Technical analysis of NZD/USD for October 29, 2015

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NZD/USD is expected to trade with a bearish bias. Despite yesterday's technical rebound, the pair is still capped by its declining 50-period MA, and also remains under pressure below its key resistance at 0.6710. An intraday outlook is negative, as the RSI indicator stays weak below its neutrality area of 50. Hence, as long as 0.6740 holds on the upside, watch a new pullback towards 0.6615 and 0.6585.

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 0.6615. A breakout of that target will move the pair further downwards to 0.6585. The pivot point stands at 0.6710. 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 0.6740 and the second target at 0.6775.

Resistance levels: 0.6740 0.6775 0.6805 Support levels: 0.6615 0.6585 0.6520

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Technical analysis of GBP/JPY for October 29, 2015

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GBP/JPY is expected to trade with bullish bias as the bias remains positive. The pair rebounded sharply from 184 and is forming a bullish flag pattern now (not yet confirmed). The intraday RSI also rebounded from its overbought area and is around its neutrality level at 50 now. A support base has formed at 184, which should limit the downside potential. Above this level, the pair is likely to continue moving upside and challenge the previous top at 185.30. A break above this level would call for a further upside to 185.65.

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 185.30 and the second target at 185.65. In the alternative scenario, short positions are recommended with the first target at 183.60 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 183. The pivot point is at 184.

Resistance levels: 185.30 185.65 186

Support levels: 183.60 183 182.35

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Technical analysis of FTSE for October 29, 2015

Technical outlook and chart setups:

The FTSE is seen to be reversing lower from the Fibonacci 0.618 resistance level around 6,400/6,500 as depicted on the daily chart view. Please note that an intermediary trend-line resistance line is also followed and a bearish engulfing candlestick pattern is forming. This is enough evidence to confirm that the next big move is towards downside, at least 4,000 levels. It is hence recommended to initiate 50% short positions now with risk around the 6,500 levels. Immediate support is seen at 6268, followed by 6,050 and lower, while resistance is seen at 6,500 (interim), followed by 6,750 and higher.

Trading recommendations:

Remain short now, stop is at 6,500 levels, target is open.

Good luck!

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Technical analysis of GBP/JPY for October 29, 2015

Technical outlook and chart setups:

The GBP/JPY pair is trading around the mark of 184.56 at the moment looking to resume rally towards at least the 195.00 levels in the coming weeks. As depicted on the daily chart view here, the pair has been carefully following the one-year uptrend/support line and recently bounced around the 180.00 levels, holding the same line. It is therefore recommended to initiate long positions now with risk just below the 183.00 levels. Immediate support is seen at the 183.50 levels, followed by 182.00, 180.00 and lower, while resistance is seen at the 188.00 levels, followed by 195.00 and higher. Bulls are expected to remain in control until prices stay above 180.00 broadly.

Trading recommendations:

Remain long now, stop is below 183.00, target is open.

Good luck!

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Technical analysis of USD/CHF for October 29, 2015

Technical outlook and chart setups:

he USD/CHF pair seems to be preparing to produce a meaningful correction lower after hitting highs at 0.9950 today. Please note that the pair is producing a bearish evening star candlestick pattern on the H4 chart as depicted here, indicating a move lower. A breakout below at least 0.9825, would confirm a deeper correction. It is therefore recommended to initiate short positions with risk above 0.9950 levels, in an aggressive setup. Immediate support is seen through 0.9825 levels, followed by 0.9700 and lower, while resistance is seen at 0.9950.

Trading recommendations:

Remain short with stop above 0.9950 or remain flat and wait for further developments.

Good luck!

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Technical analysis of EUR/USD for October 29, 2015

Technical outlook and chart setups:

The EUR/USD pair might have just completed its first leg down formation, which had begun from 1.1480/90 earlier, around 1.0900 levels today. The pair seems to correct higher from current levels before it could resume its downtrend towards parity levels against the greenback. Please note that the pair is forming an bullish morning star candlestick pattern on the H4 chart at the moment. It is therefore recommended to build 50% long positions with risk below today's low in an aggressive trade setup. A more conservative way would be to remain flat and wait for further evidence of a counter trend rally. Immediate support is seen at 1.0900, while resistance is seen at 1.1100.

