Technical analysis of Crude for October 27, 2015

Technical outlook and chart setups:

Crude rallied in an impulse (5 waves) manner from 38.00 to 50.00 earlier. Please note that the current drop is corrective (3 waves). It reached the Fibonacci 0.618 support level as depicted here. If this count is correct, the next rally could push crude prices to 56.00 and higher in coming sessions. It is hence recommended to initiate fresh long positions with risk at 38.00. Immediate support is seen at the levels of 41.75 followed by 38.50 and 38.00, while resistance is seen at 47.00 followed by 51.00/52.00.

Trading recommendations:

Initiate long positions now, stop is at 38.00, a target is open.

Good luck!

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Technical analysis of EUR/USD for October 27, 2015

Technical outlook and chart setups:

The EUR/USD is mostly unchanged from yesterday trading around the levels of 1.1040/50 levels at the moment. Please note that the pair might finish its first major leg down from 1.1495 to 1.1000 yesterday. A counter-trend rally could materialize soon towards at least 1.1140.50 and up to 1.1320 before it could resume a downswing. It is hence recommended to remain flat. An aggressive setup is to be long with risk below yesterday's lows. Immediate support is seen at 1.1000 (interim) followed by 1.0850 and lower, while resistance is seen at 1.1140/50 and higher.

Trading recommendations:

Remain flat and sell on counter-trend rallies.

Good luck!

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Technical analysis of GBP/USD for October 27, 2015

Technical outlook and chart setups:

The GBP/USD pair is seen to be unchanged from yesterday trading around 1.5325 now. The pair might reach a lower high of 1.5383, which is also the fibonacci 0.382 resistance, but still could be pushed through 1.5425 before reversing lower again. It is hence recommended to remain flat and look to re-enter shorts at higher levels. Immediate support is seen at 1.5200 levels, followed by 1.5100 and lower, while resistance is seen at 1.5500 followed by 1.5650 and higher respectively.

Trading recommendations:

Remain flat and look for an opportunity to sell around 1.5420 again.

Good luck!

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GBP/USD intraday technical levels and trading recommendations for October 27, 2015

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Overview:

Recently, strong bullish pressure was applied at 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, 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 were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

This sell position was triggered last week. T/P levels to be located at 1.5330, then 1.5150. S/L should be lowered to 1.5410 to offset some of associated risk.

Note that bearish persistence below the level of 1.5330 is needed for a further bearish decline towards the levels of 1.5100 and 1.5050. Otherwise, further bullish correction towards 1.5400 and 1.5450 should not be excluded.

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USD/CAD intraday technical levels and trading recommendations for October 27, 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 moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On Friday, daily closure above 1.3100 was achieved. This enhances the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) remains exposed as long as the USD/CAD bulls are pushing above 1.3100.

Around the price level of 1.3270 (FE100%), a valid SELL entry can be offered if enough bearish rejection is expressed on the H4 chart.

Trading recommendations:

Conservative traders should wait for 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.

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 27, 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 significant resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline enhancing 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 a reversal pattern.

In the short term, the nearest demand level is seen around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) provided the pair with significant bullish rejection two weeks ago.

It is expected to be visited again if persistence below the level of 1.5350 (previous weekly bottom) is maintained on a weekly basis.

On the other hand, consolidation above 1.5350 hinders further bearish movement giving time for bullish correction, which extended up to the levels of 1.5500 previously, during last week's consolidation.

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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, the 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.

The price zone of 1.5500-1.5550 remains a significant supply zone to offer valid sell entries. Yesterday, it offered one more valid sell entry, which is running in profits now.

A daily fixation below 1.5350 is currently needed to allow the current bearish movement to continue towards the levels of 1.5150 (previous prominent weekly bottoms) and 1.5000 (weekly demand level).

Trading Recommendation:

Risky traders were instructed to sell the GBP/USD pair in the zone around 1.5500-1.5530.

