Intraday technical levels and trading recommendations for USD/CAD for October 28, 2016

analytics58136291bd566.pnganalytics5813629cb13d0.png

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, 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).

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

Intraday technical levels and trading recommendations for NZD/USD for October 28, 2016

analytics581361144df7a.png

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 keeps 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.

That's why, temporary bullish recovery is being expressed before further bearish decline can take place.

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

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

Intraday technical levels and trading recommendations for GBP/USD for October 28, 2016

analytics58135f589ea43.pnganalytics58135f631a0a2.png

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.

This week, recent bullish recovery was manifested around 1.2080. That's why, a bullish pullback may be executed towards 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.

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

Intraday technical levels and trading recommendations for EUR/USD for October 28, 2016

analytics58135edd5d089.png

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.

analytics58135eedcd5ba.png

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.

Earlier this week, recent bullish recovery was manifested around 1.0850. Any bullish pullback towards 1.0990 (Key Level-1) should be considered for a valid SELL entry.

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

EUR/NZD analysis for October 28, 2016

analytics581335fe16a17.png

Recently, EUR/NZD has been moving sideways at the price of 1.5280. On 30M time frame and using the market profile, I found a neutral profile but with weakness in the background. I placed Fibonacci expansion to find potential downward target points. I got Fibonacci expansion 100% at the price of 1.5240 and Fibonacci expansion 161.8% at the price of 1.5185. Watch for selling opportunities on the pullbacks.

Fibonacci Pivot Points:

Resistance levels

R1: 1.5340

R2: 1.5370

R3: 1.5424

Support levels:

S1: 1.5235

S2: 1.5200

S3: 1.5150

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

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

Gold analysis for October 28, 2016

analytics58132fd0abe20.png

Since our previous analysis, gold has been trading downwards. The price tested the level of $1,265.34. According to the 30M time frame and using the market profile analysis, I found rejection of an extreme swing high at the price of $1,272.00, which is a sign of weakness. I placed FIbonacci expansion to find potential objective points. I got Fibonacci expansion 100% at the price of $1,260.90 and Fibonacci expansion 161.8% at the price of $1,253.70. Downward momentum on the gold. Watch for selling opportunities.

Fibonacci pivot points:

Resistance levels:

R1: 1,267.90

R2: 1,268.40

R3: 1,269.20

Support levels:

S1: 1,266.30

S2: 1,265.80

S3: 1,265.00

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

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

Technical analysis of USD/JPY for October 28, 2016

USDJPYM30.png

USD/JPY is expected to trade with bullish outlook. From a technical view, the pair is heading upward, backed by its rising 20-period and 50-period moving averages. The previous key resistance at 104.75 plays a support role now, and should limit any downward attempts. The relative strength index is mixed to bullish above its neutrality area at 50. On Thursday, the US stocks posted modest losses at close as gains in healthcare shares were offset by losses in real estate, consumer discretionary and utilities sectors. The Dow Jones Industrial Average declined 29 points (-0.2%) to 18,169, the S&P 500 dropped 6 points (-0.3%) to 2,133, while the Nasdaq Composite was down 34 points (-0.7%) to 5,215.

On the economic front, the US Commerce Department reported durable goods orders declined 0.1% on month in September (vs. +0.0% expected). The Labor Department announced that initial jobless claims amounted to 258,000 in the week ended October 22 (vs. 256K expected). The National Association of Realtors said September pending home sales increased 1.5% on month in September (vs. +1.1% expected).

Hence, above 104.75 look for further advance to 105.55 and 105.95 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 105.55 and the second one at 105.95. In the alternative scenario, short positions are recommended with the first target at 104.35 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 104.00. The pivot point lies at 104.75.

Resistance levels: 105.55, 105.95, 106.25

Support levels: 104.35, 104.00, 103.65

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

Technical analysis of USD/CHF for October 28, 2016

USDCHFM30.png

USD/CHF is expected to trade with bearish bias as the key resistance at 0.9960. The pair is trading above its 20-period and 50-period moving averages, while the relative strength index is above its neutrality level at 50. Nevertheless, 0.9960 represents a significant key resistance level, which should limit the upside potential. Even though a continuation of technical rebound cannot be ruled out, its extent should be limited.

As long as 0.9960 holds on the upside, look for a further drop toward 0.9900 and 0.9870 in extension.

