NZD/USD Intraday technical levels and trading recommendations for October 13, 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. Remaining T/P levels should be located at 0.7060 and 0.6950.

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 13, 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 a bearish breakout took place on October 6.

Daily persistence below 1.2700 confirms the bearish Flag pattern.

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

On the other hand, any bullish pullback towards 1.2700 should be considered for a valid SELL entry. S/L should be set as daily closure above 1.2700.

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

Price action should be watched around the current price level of 1.0990 (Key-Level-1) for a BUY entry if enough bullish rejection is expressed.

On the other hand, a daily candlestick closure below 1.0990 allows a quick bearish decline towards 1.0825 (Key-Level-2) where price action should be considered again.

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EUR/NZD analysis for October 13, 2016

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Recently, EUR/NZD has been moving sideways at the price of 1.5600. Analysis from yesterday is still in play. On the 30M time frame, I found that the price went back into a trading range and broke the recent swing highs (support levels), which is a sign that EUR/NZD may go lower. According to 30M time frame, the price is below 50SMA, which is a sign that sellers are in control of the market. My advice is to watch for selling opportunties. Take profit level is set at the price of 1.5520. If the price breaks the level of 1.5520 in a high volume, EUR/NZD may visit the level of 1.5350. Anyway, if the price breaks the level of 1.5680, EUR/NZD may go higher.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5645

R2: 1.5670

R3: 1.5710

Support levels:

S1: 1.5565

S2: 1.5540

S3: 1.5500

Trading recommendations for today: Watch for selling opportunities on the pullbacks.

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Gold analysis for October 13, 2016

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Since our previous analysis, gold has been trading sideways at the price of $1,259.00. On the 30M chart, I found yesterday's point of control zone around the price of $1,259.10, using the market profile. The price respected that level and I found weak demand. The short-term trend is still downward. Watch for selling opportunities. Take proft levels is set at the price of $1,250.20 and $1,241.00.

Fibonacci pivot points:

Resistance levels:

R1: 1,253.10

R2: 1,253.70

R3: 1,254.60

Support levels:

S1: 1,251.40

S2: 1,250.85

S3: 1,250.00

Trading recommendations for today: Watch for selling opportunties. Take profit level is set at the price of $1,245.20.

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Global macro overview for 13/10/2016

Global macro overview for 13/10/2016:

The industrial production data from the eurozone surprised market participants yesterday by revealing better than expected figures. After last month decline of -0.7%, market participants expected a slight increase of 1.4%, but the reading released was at the level of 1.6% (annual advance was 1.8%). Although, the solid recovery demonstrated German production for August with output rising 2.5% on a monthly pace, while new orders also strengthened and there was a robust recovery in exports. Nevertheless, this good jump in industrial production data is very unlikely to decrease the amount of concern regarding the future of the eurozone's economy without the United Kingdom.

Let's now take a look at the EUR/GBP technical picture in the daily time frame. The flash-crash high at the level of 0.9268 is currently the most important resistance level for bulls as so far it does not look the market wants to go down any time soon. The visible bearish divergence between the price and momentum oscillator might be good enough for a healthy correction, but as long as the golden trend line support is not clearly violated the outlook remains bullish.

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Global macro overview for 13/10/2016

Global macro overview for 13/10/2016:

Yesterday the FOMC Meeting Minutes revealed the same point of view of the FED policymakers as was presented at the press conference two weeks ago. Thus, the Minutes didn't provide us any new infomation. The policymakers reassured again that the interest rate hike is very possible in December and some of the Fed members were concerned about recession risks, but not attributed them to the possible rate hike. In conclusion, the possibility of interest rate hike in December is now 64% according to CME Group FedWatch Tool.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. We can see the market is currently pricing in the interest rate hike and this is why this pair is falling and bears have a full control over this market. The next support is seen at the level of 1.0958 and the next resistnace is seen at the level of 1.1043.

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Technical analysis of USD/CAD for October 13, 2016

General overview for 13/10/2016:

The wave B retraced almost 100% of the wave A, but it was capped in the supply zone. The whole move to the upside that constitutes the wave B is more corrective than impulsive, so there is still a chance for one more wave down. The most important level is the gray zone labeled as demand zone, as any break below this zone would indicate the corrective cycle is completed. Moreover, the growing bearish divergence supports the bearish outlook.