S/L should be lowered to 1.5360 to secure some profits. Remaining target levels are located at 1.5250 and 1.5160.

On the other hand, a low-risk buy entry can be offered around the weekly demand level of 1.5000 (if a bearish breakdown of both demand level of 1.5150 occurs soon). S/L should be placed below 1.4930.

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Technical analysis of USD/JPY for October 27, 2015

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USD/JPY is under pressure. US indices closed lower on Monday, undermined by shares in the technology hardware and equipment, energy as well as semiconductor and equipment sectors. The DJIA fell 23.65, or 0.1%, to 17,623.05. The S&P 500 slipped 3.97, or 0.2%, to 2,071.18, while the Nasdaq Composite gained 0.1% to 5,034.70. The yield on the 10-year Treasury note fell slightly to 2.058%. US crude oil lost 1.4% to $43.98 per barrel, while gold gained 0.3% to $1,167 a troy ounce. On the economic data front, US new homes sales slumped to the lowest level since November 2014. Sales dropped 11.5% to 468,000 seasonally adjusted and the prior two months were revised lower. The greenback slid broadly after disappointing housing data, and investors fixed profits on recent gains.The pair has reversed down and remains under pressure below its key resistance at 121.10. The 20-period intraday MA has just crossed below its 50-period one, which is also turning down. Meanwhile, the intraday RSI lacks upward momentum. The first target to the downside is therefore set at the horizontal support and overlap at 119.90. A break below this level would open the way to further weakness towards 119.55 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 119.90 and the second target at 119.55. In the alternative scenario, short positions are recommended with the first target at 121.50 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 121.90. The pivot point is at 121.10.

Resistance levels:121.50 121.90 122.30

Support levels: 119.90 119.55 119.20

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Technical analysis of USD/CHF for October 27, 2015

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USD/CHF is expected to trade in a higher range as bias remains bullish. Technically, the trend is still positive on an intraday basis. The intraday RSI stands firmly above its neutrality area at 50, and the 20- and 50-period MAs are heading upwards without showing any reversal signals. The pair is now expected to challenge its nearest horizontal resistance at 0.9785. Only the upside breakout of this threshold would open the path towards 0.9900.

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 0.99 and the second target at 0.9960. In the alternative scenario, short positions are recommended with the first target at 0.9740 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 0.9710. The pivot point is at 0.9785.

Resistance levels: 0.99 0.9965 0.9995

Support levels: 0.9740 0.9710 0.9650

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Intraday technical levels and trading recommendations for EUR/USD for October 27, 2015

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The pair moved lower after breaking below the 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 (June, July, August, and September) reflected the recent bearish rejection, which exists around the level of 1.1450 (depicted on the chart with small red arrows).

Hence, in the long term, a projected target will be still seen at 0.9450 if a bearish breakdown occurs at the monthly demand level of 1.0550.

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if the current monthly candlestick closes above 1.1465 (weekly high) by the end of this month (low probability).

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

On August 24, the market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement was expressed towards the level of 1.1150 (61.8% Fibonacci level), which provided evident bullish rejections for several times in a row.

Recently, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested.T/P levels located at 1.1150 and 1.1050 were all reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the price level of 1.1050 where the daily uptrend comes to meet the EUR/USD pair. Daily breakdown of the uptrend line has been executed on Friday.

The level of 1.1000 remains a significant demand level to be watched for a price action. Some bullish recovery was already observed during this week.

However, daily persistence below 1.1000 enhances the long-term bearish scenario with a projected target at 1.0600.

On the other hand, the price zone of 1.1100-1.1150 (backside of the broken uptrend line & 61.8% Fibonacci level) constitutes a significant supply level to be watched for valid sell entries for EUR/USD bears.