Resistance levels: 0.9900, 1.0000, 1.0075

Support levels: 0.9900, 0.9870, 0.9850

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

Technical analysis of NZD/USD for October 28, 2016

NZDUSDM30.png

NZD/USD is expected to trade with bullish bias. The pair remains trading within a rising trend channel, and is also supported by its 20-period and 50-period moving averages. Meanwhile the relative strength index lacks downward momentum. Therefore, as long as 0.7105 is not broken below, further bounce is expected with 0.7165 and 0.7205 as the next 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 0.7165 and the second one at 0.7205. In the alternative scenario, short positions are recommended with the first target at 0.7075 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 0.7045. The pivot point lies at 0.7105.

Resistance levels: 0.7165, 0.7205, 0.7255

Support levels: 0.7075, 0.7045, 0.70000

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

Technical analysis of GBP/JPY for October 28, 2016

GBPJPYM30.png

GBP/JPY is expected to prevail its upside movement. The pair remains on the upside, and is looking for a higher top. The configuration is positive as the 20-period moving average still stays above the 50-period one, and the relative strength index is above 50. In Britain, the third-quarter GDP growth was reported as +0.5% on quarter, compared with +0.3% expected and +0.7% in the previous quarter. Even so, the across-the-board strength of the U.S. dollar over-powered the British pound causing GBP/USD to decline 0.7% to 1.2161.

As long as 127.35 is not broken down, further bounce is preferred with 128.50 and 128.85 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 128.50 and the second one at 128.85. In the alternative scenario, short positions are recommended with the first target at 127.00 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 126.60. The pivot point lies at 127.35.

Resistance levels: 128.50, 128.85, 129.45

Support levels: 127.00, 126.60, 126.10

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

Technical analysis of NZD/USD for October 28, 2016

1477645453_NZDUSDH4.png

Overview:

  • The market opened below the weekly resistance (0.7206). It continued to move downwards from the level of 0.7206 to the bottom around 0.7140. Today, the first resistance level is seen at 0.7206 followed by 0.7258, while daily support 1 is seen at 0.7089. The NZD/USD pair broke support which turned to strong resistance at 0.7206. Right now, the pair is trading below this level. It is likely to trade in a lower range as long as it remains below the resistance (0.7206) which is expected to act as major resistance today. This would suggest a bearish market because the moving average (100) is still in a negative area and does not show any signs of a trend reversal at the moment. Amid the previous events, the NZD/USD pair is still moving between the levels of 0.7206 and 0.7089. Therefore, the major resistance can be found at 0.7206 providing a clear signal to sell with a target seen at 0.7089. If the trend breaks the minor support at 0.7089, the pair will move downwards continuing the bearish trend development to the level of 0.7036 in order to test the double bottom in the 4H time frame. Overall, we still prefer the bearish scenario which suggests that the pair will stay below the zone of 0.7206 - 0.7258 today.

Daily key levels:

  • Resistance 2:0.7258
  • Resistance 1:0.7206
  • Intraday pivot point:0.7141
  • Support:0.7089
  • Support:0.7036
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for October 28, 2016

USDCHFH1.png

Overview:

  • The USD/CHF pair reached a new maximum around the spot of 0.9940. Right now, the USD/CHF pair has faced minor resistance at the levels of 0.9943 on 1H chart. Today price may reach one more maximum at level of 0.9943 and then start new correction towards the level of 0.9910 (at least). We expect the USD/CHF pair to continue moving in a bullish trend from the support levels of 0.9910 and 0.9900. Currently, the price is in a bullish channel. This is confirmed by the RSI indicator signaling that we are still in a bullish trending market. Immediate support is seen at 0.9910, which coincides with a ratio of 38.2% Fibonacci. Consequently, the first support is set at the level of 0.9910. So, the market is likely to show signs of a bullish trend around the spot of 0.9910/0.9900. In other words, buy orders are recommended above the 0.9910 price with the first target at the level of 0.9967. Furthermore, if the trend is able to break out through the first resistance level of 0.9967, we should see the pair climbing towards the double top (0.9998) to test it. However, stop loss should always be taken into account, accordingly, it will be of beneficial to set the stop loss below the second support of 0.9889.
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 28/10/2016

Global macro overview for 28/10/2016:

The main economic event for today will be US Prelim GDP data which is due at 12:30pm GMT. The Bloomberg median consensus is at 2.6% (q/q annualized), a nice increase from 1.5% for the last quarter. There is also the quarterly Employment Cost Index data, which is expected to remain at +0.6%, whilst the Michigan Sentiment for October is expected to be revised mildly higher to 88.1 (from the preliminary reading of 87.9). Market participants are anticipating a strong boost in GDP, especially from net exports, consumer spending, and capital expenditures. In conclusion, very important reports, especially real spending and price index, will be released next week. They will clearly signal the Fed's rate hike in December.