Support/Resistance:

1.3312 - Intraday Resistance

1.3281 - Previous High

1.3229 - Weekly Pivot

1.3139 - 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 13, 2016

General overview for 13/10/2016:

EUR/JPY tested the intraday support at the level of 114.00 and then bounced back towards the weekly pivot at 115.19. Bulls were not strong enough to break above this level and bears pushed the price lower again. From the Elliott Wave perspective, it is not yet clear whether the move down will be in the form of an impulsive progression or more complex corrective progression, mostly because the downward fall has stopped at the 50% Fibo at the level of 114.17. We need to wait if the level of 61%Fibo at 113.67 will be hit before drawing any further conclusions. Bias is still to the downside.

Support/Resistance:

116.72 - WR1

115.19 - Weekly Pivot

114.54 - Intraday Resistance

114.05 - WS1

114.00 - Intraday Support

112.50 - WS2

Trading recommendations:

As long as the market is not back inside the golden trend line, swing traders and day traders should sell at the rallies with SL above the level of 115.90 (wave (b) top).

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Technical analysis of GOLD for October 13, 2016

XAU/USD has been consolidating betwen 1350 and 1300 areas for an extended period of time. After rejecting the bearish trend line, Gold managed eventually to break below the strong support 1300.

Fibonacci applied to the corrective wave resulted in a bearish trend line bounce. It shows that Gold broke below 161.8% Fibs (1274) and found resistance at this level. It seems that the yellow metal is yet to test one of the next Fibs support levels.

Consider selling Gold on small corrective waves up near 1274 resistance targeting either 261.8% (1225) or 361.8% Fibs (1177). The suggested stop loss is just above 1303 resistance level.

Support: 1225, 1177

Resistance: 1274, 1303

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Technical analysis of AUD/CHF for October 13, 2016

Today AUD/CHF tested and rejected 50% Fibs (0.7430) support level which was successfully rejected. The trend remains bullish unless the pair breaks below the 61.8% Fibs (0.7986) next Fibs support.

Consider buying AUD/CHF near current rate (0.7450), targeting either 23.6% (0.7526) or 0% Fibs (0.7612) resistance levels. The suggested stop loss is 0.7380.

Support: 0.7430, 0.7387

Resistance: 0.7473, 0.7526, 0.7612

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Technical analysis of USD/CHF for October 13, 2016

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Overview:

  • As expected the USD/CHF pair continues to move upwards from the areas of 0.9828 and 0.9850. Yesterday, the pair rose from the level of 0.9828 to 0.9908. Today, resistance is seen at the levels of 0.9910, 0.9940, and 0.9980. On the other hand, the support levels are seen the the price of 0.9828 and 0.9800. So, we expect the price to set above the strong support at the levels of 0.9828 and 0.9800; because the price is in a bullish channel now. Amid the previous events, the price is still moving between the levels of 0.9830 and 0.9940. In overall, we still prefer a bullish scenario as long as the price is above the level of 0.9829. Furthermore, if the USD/CHF pair is able to break out the top at 0.9908, the market will climb further to 0.9940 and 0.9980. On the other hand, if the price closes below the double bottom of 0.9910, the best location for a stop loss order is seen above 0.9880; hence, the price will fall into a bearish trend in order to go further towards the strong support at 0.9829 to test it again.
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Technical analysis of NZD/USD for October 13, 2016

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Overview:

  • The NZD/USD pair has broken support at the level of 0.7173 which acts as resistance today. According to the previous events, the NZD/USD pair is still moving between the levels of 0.7173 and 0.6983. The trend is still below the 100 EMA for that the bearish outlook remains the same as long as the 100 EMA is heading for the downside. Hence, the price spot of 1.1239 remains a significant resistance zone. Consequently, there is a possibility that the NZD/USD pair will move downside. The structure of a fall does not look corrective. So, we expect the price to set below the strong resistance at the levels of 0.7173 and 0.7085; because the price is in a bearish channel now. In order to indicate a bearish opportunity below 0.7085, sell below 0.7085 with the first target at 0.6983. Also, it should be noted that the level of 0.775 coincides with 61.8% of Fibonacci, which is expected to act as a major resistance today. Since the trend is below the 61.8% Fibonacci level, the market is still in a downtrend. Overall, we still prefer the bearish scenario.
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Daily analysis of major pairs for October 13, 2016

EUR/USD: The EUR/USD pair has continued its downward movement, which is supposed to continue even further. Price has come down by 180 pips since Monday, now below the resistance line at 1.1050 (which was our target for yesterday), and going towards the support line at 1.1000, which is a great psychological area.

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USD/CHF: This pair has moved upwards by 120 pips this week. The EMA 11 is above the EMA 56 and the Williams' % Range period 20 is in the overbought region. Price has entered the psychological area at 0.9900 and there is a serious power tussle around that place. In case bulls succeed in pushing price above that resistance level, price would be able to target another resistance level at 0.9950. This is not an easy task for bulls.