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Technical analysis of NZD/USD for October 27, 2015

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NZD/USD is expected to trade in a lower range as the key resistance is at 0.6820. According to a chartist view, the pair remains under pressure below its nearest resistance at 0.6820. The intraday RSI is mixed to bearish and has just broken below its neutrality area at 50. In this case, as long as 0.6820 is not surpassed, look for a likely decline to challenge 0.6735, and if it breaks out, look for further downside to 0.67 (a major horizontal support) 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 0.6735. A breakout of that target will move the pair further downwards to 0.67. The pivot point stands at 0.6820. 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 0.6865 and the second target at 0.69.

Resistance levels: 0.6865 0.69 0.6925 Support levels: 0.6735 0.67 0.6650

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Technical analysis of GBP/JPY for October 27, 2015

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GBP/JPY is expected to trade with a bearish bias. The pair is testing the key resistance level at 185.35 now. Intraday indicators are mixed calling for caution. The 20-period MA has just crossed above the 50-period one. The intraday RSI is above its neutrality level of 50 lacking downward momentum. Investors should watch 133.90 closely. As long as 185.35 is not broken, the pair is likely to consolidate towards 184.05. A breakout below this level would call for a further drop to 183.60.

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 184.05 and the second target at 183.60. In the alternative scenario, short positions are recommended with the first target at 185.65 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 186. The pivot point is at 185.35.

Resistance levels: 185.65 186 186.75

Support levels: 184.05 183.60 183

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Technical analysis of Silver for October 27 2015

Technical outlook and chart setups:

Silver has remained unchanged from yesterday trading flat around the $15.85 levels at the moment. Please note that the metal is facing resistance around the 50-day moving average for now. A push lower could see $15.30 in the coming sessions. It is hence recommended to remain flat or aggressive setup would be to short with risk at the $16.40 levels. Immediate support is seen at the $15.50 levels (interim), followed by $15.30 (Fibonacci 0.50), $15.00 and lower, while resistance is seen at the $16.10 levels (interim), followed by $16.40/50, $17.50 and higher.

Trading recommendations:

Remain flat for now, look to enter long at the $15.00/30 levels again.

Good luck!

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Technical analysis of Gold for October 27 2015

Technical outlook and chart setups:

Gold is seen to be trading in a very tight range since last 2-3 trading sessions between $1,162.00 and $1,170.00 as seen here. The yellow metal still has a potential to drop lower towards the $1,137.00/40.00 levels before turning bullish again. It is hence recommended to remain flat for now and look to buy lower again. Immediate support is seen at the $1,150.00 levels, followed by $1,137.00, $1,100.00 and lower, while resistance is seen at the $1,180.00 levels, followed by $1,190.00, $1,230.00 and higher.

Trading recommendations:

Remain flat for now, and look to buy lower around the $1,140.00 levels.

Good luck!

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Technical analysis of EUR/JPY for October 27 2015

Technical outlook and chart setups:

The EUR/JPY hit another intraday low of 132.90 before pulling back higher. The pair is trading around the level of 133.05 at the moment looking for an opportunity to make a counter trend rally. It is therefore recommended to remain flat or initiate 50% long positions with risk at 132.90. Immediate support is seen at the level of 132.90 (interim) followed by 132.25 and lower, while resistance is seen at 133.90 followed by 134.80, 136.40/50, and higher. Please note that the pair needs to move above at least 136.00 to turn bullish.

Trading recommendations:

Remain flat or long with stop at 132.90, a target is at 135.00. Then reverse.

Good luck!

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Technical analysis of GBP/CHF for October 27 2015

Technical outlook and chart setups:

The GBP/CHF pair has almost taken out initial resistance at the 1.5120 levels as expected and discussed earlier. The pair has also broken out of the interim resistance trend line as seen here, which would provide support on a retracement. The pair can now produce a meaningful retracement towards at least 1.4800 in the coming sessions. It is hence recommended to remain flat for now and look to buy at lower levels. Immediate support is seen at the 1.4920 levels, followed by 1.4750 and lower, while resistance is seen at the 1.5120 levels, followed by 1.5350, 1,5400/10 and higher.