Let's now take a look at the US Dollar index technical picture in the daily time frame ahead of the news release. Dollar bulls remain strong as the price is still trading above the technical support at the level of 98.58. Any reading better than expected will eventually push the price even higher towards the next technical resistance at the level of 99.84.

analytics5813101f0ec9f.jpg

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

Global macro overview for 28/10/2016

Global macro overview for 28/10/2016:

Another OPEC meeting starts today in Vienna, Austria and it will last until Sunday. The OPEC and non-OPEC members will try to reach agreement on further supply cuts, but it looks like the negotiations will be tough. As we remember, on the last meeting in Algeria the OPEC members agreed on a modest oil production cut in the first such pact since 2008 and Saudi Arabia was a leader for this change. The preliminary agreement was reached to reduce the output to 33 million barrels per day. After the event, the Gulf Bay OPEC countries are willing to cut 4 percent from their peak oil output. Nevertheless, this week Iraq stated it would not reduce its oil output anymore due to a lack of funds to fight the Islamic State. In conclusion, no real breakthrough is anticipated after the Vienna meeting, but the outcomes might be very interesting for further global market sentiment on oil production.

Let's now take a look at the Crude Oil technical picture in the 4H time frame. After the lower low had been made in the demand zone (a gray rectangle) the market bounced a little, but wasn't able to break out above the dashed blue trend line. Moreover, it looks like bears are testing the demand zone again as the price is now reversing back towards the technical support at the level of 49.13. Any violation of the demand zone would mean bears are in full control over this market and the next support is seen at the level of 46.53.

analytics58130c5d6a0f0.jpg

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

Technical analysis of USD/CAD for October 28, 2016

General overview for 28/10/2016:

The rising wedge pattern that is in progress clearly indicates the possibility of another sell-off as the growing divergence between the price and the momentum indicator is waiting for confirmation. The sudden decline towards the demand zone has been labeled as the wave -a- (black) of the overall corrective structure. This recent high might be labeled as wave -b- (black). There is still wave 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:

1.3400 - Local High

1.3397 - Wave a Top

1.3290 - 1.3311 - Demand Zone

1.3255 - Weekly Pivot

1.3157 - WS1

Trading recommendations:

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.

analytics581300e41abb6.jpg

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

Technical analysis of EUR/JPY for October 28, 2016

General overview for 28/10/2016:

The level of 114.50 has been violated as anticipated and now it is going to act as an intraday support for the price. The market is trading around the 61%Fibo at the level of 114.87, but it looks like the target for the wave c (purple) might extend higher towards the level of 115.48 before this wave is terminated. In that case the wave (b) (blue) will be labeled as an abc Zig-Zag pattern, so the next wave structure should develop to the downside.

Support/Resistance:

111.98 - WS1

113.14 - Weekly Pivot

114.05 - WR1

114.50 - Intraday Support

114.87 - 61%Fibo

115.48 - 78%Fibo

115.39 - WR2

Trading recommendations:

All buy orders should now be closed with profit and traders should wait for another trading setup to occur shortly.

analytics5812ffa4daef7.jpg

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

Elliott wave analysis of EUR/NZD for October 28, 2016

analytics5812e6068bc1b.png

Wave Summary:

After the break above minor resistance at 1.5292 we would have liked to see upside acceleration. That has not been the case and do make us more cautious. However, we will let the bullish outlook have the benefit of the doubt as long as support at 1.5175 and more importantly as long as support at 1.5138 is able to protect the downside.

Short term a break above minor resistance at 1.5351 should call for more upside progress to 1.5525 and above to 1.5764.

Trading recommendation:

We are long EUR from 1.5285 with stop placed at 1.5170. If you are not long EUR yet, then but a break above 1.5351 and start by using the same stop at 1.5170.

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

Elliott wave analysis of EUR/JPY for October 28, 2016

analytics5812e4741421b.png

Wave summary:

With the clear break above resistance at 114.52 more upside is now expected towards 116.28 and above here confirm a continuation higher to 118.47 on the way towards 122.00.

The former resistance at 114.52 will now act as resistance and will ideally protect the downside for the next rally higher towards 116.28 and ideally above here.