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GBP/USD: This currency trading instrument remains bearish, both in the long-term and short-term outlook. There is a huge Bearish Confirmation Pattern in the market, and further downward movement should be taken as sell-shorting opportunities. Some fundamental figures are expected today and they would have an impact on the markets.

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USD/JPY: This is a bull market. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. Here, any bearish retracements that are seen should be taken as opportunities to buy long at better prices. The next target for bulls are located at the supply level of 105.00, 105.50 and 106.00.

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EUR/JPY: It is better to stay away from this market right now, because there is no directional movement (except one is trading on a very low time frame, going for quick gains). We could wait till price goes above the supply zone at 116.00, showing a bullish signal, or when price drops below the demand zone at 113.50, showing a bearish signal.

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Technical analysis of USDX for October 13, 2016

The Dollar index is found at the 98 price level testing short-term channel resistance. There are several indicators and signs that warn bulls of a possible reversal from current levels. There is no trend change confirmation but I prefer to be bearish about the Dollar at the current levels.

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Dark blue lines - bullish channel

Blue line-long-term support

Price is at the upper channel boundary. Oscillators are overbought. There are divergence signs. I prefer to be neutral or bearish at current levels. Support is at 97.25. Resistance is at 98.10-98.50.

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Red line - resistance (broken)

Green line -support

The Dollar index has made an important breakout above the weekly cloud and the red downward sloping trend line. It is very important for bulls to see this weekly candle close as bullish as it currently is. A reversal below 97 and a weekly close below 97 will be a very bearish sign for the Dollar index and could imply a fake breakout. Short-term bulls must be cautious.

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Technical analysis of Gold for October 13, 2016

Gold price has broken out of a short-term triangle pattern looking for a move higher towards $1,280-$1,300 at least. The $1,250 was an important support level and bouncing off this area was very possible as we expected. Could the entire decline be over at the last low?

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Red lines - triangle pattern

Gold price has short-term resistance at the 4-hour Ichimoku cloud at $1,272. A break above it will open the way for a bounce higher towards $1,300 where the breakdown occurred. A backtest of the breakdown area is very possible. Support is at $1,250. If broken, we expect a move lower towards $1,220.

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Green line -long term resistance trend line

I remain long-term bullish about Gold. Gold has made a weekly breakout above cloud resistance. Price got rejected at the downward sloping trend line from its all time highs. Price could pull back towards the Ichimoku cloud support but eventually I expect Gold price to break above the green trend line.

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Elliott wave analysis of EUR/JPY for October 13, 2016

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Wave summary:

The failure to break below 113.97 indicates that a fifth wave failure was seen at 113.99 and a new impulsive rally now is developing. The rally of the 113.99 low does look impulsive in character and should hold above 113.99 for the next impulsive rally above minor resistance at 115.17 and more importantly above 115.79 confirming the next rally higher in red wave iii towards 119.69 and above.

Only an unexpected break below 113.99 will delay the expected rally higher for a slightly deeper correction in red wave ii closer to 113.50 before going higher in red wave iii.

Trading recommendation:

We are long EUR from 114.56 with stop placed at 113.90. If you are not long EUR yet, then buy near 114.20 or upon a break above 115.15 and use the same stop at 113.90.

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Technical analysis of silver for October 13, 2016.

Technical outlook and chart setups:

Silver is seen to be taking support from its multi month trend line as depicted here on the daily chart. The metal is seen to be trading at $17.63 levels for now, looking to stage a counter trend rally towards $18.50/19.00 levels. Importantly, it is quite possible that the metal may resume its rally from here. The wave structure also indicates that the silver is in its wave C drop within the 3 wave A-B-C that began from $21.10 levels earlier. If the metal reverses from $18.50/19.00 levels, then it would form 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 go short again on rallies. Immediate resistance is seen at $18.50/19.00 levels, while support lies at $17.00 levels.

Trading recommendations:

Remain flat for now. Aggressive traders may go long with stop at $17.00 and targeting $18.50 at least.

Good luck!

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Technical analysis of USD/JPY for October 13, 2016

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USD/JPY is expected to continue its upside movement. The pair stands firmly above its horizontal support at 103.35, which should limit the downside potential. At the same time, the rising 50-period moving average is playing a support role, and should continue to push the prices higher. Besides, the relative strength index lacks downward momentum.