Trading recommendations:

Remain flat for now and look to buy lower.

Good luck!

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Technical analysis of NZDUSD for October 27, 2015

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Overview:

  • The resistance is seen at the level of 0.6836. Also, it should be noted that the level of 0.6724 represents strong support. Consequently, descending movement will probably be lower than the lower than the level of 0.6836 with targets at 0.6757 and 0.6724. On the contrary, the support has been already found at 0.6724 and the double bottom is formed at 0.6697. Furthermore, it looks very profitable to buy above this level to retest it in the short term. Therefore, buy deals are recommended above the level of 0.6697 with targets at 0.6801 and 0.6835 to reach peak price today.

Notes:

  • The major resistance is seen at the level of 0.6836.
  • The minor support is found at 0.6757. But the major support had been already found at 0.6724.
  • We expect a new range of about 112 pips (0.6836 - 0.6724) in coming two days.
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Technical analysis of USD/CHF for October 27, 2015

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Overview:

  • The USD/CHF pair has found strong support at the level of 0.9769 and resistance is seen at 0.9900 today. Equally important, the price has still been trading around the key level at 0.9842 (the double top) since yesterday. Moreover, the USD/CHF pair is trying to break the ratio of 100% of Fibonacci retracement levels in the H4 chart. The RSI calls for an uptrend. As a result, the price has already formed the strong level at the spot of 0.9842. Now, it is approaching it in order to break it to continue moving towards the next objective target around the area of 0.9900. Therefore, the USD/CHF pair is expected to gain upside rather convincing momentum and the structure of a rise does not look corrective. To indicating a bullish opportunity above 0.9842, buy above 0.9842 with the first target at 0.9900 to form a new double top.

Observations:

  • The daily pivot point will set at the level of 0.9825.
  • The level of 0.9825 will call for an uptrend to continue its bullish movement towards 0.9900.
  • We expect a range between 0.9825 and 0.9900.
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Global macro overview for 27/10/2015

Global macro overview for 27/10/2015:

The US Durable Goods Orders data is due to be released today at 12:30 pm GMT. The markets expects a slight improvement from last month number of -2.0% to -1.1% this month. It is unlikely that even worse-than-expected data might influence markets heavily ahead of tomorrow's FOMC meeting and rate decision, nevertheless they are a good indicator of current activity and growth expectations. Keeping in mind that the Fed policymakers are data depended group, the news will be closely watched by market participants.

The US dollar index rebounded last week above the 50,100 and 200 DMA. Currently, it is trading just above the technical support at the level of 96.71. The next resistance is seen at the level of 98.35.

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Global macro overview for 27/10/2015

Global macro overview for 27/10/2015:

Worse-than-expected data from the United Kingdom had been released this morning. The Preliminary GDP came out below the expectations (0.5% q/q; 2.3% y/y versus 0.6% q/q; 2.4% y/y and 0.7% q/q; 2.4% y/y prior). Nevertheless, with wages growing up at a rapid pace, the economy might be advancing despite occasional small headwinds.

Following the data release, the GBP/USD technical picture suggested further weakening in this pair despite the fact that it had found important daily support at the level of 1.5299. Any breakout below the golden trend line would mean bears are in control again.

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Daily analysis of major pairs for October 27, 2015

EUR/USD: This market, which plunged massively last week, is still in a bearish mode. A Bearish Confirmation Pattern is valid and it cannot be rendered ineffectual unless the price rises above the resistance line of 1.1200. Right now, any attempts to rally in the market could be seen as good opportunities to go short.

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USD/CHF: This pair remains in a strong bullish mode, without any signs of retracement. This week's targets is seen at the resistance levels of 0.9850 and 0.9900, remain valid. Although, strong continual buying pressure is needed for the resistance level to be attained, the outlook is upbeat here.