Trading recommendation:

We are long EUR from 112.95 with stop placed at 113.60. If you are not long EUR yet, then buy near 114.52 and use the same stop at 113.60.

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

Technical analysis of EUR/USD for Oct 28, 2016

!_EUR_USD.jpg

When the European market opens, some Economic Data will be released such as Italian 10-y Bond Auction, Spanish Flash GDP q/q, Spanish Flash CPI y/y, French Prelim CPI m/m, French Consumer Spending m/m, German Prelim CPI m/m, French Prelim GDP q/q. The US will release the economic data too such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Employment Cost Index q/q, Advance GDP Price Index q/q, Advance GDP q/q, so, amid the reports, EUR/USD will move in a low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.0948.

Strong Resistance:1.0942.

Original Resistance: 1.0931.

Inner Sell Area: 1.0920.

Target Inner Area: 1.0895.

Inner Buy Area: 1.0870.

Original Support: 1.0859.

Strong Support: 1.0848.

Breakout SELL Level: 1.0842.

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 28, 2016

!_USD_JPY.jpg

In Asia, Japan will release the BOJ Core CPI y/y, Unemployment Rate, National Core CPI y/y, Tokyo Core CPI y/y, Household Spending y/y and the US will release some Economic Data such as Revised UoM Inflation Expectations, Revised UoM Consumer Sentiment, Employment Cost Index q/q, Advance GDP Price Index q/q, Advance GDP q/q. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVEL:

Resistance. 3: 105.71.

Resistance. 2: 105.50.

Resistance. 1: 105.30.

Support. 1: 105.04.

Support. 2: 104.84.

Support. 3: 104.63.

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

AUD/JPY remain bearish for a further drop

We remain bearish below 80.00 resistance (Fibonacci retracement, horizontal resistance) for a push down to 79.40.

RSI (34) is right below major resistance at 61% where we expect a reaction from and has also made a bearish exit.

Sell below 80.00. Stop loss at 80.32. Take profit at 79.40.

analytics5812a660920ad.png

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

USD/JPY approaching major resistance, remain bearish

We remain bearish below major resistance at 103.40 (Fibonacci retracement, horizontal overlap resistance, channel resistance) for a push down to 103.35.

Stochastics (34,5,3) is also at major resistance at 96%.

Sell below 105.40. Stop loss at 106.52. Take profit at 103.35.

analytics5812a648128ab.png

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

NZD/USD remaining bullish above major support

We remain bullish above major support at 0.7113 (Fibonacci retracement, horizontal support, Fibonacci projection) for a push up to 0.7180.

Stochastics (34,5,3) is bouncing above major 7% support.

RSI (34) has also bouncing off major ascending support.

Buy above 0.7113. Stop loss at 0.7078. Take profit at 0.7180.

analytics5812a62a176f8.png

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

EUR/JPY below major resistance, prepare to turn bearish

Price made a perfect push up as expected with our inverse head and shoulder reversal and is approaching price target. We turn bearish below 115.00 resistance (Fibonacci retracement, horizontal overlap resistance) for a push down first to 114.20.

RSI (34) is approaching major resistance at 75%.

Sell below 115.00. Stop loss at 115.40. Take profit at 114.20.

analytics5812a60bd2a64.png

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

AUD/USD approaching major support, prepare to buy

Price is approaching major support at 0.7560 (Fibonacci projection, Fibonacci retracement) where we expect a bounce up from towards 0.7652.

RSI (34) is above long term ascending support.

Buy above 0.7560. Stop loss at 0.7506. Take profit at 0.7652.

analytics5812a5e1e5af3.png

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

AUD/NZD above major support, time to buy

Price dropped perfectly to our profit target yesterday. We now play a bounce up from here above major support at 1.0650 (Fibonacci retracement, Fibonacci projection, horizontal support) for a push up to 1.0712.

Stochastic (34,5,3) is right on major support at 4%.

Buy above 1.0650. Stop loss at 1.0610. Take profit at 1.0712.

analytics5812a5c616d41.png

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

Daily analysis of major pairs for October 28, 2016

EUR/USD: This market has moved sideways so far – in the context of a downtrend. Further downwards movement is expected, for price could reach the support lines at 1.0850 and 1.0800. The support line at 1.0850 was reached and would be reached again. In case, the USD/CHF drops sharply, a strong rally might be witnessed any moment.

