USD/CAD intraday technical levels and trading recommendations for October 10, 2016

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On May 16, a bullish pullback towards 1.3000 (61.8% Fibonacci level) was expected to offer a valid signal to sell the USD/CAD pair. However, a lack of a significant bearish rejection was manifested during recent consolidations.

On May 18, temporary bullish fixation above 1.3000 (61.8% Fibonacci level) opened the way towards the 1.3180 level where significant bearish pressure was originated.

Bearish persistence below 1.3000-1.2970 (61.8% Fibonacci level) is needed to enhance bearish momentum in the market.

However, on August 18 signs of bullish recovery were manifested around the price level of 1.2830 which led to the current bullish breakout above 1.3000.

This week, daily persistence below 1.2950 (61.8% Fibonacci level) should be achieved in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.

On the other hand, note that daily fixation above 1.3000 (61.8% Fibonacci level) opens the way towards the price level of 1.3300 (50% Fibonacci level) where price action should be watched for a better SELL entry with a lower risk/reward ratio.

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NZD/USD Intraday technical levels and trading recommendations for October 10, 2016

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Bullish persistence above 0.6550 (depicted support) was necessary to keep the price moving towards higher bullish targets.

In February and March, signs of bearish rejection (triple-top reversal pattern) were expressed around the price level of 0.6750 until April when a bullish breakout above 0.6750 and 0.6860 was executed.

Later on May 6, daily candlestick closure below the 0.6850 level enhanced a quick bearish movement towards 0.6750 where bullish rejection was expected to be applied. However, obvious bearish closure below 0.6750 was achieved on May 24.

On May 30, obvious bullish rejection was expressed around the price level of 0.6675 (lower limit of the depicted channel). That is why, the recent bullish breakout is taking place above 0.6860.

As long as the NZD/USD pair kept trading above 0.6860, further bullish advance was expected towards the upper limit of the depicted channel around 0.7400.

On July 12, the price zone of 0.7350 - 0.7400 (upper limit of the depicted channel) enhanced a quick bearish decline towards the price levels of 0.6960 where the current bullish swing was initiated.

Recently, the price zone between 0.7470-0.7500 has been corresponding to the upper limit of the depicted movement channel where bearish rejection and a valid SELL entry were expressed a month ago.

S/L should be lowered to 0.7200 to secure some profits. T/P levels should be located at 0.7160 and 0.7060.

On the other hand, the price zone between 0.6960-0.6860 constitutes a significant support zone to be watched for a valid BUY entry when the current bearish swing extends below 0.7100.

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Intraday technical levels and trading recommendations for GBP/USD for October 10, 2016

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The price zone between 1.3845 and 1.3550 (Historical bottoms in January 2009) was considered a significant demand zone to be watched for bullish recovery.

However, by the end of June, a significant bearish breakdown below 1.3550 was expressed as seen on the depicted charts (Fundamental Reasons).

Bearish persistence below the demand level at 1.3550 enhanced the bearish scenario towards the current price levels around 1.2700 (nearest bearish projection target).

Note that the GBP/USD pair was trapped inside the depicted consolidation range above 1.2700 until bearish breakout took place on October 6.

Daily persistence below 1.2700 confirms a bearish Flag pattern.

Bearish projection target would be located around 1.2020 if enough bearish pressure is maintained below 1.2700.

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Intraday technical levels and trading recommendations for EUR/USD for October 10, 2016

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In January 2015, the EUR/USD pair moved below the major demand levels near 1.2100 where historical bottoms were previously set in July 2012 and June 2010. Hence, a long-term bearish target was projected towards 0.9450.

In March 2015, the EUR/USD bears challenged the next monthly demand level around 1.0570, which had been previously reached in August 1997.

Later in April 2015, a strong bullish recovery was observed around the mentioned demand level. However, next monthly candlesticks (September, October, and November) reflected a strong bearish rejection around the area of 1.1400-1.1500.

Again In February 2016, the depicted price levels around 1.1400-1.1500 acted as a significant supply zone during the bullish pullback.

That is why, recent bearish rejection was expected around the current price levels (note the monthly candlesticks of May, June and August).

In the long term, the level of 0.9450 will remain a projected bearish target if the current monthly candlestick comes to close below the depicted monthly demand level of 1.0570.