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GBP/USD: This currency trading instrument still has the recent "sell" signal on it, though the price is yet to make a directional movement. There are accumulation territories around 1.5300 and 1.5250; plus there are distribution territories at 1.5400 and 1.5450. The price is expected to go above the distribution territories or below the accumulation territories this week.

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USD/JPY: The USD/JPY pair, which traded strongly northwards last week, corrected lower this week. The price came down by 110 pips, but the bias is still bullish. The bullish bias would remain valid as long as the demand level of 119.50 is not breached to the downside.

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EUR/JPY: This cross has continued its modarate bearish journey. The bearish bias is supposed to continue, owing to the current weakness in the EUR and the stamina in the JPY. For this bias to be reversed, the EUR would need to become stronger than the JPY, which might not be possible this week.

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USDX technical analysis for October 27, 2015

The US dollar index got rejected as I had expected and mentioned in yesterday's analysis. It reached a very important resistance level. The pullback could continue today and even tomorrow as the Fed might keep rates unchanged and the greenback might become weaker.

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Red line - resistance

The US dollar index hit the resistance trend line and got rejected. The price is pulling back and we could see it testing the Ichimoku cloud. The thin cloud is not a good sign for bulls. Usually, when a thin cloud is seen, prices move towards it.

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Red line -weekly resistance

Green line - weekly support

The weekly chart shows us how the weekly candle got rejected initially at the red trend-line resistance. We could see a pullback towards the cloud support at 95.70. The bullish flag pattern remains valid and we are waiting for a breakout. The long-term trend remains neutral as long as the price remains inside the trading range.

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Gold technical analysis for October 27, 2015

Gold price remains inside the short-term bearish channel. A short-term trend is neutral. The price remains above short-term support but there is no clear direction in the nearest term. The level of $1,200 is still a feasible target if bulls manage to break above $1,180.

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Red lines - bearish channel

Gold is trading inside the 4 hour Ichimoku cloud and inside the bearish channel. The price is trading just above the 38% Fibonacci retracement, but also below the short-term resistance level at $1,180.

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The weekly chart remains above weekly kijun-sen support and still has chances to move closer to $1,200 in order to reach a new short-term higher high. As long as the weekly close is above $1,156, I would remain bullish in the short-term targeting new highs around $1,200.The material has been provided by InstaForex Company - www.instaforex.com

Gold analysis for October 27, 2015

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Overview:

Since our last analysis, gold has been trading sideways around the level of $1,164.00. The short- and mid-term trend changed from upward to neutral. In the daily time frame, we can observe a neutral bar in a high volume. In the H1 time frame, we can observe a volume spike (massive selling climax) in the background at the level of $1,158.75. Be careful when selling at this stage since we may expect buyers' reaction. Only if the price breaks the level of $1,158.75, we may see a downward continuation.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,169.30

R2: 1,170.80

R3: 1,173.15

Support levels:

S1: 1,164.50

S2: 1,163.10

S3: 1,160.75

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities. Anyway, the trend is neutral and I am waiting for a clear trend to establish.

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EUR/NZD analysis for October 27, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6300. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. Anyway, we can observe a strong resistance-cluster around the level of 1.6350 and buying EUR/NZD at this stage looks risky. The trend is downward and my advice is to watch for potential selling opportunities. The support level is found at 1.6150.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6330

R2: 1.6360

R3: 1.6400

Support levels:

S1: 1.6245

S2: 1.6220

S3: 1.6175

Trading recommendations: Be careful when buying at this stage. Selling positions are preferable.

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Elliott wave analysis of EUR/NZD for October 27, 2015

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Wave summary:

We are still looking for signs of a bottom being in place. As long as minor resistance is seen at 1.6390, we must accept a possibility of one more decline closer to 1.5882. A break above minor resistance at 1.6390 will be the first indication that the bottom is in place, while a break above more important resistance at 1.6546 will be bullish for a rally to 1.6950 and only above here will confirm the bottom.