On Wednesday, U.S. stock indexes closed slightly higher as expectations for the timing of the next rate increase were largely unchanged after the release of the minutes of the Federal Reserve's September meeting. The Dow Jones Industrial Average added 15 points (+0.1%) to 18,144, the S&P 500 edged up 2 points (+0.1%) to 2,139, while the Nasdaq Composite was down 7 points (-0.2%) to 5,239.

Real estate and utilities shares performed the best, while healthcare and energy shares ended in negative territory. Humana Inc shed 5.1% after reporting that U.S. health authorities cut the quality rating on the company's Medicare plans. Cisco Systems dropped 2.3% as rival Ericsson posted a 94% plunge in third quarter profits.

The Fed said in the minutes, "The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives. Several members judged that it would be appropriate to increase the target range for the federal funds rate relatively soon if economic developments unfolded about as expected, it was noted that a reasonable argument could be made either for an increase at this meeting or for waiting for some additional information on the labor market and inflation."

Therefore, as long as 103.35 is not broken, the prices are likely to rise to 104.10 at first, if breakout, look for further advance toward 104.65 as possible.

Trading Recommendation: 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 104.10 and the second one at 104.65. In the alternative scenario, short positions are recommended with the first target at 103.05 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 102.75. The pivot point lies at 103.35.

Resistance levels: 104.10, 104.65, 105.25

Support levels: 103.05, 102.75, 102.40

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Technical analysis of USD/CHF for October 13, 2016

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USD/CHF is expected to trade with a bullish bias and continue its upside movement. The technical picture of the pair is bullish above its rising 20-period and 50-period moving averages, which act as support and maintain the upside bias. Additionally 0.9870 (Oct 12 bottom) is playing a key support role, which should limit the downside potential. The relative strength index stands firmly above its neutrality level at 50 and lacks downward momentum. The Fed said in the minutes, "The Committee judges that the case for an increase in the federal funds rate has strengthened but decided, for the time being, to wait for further evidence of continued progress toward its objectives. Several members judged that it would be appropriate to increase the target range for the federal funds rate relatively soon if economic developments unfolded about as expected, it was noted that a reasonable argument could be made either for an increase at this meeting or for waiting for some additional information on the labor market and inflation."

As long as the key level at 0.9870 is not broken, look for a further upside toward 0.9910 and even 0.9945 in extension.

Resistance levels: 0.9910, 0.9945, 0.9985

Support levels: 0.9810, 0.9790, 0.9765

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Technical analysis of NZD/USD for October 13, 2016

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NZD/USD is under pressure. The pair is trading below its 20-period and 50-period moving averages and is holding on the downside. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, 0.7095 (Oct 12 top) represents a significant key resistance level, which should limit the upside potential. The pair broke below the lower boundary of the Bollinger Band, which could signal a continuation of the bearish trend. As long as 0.7095 holds on the upside, look for a further drop toward 0.7000 and 0.6970 in extension.

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 0.7000. A break below this target will move the pair further downwards to 0.6970. The pivot point stands at 0.7095. 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 0.7120 and the second one at 0.7145.

Resistance levels: 0.7120, 0.7145, 0.7175

Support levels: 0.7000, 0.6970, 0.6945

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Technical analysis of GBP/JPY for October 13, 2016

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GBP/JPY is under pressure. The pair recorded a succession of lower tops and lower bottoms since October 12 and is consolidating on the downside. The relative strength index is capped by a negative trend line, which emerged on Oct 12, and is below its neutrality level at 50. Additionally, the 20-period moving average crossed below the 50-period one and is playing a resistance role. As long as 127.80 holds on the upside, look for a further drop toward 125.70 and even 124.80 in extension.

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 125.70. A break below this target will move the pair further downwards to 124.80. The pivot point stands at 127.80. 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 128.70 and the second one at 130.00.

Resistance levels: 128.70, 130.00, 131.00

Support levels: 125.70, 124.80, 123.40

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US Dollar Index Technical Analysis for October 13, 2016.

Technical outlook and chart setups:

The US Dollar Index has rallied past 98.00 level yesterday before retracing lower. The index seems to be in a steady uptrend from 94.00/95.00 levels as depicted here. The trend line supports remain intact and higher highs and higher lows are being printed. Looking at the immediate wave structure, the index seems to be preparing for a pullback/retracement lower towards 97.00 levels or more. It seems that the indice has completed wave 3 within the 5-wave rally expected from 94.50. A pullback is due in the form of wave 4, towards at least 96.95 levels as depicted here, which is the fibonacci 0.382 support of the rally between 94.50 through 98.13 levels respectively. It is hence recommended to exit long positions and remain flat for now. Aggressive traders might want to go short now, with stop at 98.50 targeting 97.00 levels. Immediate resistance is at 98.13 levels, while support is seen at 96.95 levels respectively.