On the other hand, note that a monthly candlestick closure above 1.1400 invalidates this bearish outlook on an intermediate-term basis (low probability).

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The long-term outlook for the EUR/USD pair remains bearish as the monthly chart illustrates. Bearish fixation below 1.1000 is needed to enhance this bearish scenario.

On July 27, the EUR/USD pushed above the price zone of 1.1000-1.0950 (previous consolidation range). Hence, further bullish advance towards 1.1250 was executed.

Temporary bullish breakout was expressed above the price zone of 1.1250 (supply level 1). However, significant bearish rejection was seen on August 26.

On September 6, evident bullish recovery and a temporary bullish breakout above 1.1250 were expressed again, but evident bearish pressure was expressed on the EUR/USD pair on September 16.

The recent Bearish closure below 1.1250 (Supply level 1) should be defended to maintain enough bearish pressure and enhance the bearish side in the market again. Initial bearish targets should be located at 1.1050 and 1.0990.

On the other hand, a daily candlestick closure above 1.1250 (Supply level 1) allows bullish advance towards 1.1400 (Supply level 2) where a better SELL entry can be offered (Low Probability).

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Gold analysis for October 10, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,264.15. According to the 30M time frame, I found rejection from a point of control at the price of $1,265.00, which is a sign that sellers are in control. The short-term trend is downward and my advice is to watch for selling oportunities. The downward target is set at the price of $1,242.40.

Fibonacci pivot points:

Resistance levels:

R1: 1,263.45

R2: 1,264.65

R3: 1,266.65

Support levels:

S1: 1,259.00

S2: 1,258.25

S3: 1,256.30

Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,242.40.

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Technical analysis of NZD/CAD for October 10, 2016

NZD/CAD rejected 50% Fibs (0.9506) and 200-Moving Average, suggesting that a downtrend is about to continue. Today the pair broke below the 50-Moving Average which could be a trigger for sellers to get into the short positions.

Based on our previous analysis, consider holding short positions from 0.9500, targeting either 23.6% (0.9410) or 0% Fibs (0.9327). The stop loss can be placed just above this week high - 0.9530.

Support: 0.9411, 0.9327

Resistance: 0.9464, 0.9506, 0.9548

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Technical analysis of AUD/CHF for October 10, 2016

AUD/CHF has been trading between two moving averages 50 and 200 but today it closed above both of them suggesting the continuation of an uptrend.

The nearest resistance remains at 38.2% Fibs (0.7473) which is very likely to be tested. However, only a breakout above this resistance could provide further growth. At this point consider buying to target 0.7473 level and if broken 0.7526 and 0.7612. The stop loss should be just below 61.8% Fibs (0.7387)

Support: 0.7387, 0.7430

Resistance: 0.7473, 0.7526, 0.7612

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EUR/NZD analysis for October 10, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5635. On the 30M time frame, I found a trading range between the price of 1.5520 (support) and the price of 1.5680 (resistance). According to the daily time frame, EUR/NZD is in an upward trend. The pair is trading above the 21 SMA and 50SMA, which is a sign that buyers are in control in the short term. Watch for buying opportunities above the price of 1.5680. An upward target is set at the price of 1.5820.

Fibonacci Pivot Points: Resistance levels

R1: 1.5670

R2: 1.5705

R3: 1.5765

Support levels:

S1: 1.5550

S2: 1.5510

S3: 1.5450

Trading recommendations for today: Watch for selling opportunities if the price breaks the level fo 1.5680.

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Silver Technical Analysis for October 10, 2016.

Technical outlook and chart setups:

Silver is expected to find interim resistance at $18.00/10 levels as depicted here. The metal is seen to be trading at $17.75 level for now, looking to stage a counter trend rally towards $18.70/19.00 levels. The wave structure also indicates that the metal is into its wave C drop, within the 3 wave A-B-C that began from $21.10 level earlier. The metal is later expected to form a base around $16.50/60 levels which is also the fibonacci 0.618 support of the entire rally between $13.70 and $21.10 levels respectively. It is recommended to remain flat for now and look for opportunities to short again on rallies. Immediate resistance is seen at $18.70/19.60 levels, while support is at $17.00 levels respectively.

Trading recommendations:

Remain flat for now.

Good luck!

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Gold Technical Analysis for October 10, 2016.