Trading recommendations:

Remain flat or aggressively long with stop below today's low.

Good luck!

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Technical analysis of USD/CAD for October 29, 2015

Technical outlook and chart setups:

The USD/CAD pair sharply fell from yesterdays' high of 1.3279 before pulling back. The pair is trading around the level of 1.3220 at the moment, with bears poised to pull it lower until prices remain below at least 1.3279. It is hence recommended to remain short from yesterday with risk at 1.3470. Immediate support is seen at 1.3037 followed by 1.2930 and lower, while resistance is seen at 1.3450.

Trading recommendations:

Remain short with stop at 1.3470, a target is open.

Good luck!

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Technical analysis of AUD/USD for October 29, 2015

Technical outlook and chart setups:

The AUD/USD pair has bounced right from the 0.7080 levels as expected and discussed yesterday. The upper level is Fibonacci convergence point as well, as shown here. A bullish reversal is appearing on the hourly chart, indicating that the next potential direction could be downward. It is therefore recommended to initiate at least 50% long positions with risk below 0.7000 levels. Immediate support is seen at the 0.7000 levels, followed by 0.6930, 0.69 and lower, while resistance is seen at the 0.7300 levels (interim), followed by 0.7375 and higher.

Trading recommendations:

Stay long for now, stop is at 0.7000, target is open.

Good luck!

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Technical analysis of US Dollar Index for October 29, 2015

Technical outlook and chart setups:

The US Dollar Index has taken a pause after hitting yet another high at the 97.75 mark yesterday. The index is producing a bearish evening star candlestick pattern on the H4 chart, indicating a potential 3 wave correction lower before the uptrend resumes. It is hence recommended to remain flat for now and let the index break below the 96.50 levels at least for now. Immediate support is seen at the 96.50 levels, followed by 95.00, 93.75 and lower, while resistance is seen at the 97.75 levels (interim), followed by 98.25 and higher.

Trading recommendations:

Remain flat for now and look to buy lower.

Good luck!

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Technical analysis of Crude for October 29, 2015

Technical outlook and chart setups:

Crude has reacted well at the Fibonacci 0.618 levels at the 42.50 levels yesterday by forming a huge engulfing bullish candlestick pattern on the daily chart. The commodity trades above the 45.50 levels at the moment, looking to hit yet another high before pulling back lower. Structurally, bulls shall remain poised and in control to push through the 56.00 levels in the coming sessions, till prices stay above 42.00 and subsequently above 38.00. It is hence recommended to remain long for now and also look to add further on intraday dips. Immediate support is seen at the 42.50 levels, followed by 41.70 and lower, while resistance is seen through the 48.00 levels, followed by 51.00 and higher.

Trading recommendations:

Remain long from yesterday, stop is at 39.00, target is 56.00.

Good luck!

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Gold analysis for October 29 , 2015

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Overview:

Since our last analysis, gold has been trading downward. The price tested the level of $1,152.13. The intraday and short-term trends changed from upward to downward. In the daily time frame, we can observe an strong supply 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 $1,152.13. Also, our strong support at the level of $1,162.00 now act like strong resistance. The price is below Ichimoku cloud in all frames from M1 to H4. Be careful when buying at this stage since we may expect a downward continuation. Only if the price breaks the level of $1,183.00, it will confirm absorption. Otherwise, watch only for selling opportunities.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,181.20

R2: 1,183.50

R3: 1,185.90

Support levels:

S1: 1,175.40

S2: 1,173.60

S3: 1,170.70

Trading recommendations: Be careful when buying gold at this stage and watch for potential selling opportunities.

