USD/CAD intraday technical levels and trading recommendations for October 25, 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) will be needed in order to enhance the bearish side of the market. Initial bearish targets are located at 1.2670 and 1.2580.

Otherwise, the USD/CAD pair remains trapped between the price levels of 1.3000 (61.8% Fibonacci level) and 1.3360 (50% Fibonacci level) until breakout occurs in either direction.

Note that the USD/CAD pair is currently challenging the upper limit of the depicted flag pattern around 1.3360 which constitutes a prominent resistance level.

Bearish rejection should be anticipated around the current price levels (Primary Scenario). However, bullish breakout above 1.3360 will probably liberate a quick bullish movement towards 1.3650 (Low probability scenario).

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NZD/USD Intraday technical levels and trading recommendations for October 25, 2016

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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 recent bullish swing was initiated.

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

On October 20, the mark of 0.7245 was a prominent Key-Level to determine the next destination for the NZD/USD pair.

As Expected, Evident bearish rejection around 0.7250 offered a valid SELL signal (already running in profits). Initial T/P levels should be located at 0.7070 and 0.6970.

Please take into consideration that the price level around 0.7100 (Lower limit of the depicted channel) constitutes a short-term Support Level. Hence, temporary bullish recovery may be expressed before further bearish decline can occurs.

On the other hand, note that the price zone between 0.6960-0.6860 constitutes a significant support zone to be watched for a valid BUY entry if bearish pullback manage to extend below 0.7100.

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Intraday technical levels and trading recommendations for GBP/USD for October 25, 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. Hence, bearish projection target would be located around 1.2020.

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 25, 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 depicted supply levels (note the monthly candlesticks of May, June, and August 2016).

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.

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

The recent bearish closure below 1.1250 (Supply Level-1) maintained enough bearish pressure and enhanced the bearish momentum towards the price level of 1.0990 (Key-Level 1).

Bullish rejection was expected around the price level of 1.0990 (Key Level-1). However, extensive bearish pressure and significant bearish closure below 1.0900 was expressed.

Daily persistence below 1.0990 allows a quick bearish decline towards 1.0825 (Key Level-2) where price action should be considered for a valid short-term BUY entry.

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EUR/NZD analysis for October 25, 2016

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Recently, EUR/NZD has been moving upwards. On 30M time frame and using market profile, I found a strong point of control at the price of 1.5195. Watch for buying opportunities on the dips. Targets are set at the price of 1.5280. There is a broken downward channel in the background, which is another sign of strength.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5270

R2: 1.5295

R3: 1.5340

Support levels:

S1: 1.5180

S2: 1.5150

S3: 1.5110

Trading recommendations for today: Watch for potential buying opportunties.

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Gold analysis for October 25, 2016

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Since our previous analysis, gold has been trading sideways around the price of $1,270.00. According to the 30M time frame and using the market profile analysis, I found the strong point of control from yesterday $1,265.00. The price broke the point of control from yesterday and I expect higher price. Upward targets are set at the price of $1,271.60 and $1,273.90. Watch for buying opportunities on the dips.

Fibonacci pivot points:

Resistance levels:

R1: 1,267.15

R2: 1,268.90

R3: 1,271.50

Support levels:

S1: 1,261.20

S2: 1,259.95

S3: 1,256.50

Trading recommendations for today: Strength on the Gold. Watch for buying opportunities on the dips.

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NZD/USD remaining bullish above major support

We remain bullish above major support at 0.7124 (Fibonacci retracement, horizontal support, Fibonacci projection) for a push up to 0.7180.

Stochastics (34,5,3) is bouncing above major 4% support and is displaying bullish divergence vs price.

Buy above 0.7124. Stop loss at 0.7106. Take profit at 0.7180.

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EUR/JPY profit target almost reached, remain bullish

Price has bounced perfectly off our support and has almost hit our profit target. We remain bullish for a further push up above 113.15 support (Fibonacci retracement, horizontal pullback support) to 113.94 tightening our stop loss to lock in profits.RSI (34) is seeing major support at 24% and has displayed bullish divergence vs price.Stochastic (34,5,3) is above major support at 4% and also displaying bullish divergence vs price.

Buy above 113.15. Stop loss at 112.80. Take profit at 113.94.