Technical outlook and chart setups:

Gold seems to have initiated its much awaited counter trend rally on Friday. The metal has bottomed out at $1,240.00/41.00 levels and rallied through $1,265.00 levels after that. It is expected to drop lower in a corrective manner towards $1,250.00/51.00 levels before extending its correction towards $1,300.00/10.00 levels going forward. The wave structure indicates that the counter trend rally is expected to terminate around the past support turned resistance zone at $1,310.00, which is Fibonacci 0.50% of the entire drop between $1,375.00 and $1,240.00 levels as depicted here. It is recommended to remain flat now and look for selling opportunities around $1,290.00/92.00 levels again, while aggressive traders should wait to go long with risk below $1,240.00. Immediate resistance is now seen at $1,305.00/10.00 levels, while support lies at $1,240.00 levels.

Trading recommendations:

Remain flat for now. Aggressive traders are long now with stop at $1,240.00 levels, targeting $1,310.00.

Good luck!

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Global macro overview for 10/10/2016

Global macro overview for 10/10/2016

The Organization of the Petroleum Exporting Countries (OPEC) is preparing to meet with non-OPEC members like Russia, Brazil, Kazakhstan, Azerbaijan, Mexico, and Oman next week in Istanbul. According to Russian minister of Energy Alexanded Novak, the meeting would be just for "consultations", so an official agreement is unlikely. Nevertheless, the Russian Federation will consider a proposal from the OPEC oil producers' group to cut output if such a proposal is made, but would prefer to freeze production, added Novak at a press conference on Monday. In conclusion, the agreement on cutting the oil production output has not been reached yet despite the global supply glut.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. After the series of lower highs had been violated, bulls are in control over this market. The new higher high was made at the level of 50.75 and the market is currently trading above all moving averages. The next support is seen at the level of 48.44.

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Global macro overview for 10/10/2016

Global macro overview for 10/10/2016:

Last Friday's nonfarm payrolls slightly disappointed market participants as they printed lower than expected number of employed people. According to the US Department of Labor, US private companies created 156,000 new jobs in September, while market analysts expected the economy to add 171,000 jobs in the reported month. Importantly, the previous month reading was revised up from 151, 000 to 167,000 jobs. Moreover, the unemployment rate increased slightly to 5.0% from 4.9%. In conclusion, the data were worse than expected but good enough to keep the US job creation on track. Nevertheless, the odds of December 2016 interest rate hike has decreased to 8.1% (according to FedWatch Tool by CME Group).

Let's now take a look at the EUR/USD technical picture in 4H time frame. The post-NFP rally did not last long and the important technical resistance at the level of 1.1254 has not been violated yet. The market is still trading inside the congestion zone between the levels of 1.1254 - 1.1120. Because no new higher high has been made, the bias remain bearish.

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Technical analysis of USD/CAD for October 10, 2016

General overview for 10/10/2016:

The corrective cycle in wave X brown has been much longer than initially estimated, but is looks like it has been completed now in a form of a zig-zag pattern. Plese remembers, that according to Elliott Wave Principle, this kind of corrective patterns might evolve into double and triple zig-zags before the overall correction is finally done. Currently, the most important level is the gray zone labeled as demand zone, as any break out below this zone would indicate the corrective cycle is now completed. Moreover, the growing bearish divergence supports the bearish outlook.

Support/Resistance:

1.3312 - Intraday Resistance

1.3281 - Previous High

1.3229 - Weekly Pivot

1.3186 - Intraday Support

1.3147 - WS1

Trading recommendations:

Day traders should consider opening sell orders from current market levels with tight SL and TP set at the level of 1.3186.

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Technical analysis of EUR/JPY for October 10, 2016

General overview for 10/10/2016:

The corrective cycle is still in progress in this market and the first target for this cycle has been hit. Currently, the price is trading below the golden trend line, just around the weekly pivot at the level of 115.19. Please be aware that this corrective structure does not look completed and might evolve into more complex and time-consuming pattern.

Support/Resistance:

116.72 - WR1

116.36 - Intraday Resistance

115.19 - Weekly Pivot

115.03 - Intraday Support

114.05 - WS1

112.50 - WS2

Trading recommendations:

Day traders should consider opening buy orders from current market levels with tight SL and TP set at the level of 116.72.