Trading recommendation:

We will buy EUR at 1.6080 or upon a break above 1.6390 (one order done cancels the other).

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Elliott wave analysis of EUR/JPY for October 27, 2015

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Wave summary:

We have seen a low at 133.08 (just 10 pips above the ideal downside target at 132.98). After a minor flat consolidation in wave iv more downside towards 132.17 is expected. Wave iv could already be over at 133.92, but we need a direct break below the low at 133.08 to confirm that. As long as support at 133.08 protects the downside, more sideways consolidation must be accepted.

Trading recommendation:

We are short EUR from 135.95 with stop placed at 134.30. We will move our take profit to 132.25. If you are not long EUR yet, then sell near 133.92 with stop placed at 134.30.

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Technical analysis of USD/CAD for October 27, 2015

General overview for 27/10/2015 07:10 CET

Not much has changed since yesterday from the technical point of view as the market consolidates the current gains. The weekly pivot at the level of 1.3109 had provided the support so far and now the market might try to challenge the intraday resistance at the level of 1.3197.

Support/Resistnace:

1.2812 - WS2

1.2858 - Technical Support

1.3019 - WS1

1.3044 - Intraday Support

1.3109 - Weekly Pivot

1.3197 - Intraday Resistance

1.3316 - WR1

Trading recommendations:

Day traders should consider buying on dips in this market, with SL below the level of 1.3044 and TP above 1.3197.

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Technical analysis of EUR/JPY for October 27, 2015

General overview for 27/10/2015: 07:00 CET

In a larger time frame, the current wave development suggests a completed ABCDE triangle pattern in wave B blue. To validate this pattern, the market must rebound impulsively from the current levels and gain more upward momentum to break above the golden trend line. Any violation of the level at 132.21 will invalidate the triangle scenario.

Support/Resistnace:

133.65 - Intraday Support

134.25 - Intraday Resistance

134.31 - Weekly Pivot

135.24 - WR1

Trading recommendations:

Day traders should consider buying on dips in this market, with SL below the level of 133.13 and TP at the level of 134.25.

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Technical analysis of EUR/USD for October 27, 2015

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When the European market opens, economic news on Private Loans y/y and M3 Money Supply y/y is due to be released. The US will publish data about the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, and Core Durable Goods Orders m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1111.

Strong Resistance:1.1105.

Original Resistance: 1.1094.

Inner Sell Area: 1.1083.

Target Inner Area: 1.1057.

Inner Buy Area: 1.1031.

Original Support: 1.1020.

Strong Support: 1.1009.

Breakout SELL Level: 1.1003.

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

Technical analysis of USD/JPY for October 27, 2015

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In Asia, Japan will release data on the SPPI y/y. The US will publish economic data on the Richmond Manufacturing Index, CB Consumer Confidence, Flash Services PMI, S&P/CS Composite-20 HPI y/y, Durable Goods Orders m/m, and Core Durable Goods Orders 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: 121.38.

Resistance. 2: 121.14.

Resistance. 1: 120.91.

Support. 1: 120.61.

Support. 2: 120.38.

Support. 3: 120.14.

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

Daily analysis of USDX for October 27, 2015

On the H1 chart, the USDX is currently trading slowly and waiting for the FOMC meeting. However, if a corrective move continues to push the pair lower, then we can expect a test around the level of 96.56 on a short-term basis. The MACD indicator remains at the negative territory, and that's why we recommend to be caution when adding long orders at the current stage.

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H1 chart's resistance levels: 97.16 / 97.51

H1 chart's support levels: 96.85 / 96.56

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is seen at 97.16, take profit is at 97.51, and stop loss is at 96.81.

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

Daily analysis of GBP/USD for October 27, 2015

In the short term, a bullish move is expected above the support level of 1.5309 and a test of the 200 SMA in the H1 chart. When the GBP/USD pair tries to perfom a consolidation above the moving average. It is possible to see a rally towards the psychological level of 1.5500. In another scenario, a pullback at the current stage will push the cable lower until the support zone of 1.5306. The MACD indicator is entering the neutral territory.