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Technical analysis of NZD/USD for October 25, 2016

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Overview:

  • The NZD/USD pair was trading around the area of 0.7140 a day ago. Today, the level of 0.7149 represents a weekly pivot point in the H1 time frame. The pair has already formed minor resistance at 0.7177 and the strong resistance is seen at the level of 0.7216 because it represents the weekly resistance 1. So, major resistance is seen at 0.7216, while immediate support is found at 0.7122. If the pair closes below the weekly pivot point of 0.7149, the NZD/USD pair may resume it movement to 0.7122 to test the weekly support 1. From this point, we expect the NZD/USD pair to move between the levels of 0.7177 and 0.7122. Equally important, the RSI is still calling for a strong bearish market as well as the current price is also below the moving average 100. As a result, sell below the weekly pivot point of 0.7149 with targets at 0.7122 and 0.7108 in order to form a double bottom. On the other hand, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss above the last bullish wave at the level of 0.7216.
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Technical analysis of AUD/NZD for October 25, 2016

Today AUD/NZD broke above the descending channel after rejecting 200 and then 50-Moving Averages. Fibonacci applied to the channel breakout point shows potential upside targets. While there is small correction downб consider selling AUD/NZD at the current rate 1.0676 targeting either 23.6% (1.0708) or 0% Fibs (1.0745). Stop loss should be just below the 61.8% Fibs support (1.0648).

Support: 1.0666, 1.0648

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Technical analysis of USD/CHF for October 25, 2016

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Overview:

  • The USD/CHF pair is expected to rise further from the level of 0.9781 in the long term. It should be noted that the support is established at the level of 0.9781 which represents the 38.2% Fibonacci retracement level on the daily chart. The price is likely to form a double bottom on the same time frame. Accordingly, the USD/CHF pair is showing signs of strength following a breakout of the high at 0.9880. So, buy above the level of 0.9880 with the first target at 0.9989 in order to test the daily resistance 1 and further to 1.0065. Additionally, the level of 1.0065 is a good point to take profit. Overall, we still prefer the bullish scenario. On the other hand, in case a reversal takes place and the USD/CHF pair breaks through the support level of 0.9885, a further decline to 0.9778 can occur which would indicate a bearish market.

Technical levels:

  • Major resistance: 1.0065
  • Minor resistance: 0.9989
  • Intraday pivot point: 0.9880
  • Minor support: 0.9830
  • Major support: 0.9781
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Global macro overview for 25/10/2016

Global macro analysis for 25/10/2016:

The IFO Business Climate data published this morning has beat market participants' expectations. The most important IFO indicator has increased to the level of 110.5 points from 109.5 points a month ago and exceeded the forecast of 109.6 points. The IFO-Expectations sub-index was better than expected as well with the number of 106.1 points for this month vs 104.5 points a month ago and consensus 104.5. Another sub-index, IFO-Current Assesment, also has beaten expectations, providing the number of 115.0 points, a 0.3 point better than last month reading. Moreover, the comments from the German institute for economic studies regarding this news release are quite interesting as well. The IFO report said, that the Brexit vote has been digested by the economy already and there have been good signals from China and the US recently that are pleasing exporters. Consumption remains a pillar of the German economy. Besides, investment together with producers and exporters of goods are recovering. In conclusion, a solid and optimistic report from Germany should boost the sentiment on global markets.

Let's now take a look at the EUR/GBP technical picture on the daily time frame. After making the swing high at the level of 0.9268, the market declined towards the next important technical support at the level of 0.8816, but has not touched it yet. The golden trend line will be still providing the dynamic support until is clearly violated. The trend is clearly bullish and it will remain bullish as long as the level of 0.8340 is not tested again and eventually violated.

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Daily analysis of silver for October 24, 2017

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Overview

Silver price has not been showing any strong moves recently and is still fluctuating around the key support at 17.43, keeping its stability above it. Thus, the bullish trend scenario is still valid. The price needs to breach 17.80 level to reinforce the chances of heading towards 18.30 followed by 19.38 area. We remind you that breaking 17.43 level will push the price to visit 16.56 areas before any new attempt to rise. The expected trading range for today is between 17.20 support and 17.80 resistance.

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Technical analysis of USD/JPY for October 25, 2016

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USD/JPY is expected to trade with bullish bias. The pair is trading above its rising 20-period and 50-period moving averages which are playing support roles and maintain the upside bias. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 104.00 is playing a key support role, which should limit the downside potential. On Monday, the US stocks posted gains as investor sentiment was boosted by strong corporate earnings and a wave of corporate mergers and acquisitions. The US dollar remained firm with no weakness in sight as expectations of the Federal Reserve raising interest rates in December grew. In fact, St. Louis Federal Reserve President James Bullard pointed out that an interest rate hike in December is most likely. Besides, Chicago Federal Reserve President Charles Evans said the central bank could increase rates three times by the end of 2017.