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Technical analysis of GBP/USD for October 10, 2016

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Overview:

  • The GBP/USD pair dropped sharply from the level of 1.2665 towards 1.2030. Now, the price is set at 1.2422 to act as a daily pivot point. It should be noted that volatility is very high for that the GBP/USD pair is still moving between 1.2544 and 1.2272 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 1.2665 and 1.2544. Currently, the price is moving in a bearish channel. This is confirmed by the RSI indicator signaling that we are still in a bearish trending market. Consequently, the first support is set at the level of 1.2272. According to the previous events, we expect the GBP/USD pair to trade between 1.2500 and 1.2300. So, the major support stands at 1.2272, while daily resistance is found at 1.2544. Therefore, the market is likely to show signs of a bearish trend around the spot of 1.2500 - 1.2544. Consequently, the market is likely to show signs of a bearish trend. In other words, sell orders are recommended below 1.2500 with the first target at the level of 1.2272. In the long term, if the trend is be able to break the first support at the level of 1.2272, then the market will continue falling towards the weekly support 2 at 1.2151 this week. However, it would also be conscious to consider where to place a stop loss; this should be set above the second resistance of 1.2665.
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Technical analysis of EUR/USD for October 10, 2016

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Overview:

  • The price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the EUR/USD pair is continuing in a bearish trend from the new resistance of 1.1203. Thereupon, the price spot of 1.1203 remains a significant resistance zone. Therefore, a possibility that the EUR/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. Also, it should be noted that last week the EUR/USD pair has dropped sharply from the level of 1.1203 towards 1.1166. Now, the price is set at 1.1166to act as a daily pivot point. It should be noted that volatility is very high for that the EUR/USD pair is still moving between 1.1203 and 1.1119 in coming hours. Furthermore, the price is set below the strong resistance at the levels of 1.1241 and 1.1203 , which coincides with the 61.8% and 50% Fibonacci retracement level respectively. Since the trend is below the 50% Fibonacci level, the market is still in an downtrend. In order to indicate a bearish opportunity below 1.1203, sell below 1.1203 with the first targets at 1.1119 and 1.1050 (the double bottom is seen at 1.1043). However, the stop loss should be located above the level of 1.1260.
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Technical analysis of USD/JPY for October 10, 2016

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USD/JPY is under pressure. The pair is trading below its key resistance at 103.50, which maintains the strong selling pressure. The downward momentum is further reinforced by the descending 50-period moving average, which maintains a downside bias. Besides, the relative strength index is below its neutrality area at 50, and lacks upward momentum. On Friday, U.S. stocks posted modest losses as a slightly-weaker-than-expected September jobs report failed to trim expectations of the Federal Reserve raising interest rates soon. The Dow Jones Industrial Average declined 28 points (-0.2%) to 18,240, the S&P 500 dropped 7 points (-0.3%) to 2,153, and the Nasdaq Composite was down 14 points (-0.3%) to 5,292.

Materials and industrial shares were the worst performers. Honeywell slipped 7.5%, the most since 2011, after the company cut its 2016 earnings forecast.

The U.S. Labor Department reported that employers added 156,000 non-farm payrolls in September, lower than +172,000 expected, and jobless rate rose to 5.0% (vs. 4.9% expected) from 4.9% in August. Growth in August payrolls was revised upward to +167,000 from +151,000.

To sum up, as long as 103.50 is not surpassed, the pair is likely to drop to 102.65, if breakout, look for further downsides to 102.30.

Trading Recommendation: 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 102.65. A break below this target will move the pair further downwards to 102.30. The pivot point stands at 103.50. 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 103.95 and the second one at 104.20.

Resistance levels: 103.95, 104.20, 104.85

Support levels: 102.65, 102.30, 102.00

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Technical analysis of USD/CHF for October 10, 2016

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USD/CHF is expected to trade with bullish bias as key support is seen at 0.9760. The pair is trading below its 20-period and 50-period moving averages, while the relative strength index is below its neutrality level at 50. Nevertheless, 0.9760 is playing a key support role, which should limit the downside potential. Even though a continuation of consolidation cannot be ruled out, its extent should be limited. The U.S. Labor Department reported that employers added 156,000 non-farm payrolls in September, lower than +172,000 expected, and jobless rate rose to 5.0% (vs. 4.9% expected) from 4.9% in August. Growth in August payrolls was revised upward to +167,000 from +151,000.

As long as the key level at 0.9760 is not broken, look for a technical rebound toward 0.9810. A break above this level would call for a further advance toward 0.9835.