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EUR/NZD analysis for October 29, 2015

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Overview:

Recently, EUR/NZD has been moving sideways around the level of 1.6450. In the daily time frame, we can observe a neutral bar. Our Fibonacci major retracement 50% held successfully and the price was rejected. An intraday trend is upward (the price is above Ichimoku cloud in the H1 and M30 charts), but the short- and mid-term trend is still downward (the price below Ichimoku cloud in a daily and H4 time frame). So, I would wait for a clear trend in both time frame. According to the H1 time frame, we can observe a volume spike (selling climax) after yesterday's news. We may see potential absorption, but only if the price breaks the level of 1.6510.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.6460

R2: 1.6520

R3: 1.6615

Support levels:

S1: 1.6265

S2: 1.6205

S3: 1.6105

Trading recommendations: Intraday buying opportunities are preferable, but the trend is neutral.

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Technical analysis of NZD/USD for October 29, 2015

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Overview:

  • The NZD/USD pair has been moving in a downtrend since yesterday. So, according to prior events, the NZD/USD pair has still been moving between the ratio of 50% Fibonacci retracement levels at the level of 0.6755 and 50% Fibonacci retracement at the level of 0.6565. Furthermore, the price opened below the ratio of 78.6% Fibonacci retracement levels (0.6755). Also, resistance is set at the levels of 0.6755/0.6700 today.Therefore, sell below the level of 0.6695 with the first target at 0.6625. It should be noticed that the minor support has already been set at the level of 0.6625. Moreover, in case a reversal takes place and the NZD/USD pair breaks through the support level of 0.6625, the market will make a decline to 0.6560 in order to indicate a correctional movement at this level. Meanwhile, the H4 chart presents strong support at 0.6565, which forms the double bottom.

Intraday technical levels:

  • Resistances: 0.6755 | 0.6818
  • Pivot point: 0.6670
  • Support: 0.6565 | 0.4688
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Global macro overview for 29/10/2015

Global macro overview for 29/10/2015:

The US GDP data is due to be released at 12:30pm GMT today being highly anticipated as the most important fundamental event today. After last quarter's strong gains, the market expects data to come out lower (1.6%q/q vs. 3.9% q/q; 2.7% y/y prior), but please remember this is "advance" data ( (seasonally adjusted annual rate), so the impact on the US dollar might be still high.

After yesterday's FOMC meeting minutes, the EUR/USD pair declined to the level of 1.0894, but managed to re-bound. It is currently is trading at the level of 1.0955. The next resistance is seen at the level of 1.0998.

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USDX technical analysis for October 29, 2015

The US dollar index broke above important resistance levels yesterday after the FOMC had announced its decision to maintain rates unchanged. The current price action is very bullish in the longer-term, but bulls could expect a short-term pullback.

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Red line - resistance (broken)

The US dollar index has broken above the important resistance at 97.25. However, a rise from 93.80 can be seen, so we expect a pullback towards 97 in a couple of days to back test the breakout area or even towards the 38% Fibonacci retracement.

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Red line - weekly resistance

Green line -weekly support

The US dollar index has broken above the weekly resistance trend line. The price is above the weekly cloud support. A long-term view has changed to bullish however we should be patient and see where this week's candle closes. With the US dollar index reaching a higher high, bulls are in control even if we make a pullback next week. Buy actions should be preferred with 94 as stop and targets of new highs.

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Technical analysis of GBP/USD for October 29, 2015

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Overview:

  • The first resistance level of GBP/USD pair will set at the level of 1.5375 and the second key level will set at the 1.5310 level today. Moreover, it should be noted that the level of 1.5310 is representing the minor resistance. Additionally, the 1.5242 level is going to act as a support in the H1 chart. Equally important, the price of the GBP/USD pair is still moving between 1.5310 and 1.5242. It should be noted that a range about 70 pips is expected in coming hours. Furthermore, the trend was very clear indicating downward direction from the double top at the level of 1.6920. As a result, sell at the level of 1.5310 with the first target at 1.5242, it might resume to 1.5172 in order to test the weekly support line. On the other hand, your stop loss should be placed above the level of 1.5375. It will be helpful to set it at the level of 1.5385 today.
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Gold technical analysis for October 29, 2015

Gold price made a fake breakout yesterday and a sharp reversal below $1,160. Prices reached $1,152 with volatility spiking. Gold price is in a corrective phase that can bring the precious metal back in the area of $1,140-20. A new up trend similar to the rise from $1,100 to $1,190 should then follow.