The ICE US Dollar Index inched 0.1% higher to 98.756, a fresh high since February.

As long as support at 104.00 is held, look for further upside toward 104.85 and 105.20 in extension.

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 104.85 and the second one at 105.20. In the alternative scenario, short positions are recommended with the first target at 103.75 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 103.50. The pivot point lies at 104.

Resistance levels: 104.85, 105.20, 105.75

Support levels: 103.75, 103.50, 103.15

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Global macro overview for 25/10/2016

Global macro analysis for 25/10/2016:

The US Flash Manufacturing PMI expanded more than anticipated in the previous month. The Market Research Group said that its Preliminary Manufacturing Purchasing Manager's Index for the United States jumped to 53.2 in October, following the preceding month's final reading of 51.5 and exceeding the 51.6 market forecast. This data indicates that US manufacturers are enjoying the strongest upturn in business conditions since October 2015 and both output and new order growth touched their one-year peaks last month. In conclusion, the index is still above 50 points and this means the manufacturing sector in the US is expanding again. This good news should be reflected in consumer sentiment and the overall GDP reading for the fourth quarter.

Let's now take a look at the EUR/USD technical picture on the 4H time frame. After dropping to the level of 1.0855, the market tried to bounce back, but hasn't succeded so far. The nearest technical resistance at the level of 1.0909 hasn't been tested yet, but the growing bullish divergence suggests the corrective cycle to the upside is just around the corner.

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Technical analysis of USD/CHF for October 25, 2016

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USD/CHF is expected to trade with bullish bias. The pair is trading above its 20-period and 50-period moving averages while the 20-period moving average is turning up. The relative strength index is above its neutrality level at 50 and lacks downward momentum. Additionally, 0.9915 is playing a key support role, which should limit the downside potential. The US dollar remained firm with no weakness in sight as expectations of the Federal Reserve raising interest rates in December grew. In fact, St. Louis Federal Reserve President James Bullard pointed out that an interest rate hike in December is most likely. Besides, Chicago Federal Reserve President Charles Evans said the central bank could increase rates three times by the end of 2017.

As long as this key level is not broken, look for a further upside toward 0.9970. A break above this level would call for a further advance toward 1.0000.

Resistance levels: 0.9970, 1.0000, 1.0075

Support levels: 0.9895, 0.9870, 0.9850

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Technical analysis of NZD/USD for October 25, 2016

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NZD/USD is expected to trade with the overall downside movement. The technical picture of the pair is bearish below its declining 20-period and 50-period moving averages, which act as resistance and maintain the downside bias. The relative strength index is below its neutrality level at 50 and lacks upward momentum. Additionally, the 0.7175 represents a significant key resistance level, which should limit the upside potential. As long as the key level at 0.7175 holds on the upside, look for a further drop toward 0.7105 and 0.7075 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 0.7105. A break below this target will move the pair further downwards to 0.7075. The pivot point stands at 0.7175. 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 0.7205 and the second one at 0.7230.

Resistance levels: 0.7205, 0.7230, 0.7250

Support levels: 0.7105, 0.7075, 0.7025

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Technical analysis of GBP/JPY for October 25, 2016

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GBP/JPY is expected to trade with a bullish bias. The pair is reversing up and stays above its 50-period moving average. Meanwhile, the 20-period moving average has also crossed above the 50-period one, and the relative strength index is above 50. The British pound marked a session-low of 1.2182 against the U.S. dollar but managed to settle at 1.2235, a hair up from 1.2233 in the previous session. Traders are watching closely Britain's GDP report to be released on Thursday, which will be the first reading of how the broad economy has performed since the Brexit vote in June.

As long as 127.00 is not broken down, further bounce is preferred with 127.90 and 128.15 as targets.

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 127.90 and the second one at 128.15. In the alternative scenario, short positions are recommended with the first target at 126.65 if the price moves below its pivot point. A break of this target is likely to push the pair further downwards, and one may expect the second target at 126.35. The pivot point lies at 127.00.