Resistance levels: 0.9810, 0.9835, 0.9885

Support levels: 0.9730, 0.9700, 0.9645

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Technical analysis of USDX for October 10, 2016

The Dollar index displayed impressive strength last week as it managed to move above 97 and is now trading above previous resistance of 96.50. Short-term trend remains bullish. Important resistance lies ahead.

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Blue lines - bullish channel

Price is in a short-term bullish channel. Support is at 96.40. If this level is broken, we should expect a pullback towards 96-95.80. Resistance is at 97.25. A weekly close above 97.25 will confirm a bullish trend is back on track and bulls are in control of the longer-term trend. A weekly rejection at current levels and a pullback towards 95 will be a worrying sign.

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Red line - resistance

Green line - support

Despite the strong upward move in the Dollar index last week, price remains trapped inside the long-term triangle pattern. Price has not broken above the weekly Ichimoku cloud but support still holds as price is making higher highs and higher lows. Bears will regain control only if price breaks the green trend line support.

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Technical analysis of Gold for October 10, 2016

Gold price is bouncing off the $1,250 area as expected. Price remains inside a bearish channel, so a short-term trend remains bearish as long as price is below $1,270. A backtest of $1,300 is very possible but we might first see $1,240 again.

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Dark blue lines - bearish channel

Gold price has bounced off the 78.6% Fibonacci retracement of the rise from $1,200 to $1,375. Price remains inside the bearish channel and below the 4-hour Ichimoku cloud. A backtest near $1,290-$1,300 is possible before the downtrend continues. I continue to believe that we are in a corrective phase of the rise from $1,045 to $1,375.

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In the weekly chart above you can see Gold price has reached the 38% Fibonacci retracement of the entire rise as we expected once price broke below $1,300. A bounce is justified now. Overall I remain long-term bullish expecting Gold price to complete the entire downward correction between $1,200-$1,150.

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Technical analysis of NZD/USD for October 10, 2016

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NZD/USD is expected to trade in a higher range. The pair broke above its 20-period and 50-period moving averages, which act as support and maintain the upside bias. The relative strength index is bullish above its neutrality level at 50. Additionally, 0.7115 is playing a key support role, which should limit the downside potential. As long as this key level holds on the downside, look for a further upside toward 0.7200 (previous top). A break above this level would call for a further advance toward 0.7250.

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. Therefore, long positions are recommended with the first target at 0.7200 and the second one at 0.7250. In the alternative scenario, short positions are recommended with the first target at 0.7060 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 0.7015. The pivot point lies at 0.7115.

Resistance levels: 0.7200, 0.7250, 0.7300

Support levels: 0.7060, 0.7015, 0.6950

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Technical analysis of GBP/JPY for October 10, 2016

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GBP/JPY is under pressure. The pair has been capped by a negative trend line, and remains under pressure. Meanwhile, the 20-period moving average stays below the 50-period one, and the relative strength index lacks upward momentum. The weakening of British pound, which experienced a flash crash of up to 10% in early Asian trading hours Friday, seemed to benefit stocks. The FTSE100 advanced 0.6% to 7,044, just within 1% of its record close seen in 2015. Mining firms and Asia-exposed Standard Chartered and HSBC posted gains.

As long as 130.00 holds as the key resistance, a drop toward 126 is possible.

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 126.00. A break below this target will move the pair further downwards to 124.40. The pivot point stands at 130. 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 133.00 and the second one at 132.30.

Resistance levels: 131.00, 32.30, 133.25

Support levels: 126, 124.40, 123

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Daily analysis of major pairs for October 10, 2016

EUR/USD: This is a trendless market. Price went briefly below the support line at 1.1150 and then got to the resistance line at 1.1200, closing at that price of October 7, 2016. This equilibrium phase might end very soon, but it would require price to go above the resistance line at 1.1300 or below the support line at 1.1050.

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USD/CHF: This currency trading instrument went upwards on Monday and Tuesday, dived on Wednesday and went up on Thursday. Then price got corrected lower again on Friday. This trading instrument could go further upwards this week, but that upward movement would be limited by the resistance level at 0.9900. There is also a risk of a downside movement.