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H1 chart's resistance levels: 1.5374 / 1.5412

H1 chart's support levels: 1.5339 / 1.5306

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 1.5374, take profit is at 1.5412, and stop loss is at 1.5337.

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

GBP/USD intraday technical levels and trading recommendations for October 26, 2015

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Overview:

Recently, strong bullish pressure was applied at 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, 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 were advised to wait for a bullish pullback towards the level of 1.5480 for a low-risk sell entry.

This sell position was triggered last week. T/P levels to be located at 1.5330, then 1.5150. S/L should be lowered to 1.5450 to offset some of the associated risk.

Note that bearish persistence below the level of 1.5330 is needed for a further bearish decline towards the levels of 1.5100 and 1.5050. Otherwise, further bullish correction towards 1.5400 and 1.5450 should not be excluded.

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

USD/CAD intraday technical levels and trading recommendations for October 26, 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 moved further above the resistance level, which was bypassed on September 23.

A significant bearish rejection was observed around 1.3450 where 141.4% Fibonacci Expansion was roughly located.

Later on October 1, bearish persistence below 1.3270 (Fibonacci Expansion 100%) was expressed. This applied enough bearish pressure to expose the next support levels around 1.2910 and 1.2750 where long-term buy entries were suggested.

On Friday, daily closure above 1.3100 was achieved. This enhances the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) remains exposed as long as the USD/CAD bulls are pushing above 1.3100.

Trading recommendations:

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

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

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

Intraday technical levels and trading recommendations for GBP/USD for October 26, 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 significant resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline enhancing 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 a reversal pattern.

In the short term, the nearest demand level around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) provided significant bullish rejection to the pair two weeks ago.

It is expected to be visited again if persistence below the level of 1.5350 (previous weekly bottom) is achieved on a weekly basis.

On the other hand, consolidation above 1.5350 hinders further bearish movement giving time for bullish correction, which extended up to the levels of 1.5500 previously, during last week's consolidation.

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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, the 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.

The price zone of 1.5500-1.5550 remains a significant supply zone to offer valid sell entries. Yesterday, it offered one more valid sell entry, which is running in profits now.

A daily fixation below 1.5350 is currently needed to allow the current bearish movement to continue moving towards the levels of 1.5150 (previous prominent weekly bottoms) and 1.5000 (weekly demand level).

Trading Recommendation:

Risky traders were instructed to sell the GBP/USD pair in the zone around 1.5500-1.5530.

S/L should be lowered to 1.5400 to secure some profits. Remaining target levels are located at 1.5250 and 1.5160.

On the other hand, a low-risk buy entry can be offered around the weekly demand level at 1.5000 (if a bearish breakdown of both demand level 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 26, 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 (June, July, August, and September) reflected the recent bearish rejection, which exists around the level of 1.1450 (depicted on the chart with small red arrows).

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

On the other hand, a bullish corrective movement towards 1.1500 and 1.1700 can take place only if the current monthly candlestick closes above 1.1465 (weekly high) by the end of this month (low probability).

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Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to a 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 providing evident bullish rejections several times in a row.

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 and 1.1050 were all reached.

As anticipated, daily persistence below the level of 1.1150 (61.8% Fibonacci level) exposed the price level of 1.1050 where the daily uptrend comes to meet the EUR/USD pair. Daily breakdown of the uptrend line has been executed on Friday.

The price level of 1.1000 remains a significant demand level to be watched for a price action. Some bullish recovery is being expressed during today's consolidation.

However, daily persistence below 1.1000 enhances the long-term bearish scenario with a projected target at 1.0600.

On the other hand, the price level of 1.1150 (61.8% Fibonacci) now constitutes a significant supply level to be watched for valid SELL entries.

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