Resistance levels: 127.90, 128.15, 128.70

Support levels: 126.65, 126.35, 125.25

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Technical analysis of USD/CAD for October 25, 2016

General overview for 25/10/2016:

The sudden decline towards the demand zone has been labeled as the wave a (black) of the overall corrective structure. There is still wave b (black) and c (black) missing from the overall correction. The projected target for wave c (black) has been raised to the level of 1.3250, just below the weekly pivot at the level of 1.3255.

Support/Resistance:

1.3397 - Wave a Top

1.3290 - 1.3311 - Demand Zone

1.3255 - Weekly Pivot

1.3157 - WS1

Trading recommendations:

The TP level from yesterday has been hit and all sell orders should be closed with profit. Currently, day traders might again consider opening the sell orders with SL just above the recent swing high and TP at the level of 1.3255.

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Technical analysis of EUR/JPY for October 25, 2016

General overview for 25/10/2016:

The level of 113.10 was violated overnight and now the market is slowly moving higher above the weekly pivot in order to hit the next resistance. The projected target for this wave might be at the level of 114.05, where the weekly resistance level one and the 78% Fibo might provide resistance for the price. Moreover, please notice the wave (b) might evolve into a more complex and time-consuming pattern.

Support/Resistance:

111.98 - WS1

112.07 - Intraday Support

113.14 - Weekly Pivot

113.65 - Intraday Resistnace

114.05 - WR1

115.39 - WR2

Trading recommendations:

The buy orders from yesterday should be kept open with SL set to BE and TP still set at the level of 114.05.

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Daily analysis of major pairs for October 25, 2016

EUR/USD: There has been a bearish signal on the EUR/USD pair. The outlook on the market, as well as other EUR pairs, is bearish for this week. Therefore, we may witness a slow and steady bearish movement that would take price towards the support lines at 1.0850 and 1.0800 this week.

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USD/CHF: This market went flat on Monday, although in the context of an uptrend. A breakout is supposed to start today or tomorrow, which would favor bulls, plus the next targets for them are located at the resistance levels at 0.9950 and 1.0000. However, it is very much unlikely that the resistance level at 1.0000 would be beached to the upside. That is a great psychological level.

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GBP/USD: This currency trading instrument is still consolidating. This is best called a consolidation in the context of a downtrend. The outlook on GBP pairs is bullish for this week, but the bullish movement of GBP/USD might not be significant enough to threaten the ongoing major bullish bias.

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USD/JPY: The bullish signal on USD/JPY remains valid. Bulls are still willing to push price further northwards. So, the supply levels at 104.50, 105.00 and 105.50 might be tested today or tomorrow.

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EUR/JPY: This cross made a bullish attempt last week, however, in the context of a downtrend. The downtrend would hold out till the supply zone at 115.50 is breached to the upside (a condition that would lead to the end of the short-term bearish bias). Normally, further weakness in the EUR could cause the demand zone at 113.00 to be tested again.

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Technical analysis of CAD/CHF for October 25, 2016

After finding the top at 0.7600, CAD/CHF fell down sharply breaking below both 50 and 200 Moving Averages. At the same time, the pair broke below the uptrend trendline suggesting a continuation of the decline.

Fibonacci applied to the trendline breakout point shows that today the pair found the resistance near 61.8% (0.7474) level. Currently CAD/CHF is rejecting the 50-Moving Average which should act as resistance providing a good selling opportunity.

Consider selling CAD/CHF at the current rate (0.7455), targeting either 38.2% (0.7391) or 23.6% Fibs (0.7340) support levels. The suggested stop loss is 0.7507.

Support: 0.7432, 0.7391, 0.9340

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Elliott wave analysis of EUR/NZD for October 25, 2016

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Wave summary:

A test of a short-term important resistance at 1.5292 was seen in early Asian session, but a break above this resistance is needed to confirm that wave (ii) completed with the test of 1.5066 and that wave (iii) higher towards 1.6396 has taken over.

A break above 1.5292 will call for a rally to 1.5525 and 1.5764 on the way higher to 1.6396.

Trading recommendation:

We are long EUR from 1.5285 with stop placed at 1.4985. If you are not long yet, then buy upon a break above 1.5292 and use the same stop at 1.4985.

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Elliott wave analysis of EUR/JPY for October 25, 2016

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Wave summary:

The resistance line at 116.28 is currently being tested near 113.60 and a break above it will add confidence in red wave ii being in place at 112.57, while a break above 114.52 confirm that red wave iii is developing for a rally to 116.28 and above towards 122.00.