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GBP/USD: As it was anticipated, the cable dropped sharply by 880 pips last week, reaching a low of 1.2031. The market then rallied by 420 pips, to close at 1.2434 on Friday. The outlook on the market is bullish this week, which is also true for other GBP pairs. This means a further rally is expected, but that would not be significant enough to override the overall bearish bias.

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USD/JPY: This pair moved upwards by 280 pips last week, testing the supply level at 104.00, before getting corrected by over 100 pips, and closing below the supply level at 103.00. There is a Bullish Confirmation Pattern on the chart and further upwards movement is expected this week, which would make the current bearish correction a good opportunity to buy at lower prices when things are on sale, and in the context of an uptrend.

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EUR/JPY: The EUR/JPY cross pair is also bullish, with a movement quite similar to that of USD/JPY, the outlook on the market is now bearish, and price is supposed to go upwards again, and thus end the present correction. The outlook on JPY pairs is bullish for this week, and the EUR/JPY cross could be seen going upwards again, as bulls target the supply zones at 103.50, 104.00, and 104.50.

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Elliott wave analysis of EUR/NZD for October 10, 2016

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EUR/NZD - Daily

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EUR/NZD - 4 Hourly

Wave summary:

We continue to look for upside acceleration towards 1.5969 and possibly even closer to 1.6491 in wave [iii] of iii. Until a clear break above 1.5668 is seen, we must accept the possibility of more correction in the 1.5480 - 1.5668 area, but it should just be a matter of time before the next rally higher is seen, but first a break above the long term resistance-line from 1.9023 needs to be broken, but once this break is seen upside acceleration should be expected.

Wave summary:

We are long EUR from 1.5515 with stop placed at 1.5260. If you are not long EUR yet, then but near 1.5480 or upon a clear break above 1.5668 and use the same stop at 1.5260.

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Elliott wave analysis of EUR/JPY for October 10, 2016

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EUR/JPY - Daily

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EUR/JPY - 4-hourly

Wave summary:

EUR/JPY is currently backtesting the minor resistance-line from 118.27, this line now act as support for for wave iv and should soon send prices higher towards the 116.74 - 117.23 area to complete the first impulsive rally in wave (iii) and set the stage for a decline towards at least the low of wave iv of a smaller degree. As this wave iv isn't complete yet, we don't know where this low is, but likely closer to here.

Short term, a break above minor resistance at 115.69 will confirm that wave iv is complete and wave v higher towards 116.74 - 117.23 is unfolding.

Trading recommendation:

We are waiting for wave ii of (iii) to unfold before we will engage in trading long here.

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Technical analysis of EUR/USD for Oct 10, 2016

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When the European market opens, some Economic Data will be released such as Sentix Investor Confidence, Italian Industrial Production m/m, German Trade Balance

Today the US will not release any economic data, so amid the reports EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1247.

Strong Resistance:1.1241.

Original Resistance: 1.1230.

Inner Sell Area: 1.1219.

Target Inner Area: 1.1193.

Inner Buy Area: 1.1167.

Original Support: 1.1156.

Strong Support: 1.1145.

Breakout SELL Level: 1.1139.

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 Oct 10, 2016

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Today, Japan and the US will not release any Economic Data. So there is a probability the USD/JPY will move with low volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 103.50.

Resistance. 2: 103.30.

Resistance. 1: 103.10.

Support. 1: 102.85.

Support. 2: 102.65.

Support. 3: 102.44.

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 10, 2016

USDX erased some gains during Friday's session following the weak US NFP data for September. Now the index is poised to test the support level of 96.27, where a rebound should put the USDX in focus to resume the overall bullish bias. However, if it manages to break the 96.27 level, then it can test the next area at the 95.79 level, which is below the 200 SMA on the H1 chart.

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H1 chart's resistance levels: 96.74 / 97.36

H1 chart's support levels: 96.27 / 95.79

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.74, take profit is at 97.36 and stop loss is at 96.15.

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

Daily analysis of GBP/USD for October 10, 2016

GBP/USD plummeted to a new multi-year low below the 1.2000 handle during early Friday's session, but it managed to recover some ground following that flash crash. Currently, the pair is being supported by the 1.2388 level and weakness is still alive. A breakout below that zone should help to extend the decline towards the 1.2312 level.

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H1 chart's resistance levels: 1.2468 / 1.2552

H1 chart's support levels: 1.2388 / 1.2312

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 at 1.2388, take profit is at 1.2312 and stop loss is at 1.2464.

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