1.png

USD/CHF: There is still a Bullish Confirmation Pattern on the USD/CHF, though things have consolidated so far this week. A breakout is imminent on the market, and price could reach the resistance level at 1.0000. This is an important psychological level, and an extraordinarily strong buying pressure is needed to breach it to the upside. On the other hand, price could pull back sharply from here.

2.png

GBP/USD: The bias on the 4-hour and daily charts is bearish (that is the dominant bias), though the market has been in the equilibrium phase since last week. This means that a breakout is imminent, which is supposed to favor bulls. That could happen this week or next.

3.png

USD/JPY: The USD/JPY has trended upwards by 145 pips this week. This has become strong enough to result in a bullish bias. Price is now above the demand level at 105.00 and it could reach the supply levels at 105.50 and 106.00 this week or next. The EMA 11 is above the EMA 56 and the RSI period 14 is above the level 50. The market would go further upwards.

4.png

EUR/JPY: As it was anticipated at the beginning of this week, the EUR/JPY has trended upwards by 190 pips. This has become strong enough to result in a bullish bias. Price is now above the demand zone at 114.50 and it could reach the supply zones at 115.00 and 115.50 this week or next.

5.png

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

Daily analysis of USDX for October 28, 2016

USDX held a bullish tone during Thursday and it's trying to reach the resistance zone of 99.19 across the board. If the index does a breakout over there, then it's expected to rally towards the 99.70 level, opening the doors to visit the key zone of 100.00. However, if USDX manages to consolidate below the 200 SMA, it can reach the 98.00 psychological level.

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 28, 2016

Thursday was volatile for GBP/USD, as the UK GDP data was released early in the European session, showing a slow improvement post-Brexit. However, Cable erased its gains quickly and now we're seeing a decline towards the support level of 1.2155. If we see a breakout below that zone, then the 1.2105 level is highly expected to be reached.

GBPUSDH1.png

H1 chart's resistance levels: 1.2229 / 1.2310

H1 chart's support levels: 1.2155 / 1.2105

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 1.2155, take profit is at 1.2105 and stop loss is at 1.2208.

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

Daily analysis of GBP/JPY for October 27, 2016

GBPJPYH4.png

Overview

The GBP/JPY couldn't record any new negative level until this moment, affected by the dominant sideways trading, due to its stability near 127.80 level, we should mention that there is a possibility for the price attraction to the resistance at 129.60, and the stability of this level important to keep the negative stability in the upcoming period, and that makes the price begin the negative attack to target 124.60 reaching to 120.90 level. Stochastic supports the sideways fluctuation by its stability above 50 level, which contradicts the negativity of the moving average, due to its stability above the price trading, to confirm the domination of the sideways trading in the current period. The expected trading range for today is between 128.15 and 124.60.

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

Daily analysis of EUR/JPY for October 27, 2016

EURJPYH4.png

Overview

The EURJPY pair is affected by clear contradiction of the major indicators, to support the domination of the sideways trading and confirm moving between the main levels represented by 114.70 resistance and 113.20 support, thus, the sideways overview will remain valid until the price breaches one of the mentioned levels. Note that attempting to breach the mentioned resistance will push the price to form new bullish bias, targeting 116.30 level first, while breaking the initial support will reinforce the negative pressures and start recording more negative targets by reaching 112.20 followed by 110.70. The expected trading range for today is between 114.70 and 113.20.

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

Daily analysis of Gold for October 27, 2016

GOLDH4.png

Overview

Gold price shows slight bullish bias supported by stochastic positivity that appears clearly on the four hours' time frame, to keep the bullish trend active for the rest of the day, waiting to target 1297.74 level mainly, which breaching it represents the key to extend gold price gains towards 1,375.00. Therefore, we will continue to suggest the bullish trend in the upcoming sessions unless breaking 1,249.94 level and holding below it. The expected trading range for today is between 1,255.00 support and 1,297.74 resistance.

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

Daily analysis of Silver for October 27, 2016

SILVERH4.png

Overview

Silver price bounced bearishly after failing to confirm breaching 17.80 level yesterday, to approach from testing the key support base 17.43, accompanied by stochastic reach to the oversold areas, which supports the chances of turning back to rise, waiting to head towards 18.30 as a first main target. Therefore, our bullish overview still valid and active as long as 17.43 level remains intact, reminding you that breaching the targeted level will extend silver price gains to reach 19.38 direct, while breaking 17.43 level represents negative factor that will push the price to visit the most important correctional level at 16.56 before any new attempt to rise. The expected trading range for today is between 17.43 support and 18.95 resistance.

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