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Green rectangle - impulsive move

Blue rectangle - corrective area

Blue line - price projection

Gold price is trading below the Ichimoku cloud and near the 38% Fibonacci retracement. A trend is neutral as gold price is in a corrective phase as depicted in the chart. Once this phase is over, we should see the resumption of the up trend towards $1,200 and higher. Support is at $1,140-20 and we should start turning bullish again once the stochastic enters the oversold area.

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The weekly candle remains above the kijun-sen. A break below it will imply more downside should be expected at least towards the tenkan-sen.

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Global macro overview for 29/10/2015

Global macro overview for 29/10/2015:

After the yesterday's hawkish FOMC statements the odds for the December rate hike are back on the table with the probability of 49%. The difference between the September and October FOMC meetings is as follows:

- the Fed has increased the rate of household and business spending from moderate to solid

- the recent global economic and financial developments line was reduced and used as a summary of the events that the Fed will be monitoring

- the most important lie in statement: whether it will be appropriate to raise the target range at its next meeting

The market consensus was the Fed not rising the rates this year, so this remarks has send US Dollar to surge higher across the board as the probability of the next month rate hike is unexpectedly rising. The US Dollar index has been seen trading higher after the FOMC statement and currently is at the level of 97.40, a 70 pips higher than the recent technical support at the level of 96.71. The next resistance is seen at the level of 98.32.

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Technical analysis of EUR/JPY for October 29, 2015

General overview for 29/10/2015 09:50 CET

After recent developments, a triangle idea of wave B blue was abandoned and charts were updated. It looks like the corrective cycle is evolving a more complex

and time-consuming triple-three complex corrective pattern where wave Z black must be already completed. To complete this wave, the market needs to break below the level of 131.07. From that level, the re-bound and trend resumption is highly possible.

Support/Resistance:

131.28 - WS2

131.54 - 223%Fibo

131.58 - Intraday Support

132.28 - WS1

132.68 - Intraday Resistance

Trading recommendations:

Day traders should refrain from trading until the next trading setup will occur.

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Daily analysis of major pairs for October 29, 2015

EUR/USD: After moving sideways from Monday to Tuesday, this pair broke further downwards on Wednesday in a simple conjunction with the current bearish outlook. The great psychological level at 1.1000 has been overcome by bears as the price tested the support line at 1.0900, which could be broken to the downside in case the current selling pressure continues.

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USD/CHF: The USD/CHF has assumed its upward journey, which started last week. The price is now close to the resistance level of 0.9950, which could be breached to the upside, in case the fundamental figures that are expected today favor the ongoing bullish pressure in the market. The price has moved upwards by 170 pips this week, and this gain may continue for the rest of the week.

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GBP/USD: This currency trading instrument is moving downward slowly and gradually, partly owing to the weakness in EUR/USD (a pair with which the GBP/USD is positively correlated). There is a Bearish Confirmation Pattern on the chart: the EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50. Further movement to the south is therefore logically anticipated.

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USD/JPY: What happened on Wednesday underlines the ongoing bullish pressure in the market. The price formed a bullish engulfing candlestick pattern yesterday, thereby ending the recent bearish attempt in the market. The price is now above the demand level at 121.00, and it could reach the supply level at 121.50, which is the target for this week.

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EUR/JPY: The EUR/JPY cross traded further downwards on Wednesday, reinforcing the bearish bias in the market. The demand zone at 132.00 has been tested and it could be retested. It could even be breached to the downside as the price reaches another demand zone at 131.50. However, a bullish reversal could be experienced on Friday.