In the long term, we are looking for much higher levels, but some hurdles still have to be cleared for the price to rally further.

Trading recommendation:

We are long EUR from 112.95 and we will move our stop higher to 112.50. If you are not long EUR yet, then buy upon a break above 113.60 and use the same stop at 112.50.

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Technical analysis of USDX for October 25, 2016

The US dollar index is trading inside a bullish channel. There are several warning signs that between 98.50-99 we should expect a pull back as we are at overbought levels and several divergence signals are given. This is not the time to be buying dollars.

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Green lines - bullish channel

Red line - long-term support

Short-term support is found at 98.25 while resistance lies at 99.45. Price remains above the short-term support depicted by the Tenkan-Sen (red line indicator). A 4 hour candle close below the Tenkan-Sen will give a bearish signal for a move towards the lower channel boundary at least and the Kijun-Sen (yellow line indicator) at 98.25.

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Red lines - long-term trading range

Green line - support trend line

On a weekly basis, trend remains bullish after breaking the 96.50 level. Resistance comes at 99.50 and support for the entire bullish trend at 95. A pullback towards 96.50 is justified. However, a push below and inside the Kumo cloud will be a bearish sign. Bulls do not want the price breaking below the green trend line support. This will imply that 92 will be tested.

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Technical analysis of gold for October 25, 2016

Gold price continues to trade just above the $1,262 breakout area. Yesterday we saw a spike towards $1,272 but it was short-lived. This bounce has helped us see clearly the resistance levels ahead which are at $1,272-75 area. As long as we are above $1,247 we look for an immediate bounce towards $1,290-$1,300 at least.

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Red lines - support

Blue line - resistance

Gold price is trading above the Ichimoku cloud on the 4-hour chart. Price is forming a higher low before the next upward move that is expected to push prices towards $1,300. I remain both short- and long-term bullish Gold.

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On a daily basis price holds above the tenkan-sen (red line indicator) and my minimum target remains at the kijun-sen (yellow line indicator). I believe soon we sill see an upward break out towards $1,290-$1,300. Medium-term trend will change back to bullish on a break above $1,350-60.The material has been provided by InstaForex Company - www.instaforex.com

Technical Analysis of the US Dollar Index for October 25, 2016.

Technical outlook and chart setups:

The US Dollar Index has re-tested yesterday's highs at 98.84 level before dropping lower again. The index is trading at 98.74 for now, looking to drop lower further towards 97.60 and 97.40 levels at least as displayed here. Please also note that 97.60 is immediate support while 97.40 is the fibonacci 0.382 support of the rally between 95.05 and 98.85 levels, as depicted here (wave iii). The wave structure indicates that the index has completed a 5-wave rally of a lesser degree from 95.05 level. It is now expected to drop lower in a corrective manner (3 waves) towards at least 97.40 level. It is hence recommended to exit long positions and remain flat for now. Aggressive traders might want to go short now with stop at 98.90 targeting 97.40 level. Immediate resistance is at 98.85 level, while support is seen at 97.40 level respectively.

Trading recommendations:

Remain flat for now. Aggressive traders might want to remain short, stop at 98.90, target 97.40

Good luck!

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EUR/USD Technical Analysis for October 25, 2016.

Technical outlook and chart setups:

The EUR/USD has been drifting sideways for last 24 hours with no change in its structure and pricing. The pair is seen to be trading at 1.0879 levels for now and needs to push through at least 1.1040 levels to confirm further upside or to complete retracement. Please note that probability remains for a pullback rally for this week, since smaller time frames are showing bullish divergences since last week. The pair is expected to rally and take out 1.1040 levels to confirm that bulls are here to remain longer and extend rally through 1.1100 levels or it would be a wave 4 pullback. The probability for wave 4 terminations at 1.1040 levels remains high at this moment according to the wave counts shown here. Looking at the wave structure, the pair looks to be preparing to push higher towards 1.1040 and 1.1100 levels. It is recommended to remain flat for now and look for further evidence of a bottom formation. Immediate resistance is seen at 1.1040 levels, while support is seen at 1.0850 levels respectively.

Trading recommendations:

Remain flat for now. Aggressive traders might initiate long positions now with risk at 1.0850 levels.

Good luck!

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Technical Analysis of Silver for October 25, 2016.