Trading recommendations:

Remain flat for now. Aggressive traders might want to go short, stop at 98.50, target is at 97.00

Good luck!

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EURUSD Technical Analysis for October 13, 2016.

Technical outlook and chart setups:

The EUR/USD pair has completed a complex corrective wave structure by printing intraday lows at 1.1001 levels overnight. The pair has pulled back since then and is now trading at 1.1017 level, looking to continue rallying further. Please note that the daily chart patterns and oscillators are showing extreme bullish divergence and prices are expected to rally in the next 24 hours. Looking at the wave structure, the pair has completed waves A-B-C corrective structure, each consisting of 3 waves or it is into its 3rd wave extension and is expected to pull back. The pair is expected to face resistance around 1.1107/40 levels. It is hence recommended to remain long, with risk at 1.0960 levels. Immediate resistance is seen at 1.1107 levels, while support is seen at 1.0950 levels respectively.

Trading recommendations:

Remain long, stop at 1.0960, a target is open.

Good luck!

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Elliott wave analysis of EUR/NZD for October 13, 2016

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Wave summary:

We still think that an expanded flat wave (ii) is unfolding and will be looking for a little more downside closer to support in the 1.5245 - 1.5271 area from where the next impulsive rally in wave (iii) is expected for a rally towards 1.6396 and above.

Only a direct break above 1.5712 will indicate that the correction in wave (ii) has finished early and wave (iii) higher already is developing.

Trading recommendation:

We are looking for a EUR-buying opportunity at 1.5280 or upon a break above 1.5712.

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Technical Analysis of gold for October 13, 2016.

Technical outlook and chart setups:

Gold seems to have formed an interim higher low at $1,250.00/51.00 as expected after bouncing off from Fibonacci 0.382 support at $1,240.00. The metal is seen to be trading at $1,260.00 for now, looking to accelerate higher towards $1,300.00/10.00 levels. The wave structure also indicates that the counter trend rally can terminate around the past support turned resistance zone at $1,310.00 levels, which is Fibonacci 0.50% of the entire drop between $1,375.00 and $1,240.00 levels as depicted here. Additionally, the broken support trend line is expected to act as resistance now around the same levels. It is recommended to remain flat and look for selling opportunities around $1,300.00/10.00 levels again, while aggressive traders should look 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, targeting $1,310.00.

Good luck!

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

Technical analysis of EUR/USD for Oct 13, 2016

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When the European market opens, some economic data will be released such as German Final CPI m/m. The US will publish 30-y Bond Auction, Crude Oil Inventories, Natural Gas Storage, Import Prices m/m, and Unemployment Claims. Thus, amid the reports EUR/USD is likely to move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1063.

Strong Resistance:1.1057.

Original Resistance: 1.1046.

Inner Sell Area: 1.1035.

Target Inner Area: 1.1009.

Inner Buy Area: 1.0983.

Original Support: 1.0972.

Strong Support: 1.0961.

Breakout SELL Level: 1.0955.

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 13, 2016

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In Asia, Japan will release the Tertiary Industry Activity m/m, Bank Lending y/y while the US will publish 30-y Bond Auction, Crude Oil Inventories, Natural Gas Storage, Import Prices m/m, and Unemployment Claims. So there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance. 3: 104.90.

Resistance. 2: 104.70.

Resistance. 1: 104.49.

Support. 1: 104.24.

Support. 2: 104.04.

Support. 3: 103.83.

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 13, 2016

The index is following a bullish structure across the board after the FOMC minutes was released during Wednesday's session, but we noticed a pullback made in the 98.01 area. If USDX breaks above the resistance level of 98.01, it can perform a rally towards the 98.48 level. MACD indicator is entering the negative territory.

USDXH1.png

H1 chart's resistance levels: 98.01 / 98.48

H1 chart's support levels: 97.36 / 96.74

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 98.01, take profit is at 98.48 and stop loss is at 97.54.

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

Daily analysis of GBP/USD for October 13, 2016

The pair is still alive in the bearish bias on the H1 chart, but the resistance level of 1.2229 is capping further gains. Currently, the price is below the 200 SMA and a breakout below the support level of 1.2179 can put more downside pressure on the pair and push it towards the 1.2112 level which is the latest key area after "flash crash" suffered during the last week.

GBPUSDH1.png

H1 chart's resistance levels: 1.2229 / 1.2312

H1 chart's support levels: 1.2179 / 1.2112

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 1.2179, take profit is at 1.2112 and stop loss is at 1.2239.

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