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Technical analysis of USD/CAD for October 29, 2015

General overview for 29/10/2015 09:00 CET

The updated labeling of the hourly chart suggests a possible continuation of the corrective cycle in the wave 4 purple instead of an impulsive wave progression to the upside. There is still a possibility of another higher high in the wave 5 purple, but the recent developments in lower time frames does not support this view. The current labeling will be invalidated if the level of 1.3276 is violated.

Support/Resistnace:

1.3316 - WR1

1.3276 - Local High

1.3223 - Intraday Resistance

1.3109 - Weekly Pivot

1.3089 - Intraday Support

Trading recommendations:

All buy orders should now be closed and day traders should refrain from trading until next trading setup occurs.

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Technical analysis of Silver for October 29, 2015

Technical outlook and chart setups:

Silver moved through $16.30/40 yesterday before pulling back lower again. The metal trades just below $16.00 at the moment and might be looking for an opportunity to produce a meaningful correction lower towards $15.00/20 before the rally could be resumed. It is hence recommended to remain flat and look for an opportunity to initiate fresh long positions a bit lower. Immediate support is seen at $15.40/50 followed by $15.00, $14.40, and lower, while resistance is seen at $16.50 followed by $17.50 and higher. Bulls are expected to remain under control until prices stay broadly above $14.00.

Trading recommendations:

Remain flat and buy lower around $15.00/20.

Good luck!

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Technical analysis of Gold for October 29 2015

Technical outlook and chart setups:

Gold has yet again dropped to its previous support of $1,160.00 after testing highs at $1,181.00. Please note that the yellow metal could still drop to its Fibonacci 0.618 support at $1,138.00/40.00 before moving towards the levels of $1,200.00 and $1,230.00. An uptrend, which began from $1,080.00, remains intact until prices stay above the levels of $1,100.00. It is recommended to remain flat and look for an opportunity to enter the lower levels. Immediate support is seen at $1,150.00, while resistance is seen at $1,200.00 followed by $1,230.00 and higher.

Trading recommendations:

Remain flat and go long around $1,130.00/40.00 with stop at $1,100.00.

Good luck!

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Technical analysis of EUR/JPY for October 29 2015

Technical outlook and chart setups:

The EUR/JPY pair seemed to reach a major low at 131.57 yesterday. Please note that the daily chart view presented here suggests that the pair has bounced off the fibonacci 0.618 support levels of the entire rally from the sub-level of 126.00 through 141.00 earlier. The low formed yesterday could be a major infliction point for the next potential rally through fresh swing highs. It is highly recommended to initiate fresh long positions now with risk around 131.40/50. Immediate support is seen at 131.00 followed by 129.00 and lower, while resistance is seen at 137.00 followed by 138.00/139.00 and higher.

Trading recommendations:

Initiate fresh long positions with stop at 131.40/50, a target is open.

Good luck!

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Technical analysis of GBP/CHF for October 28, 2015

Technical outlook and chart setups:

The GBP/CHF pair hit another high around 1.5180 yesterday before pulling back. Structurally, the pair has almost completed the first leg of its rally that had begun from mid 1.4500's earlier by clearly surpassing major resistance at 1.5120. The pair is now expected to produce a meaningful correction towards 1.4700/1.4800 from here. It is hence recommended to initiate 50% short positions now with risk above the level of 1.5230 as an aggressive trade strategy. Immediate support is seen at 1.5000, while resistance is seen at 1.5350 followed by 1.5400/10.

Trading recommendations:

Remain short with risk above the level of 1.5230.

Good luck!

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Elliott wave analysis of EUR/NZD for October 29, 2015

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Wave summary:

We saw a nice test of strong resistance near 1.6500 yesterday, but no break above this resistance was seen. We do however expected that a break above here will be seen soon for a move closer to 1.6950. That said we also have to be aware of the risk of a breakout below support at 1.6124, which is likely to extend the downside for a decline closer to 1.5882. This is not our preferred outcome, but if support at 1.6124 is broken that will become our preferred count.