Technical outlook and chart setups:

Silver also pushed higher towards $17.88 levels yesterday before pulling back sharply. The metal seems to have formed interim lows at $17.51 levels and it should be looking to rally towards higher levels ($18.30). As an alternate though, if prices drop below $17.30 level, the metal would be heading towards printing lower lows from here. The wave structure indicates that the metal should produce a counter trend rally this week and terminate around $18.50 level. A turn lower from there would push prices lower towards $16.50 level before resuming a rally, which is the fibonacci 0.618 support of an earlier rally between $13.60 and $21.10 levels respectively. It is recommended to remain flat for now and look for opportunities to short again on rallies; aggressive traders please remain long with risk at $17.00 level. Immediate resistance is seen at $18.50/19.00 levels, while support is at $17.00 level respectively.

Trading recommendations:

Aggressive traders may remain long, with stop at $17.00 and targeting $18.50 at least. Conservative trade setup would be to go short on rallies towards $18.50 level.

Good luck!

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

Gold Technical Analysis for October 25, 2016.

Technical outlook and chart setups:

Gold had swung both sides, $1,261.00 and $1,271.00 levels yesterday, hinting a flat wave 4 correction. The metal is trading at $1,265.00 level for now and should be looking to push higher towards $1,280.00/1300.00 levels from here. Please note that the metal should push through the past support turned resistance zone around $1,304.00 level as depicted here. Please note that the metal should push through the past support turned into resistance around $1,304.00 level as depicted here. The wave structure also indicates that the counter trend rally that began from $1,241.00 level is expected to terminate around $1,304.00/10.00 levels. Please note that prices might have terminated a flat a-b-c correction at $1,260.00 lows yesterday. It is recommended to remain flat now and look to sell around $1,300.00/10.00 levels again, while aggressive traders should remain long with risk below $1,250.00. Immediate resistance is now seen at $1,305.00/10.00 levels, while support is at $1,260.00 level respectively.

Trading recommendations:

Aggressive traders remain long now with stop at $1,250.00 level, targeting $1,310.00. Conservative trade setup is to go short at higher levels.

Good luck!

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

Technical analysis of EUR/USD for Oct 25, 2016

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When the European market opens, some economic news will be released such as German Ifo Business Climate and ECB President Draghi speech. The US will post a series of macroeconomic reports such as Richmond Manufacturing Index, IBD/TIPP Economic Optimism, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and HPI m/m. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.0926.

Strong Resistance:1.0920.

Original Resistance: 1.0909.

Inner Sell Area: 1.0898.

Target Inner Area: 1.0873.

Inner Buy Area: 1.0848.

Original Support: 1.0837.

Strong Support: 1.0826.

Breakout SELL Level: 1.0820.

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 25, 2016

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In Asia, today Japan will not release any economic data. The US will post some macroeconomic reports such as Richmond Manufacturing Index, IBD/TIPP Economic Optimism, CB Consumer Confidence, S&P/CS Composite-20 HPI y/y, and HPI m/m. So there is a probability the USD/JPY pair will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance 3: 104.96

Resistance 2: 104.75.

Resistance 1: 104.55.

Support 1: 104.29.

Support 2: 104.09.

Support 3: 103.88.

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 25, 2016

The index is holding its bullish tone in the short term, as we saw a consolidation above the support level of 98.53 during Monday's session. Still, we expect further rallies toward the 99.19 level, where a breakout should open the doors to visit the 99.70 level. However, if USDX does a consolidation below the 98.53 level, then it can test the 98.00 psychological level. 200 SMA is currently a dynamic support on the H1 chart.

USDXH1.png

H1 chart's resistance levels: 99.19 / 99.70

H1 chart's support levels: 98.53 / 98.01

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 99.19, take profit is at 99.70 and stop loss is at 98.68.

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

Daily analysis of GBP/USD for October 25, 2016

The pair started the week within a sideways range, but with a bearish bias favoured by the overall price action shown on H1 chart. Currently, GBP/USD is trading below the 200 SMA and it's expected that we could see a decline towards the 1.2155 level in coming hours or even days. However, if the pair manages to recover above the 1.2230 level, then it can test the 1.2312 price level.

1477338879_GBPUSDH1.png

H1 chart's resistance levels: 1.2312 / 1.2427

H1 chart's support levels: 1.2229 / 1.2155

Trading recommendations for today: Based on the H1 chart, sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.2229, take profit is at 1.2155 and stop loss is at 1.2301.

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