,165.80 a troy ounce. The yield on the 10-year Treasury note fell down to 2.056%. On the economic data front, the US September small business optimism rose to 96.1 from 95.9 in August. The greenback advanced against currencies of emerging markets and commodity exporting countries as Chinese exports fell 3.7% in September from a year earlier, while imports fell 20.4% from a year earlier. The pair is capped by its descending 50-period intraday MA and remains under pressure below its key resistance at 119.90. The intraday RSI is below 50 and lacks upward momentum. The first target to the downside is therefore set at the horizontal support and overlap at 119. A break below this level would open the way to further weakness towards 118.80 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 119. A breakout of that target will move the pair further downwards to 118.80. The pivot point stands at 119.90. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 120.10 and the second target at 120.35.

Resistance levels:120.10 120.35 120.65

Support levels: 119 118.80 118.40

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Technical analysis of USD/CHF for October 14, 2015

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USD/CHF is expected to trade in a lower range. From the viewpoint of Chartist, the pair remains on the downside and under pressure below its key resistance at 0.9590. The intraday RSI is mixed to bearish. Moreover, the 20- and 50-period MAs play resistance roles, which should limit any upside room. To conclude, as long as 0.9590 is not surpassed, look for a continuation of the decline toward 0.9485 and 0.9455 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9485. A breakout of that target will move the pair further downwards to 0.9455. The pivot point stands at 0.9590. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9650 and the second target at 0.9690.

Resistance levels: 0.9650 0.9690 0.9730

Support levels: 0.9485 0.9455 0.94

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Technical analysis of NZD/USD for October 14, 2015

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NZD/USD is expected to trade in a higher range as it is supported by a rising trend line. The pair is well supported by a rising trend line since October 7 and remains on the upside. The intraday RSI is around 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited. Further upside is therefore expected with the next horizontal resistance and overlap set at 0.6810 at first. A break above this level would call for a further advance towards 0.6860 in extension.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6650 and the second target at 0.6680. In the alternative scenario, short positions are recommended with the first target at 0.6515 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6475. The pivot point is at 0.6550.

Resistance levels: 0.6810 0.6860 0.67 Support levels: 0.6660 0.6610 0.6560

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Technical analysis of GBP/JPY for October 14, 2015

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GBP/JPY is expected to trade with bullish bias. The pair broke above its previous resistance at 183, which has become a support now, and accelerated on the upside. The 50-period MA is ascending and playing a support role. The intraday RSI is above its neutrality level at 50 and lacks downward momentum. As long as 183 holds on the downside, look for a further upside to 184.40.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 184.40 and the second target at 184.85. In the alternative scenario, short positions are recommended with the first target at 182.30 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 181.80. The pivot point is at 183.

Resistance levels: 183.90 184.30 184.85

Support levels: 181.50 181.10 180.50

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