Trading recommendation:

We are long EUR from 1.6390 with stop placed at 1.6180. If you are not long EUR yet, then wait a buy a break above 1.6515 for a rally closer to 1.6950.

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Elliott wave analysis of EUR/JPY for October 29, 2015

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Wave summary:

If we see a weekly close below 132.17, we can expect a breakout below the support-line at 94.12 and a return to 126.05 and lower to 119.90. Looking at the shorter time frame, a decline to 130.90 is in the cards to end red wave 1 and set the stage for a more substantial correction back to the area of 133.55 - 133.92 in red wave 2. That said we should be aware of the risk of an accelerating decline to 126.05 and lower.

Trading recommendation:

We took profit on our short position at 133.55. We will look for a new shorting opportunity in the coming sessions.

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Technical analysis of EUR/USD for October 29, 2015

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When the European market opens, some economic news on the Italian 10-y Bond Auction, German Unemployment Change, Spanish Flash CPI y/y, and German Prelim CPI m/m is due to be released. The US will unveil data on the Natural Gas Storage, Pending Home Sales m/m, Advance GDP Price Index q/q, Unemployment Claims, and Advance GDP q/q. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.0977.

Strong Resistance:1.0971.

Original Resistance: 1.0960.

Inner Sell Area: 1.0949.

Target Inner Area: 1.0924.

Inner Buy Area: 1.10899.

Original Support: 1.0888.

Strong Support: 1.0877.

Breakout sell Level: 1.0871.

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 29, 2015

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In Asia, Japan will release data on the Prelim Industrial Production m/m, and the US will publish economic news on the Natural Gas Storage, Pending Home Sales m/m, Advance GDP Price Index q/q, Unemployment Claims, and Advance GDP q/q. So, there is a strong probability that the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.98.

Resistance. 2: 120.74.

Resistance. 1: 120.51.

Support. 1: 120.21.

Support. 2: 119.98.

Support. 3: 119.74.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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Daily analysis of USDX for October 29, 2015

On the H1 chart, the USDX is trading with a very strong bullish bias after the FOMC meeting on Wednesday. Currently, we expect a pullback towards the support zone of 97.51, which is a part of a higher high pattern in the H1 chart. If a corrective move continues to go deeper, a test around the support level of 97.16 should be expected. The MACD indicator is still at the positive territory.

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H1 chart's resistance levels: 97.79 / 98.11

H1 chart's support levels: 97.51 / 97.16

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USDX breaks with a bullish candlestick; the resistance level is seen at 97.79, take profit is at 98.11, and stop loss is at 97.48.

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Daily analysis of GBP/USD for October 29, 2015

After the FOMC meeting, GBP/USD traded into a bearish bias below the 200 SMA at H1 chart, doing a consolidation that seems to break the support zone around the level of 1.5262. If the pair achieves in performing a move below that territory, we could expect a bottom around the level of 1.5219, because the bearish momentum is still favored by the technical indicators. The MACD remains at the negative territory.

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H1 chart's resistance levels: 1.5296 / 1.5339

H1 chart's support levels: 1.5262 / 1.5219

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is found at 1.5262, take profit is at 1.5219, and stop loss is at 1.5304.

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GBP/USD intraday technical levels and trading recommendations for October 28, 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 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 28, 2015

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Overview:

A bullish breakout above the zone of 1.2770-1.2800 was observed on July 15 (highlighted in pale pink).

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 enhanced the bullish side of the market.

The price level of 1.3270 (Fibonacci Expansion 100%) got exposed shortly after the USD/CAD bulls managed to push above the price level of 1.3100.

Yesterday, a valid SELL entry was suggested around the price level of 1.3270 (FE100%). It is already running in profits now.

A bearish breakdown of the recent support level at 1.3075 is mandatory to allow further bearish decline initially towards 1.2940.

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.

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

Intraday technical levels and trading recommendations for GBP/USD for October 28, 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 a bullish correction, which extended up to the levels of 1.5500 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:

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.

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