Technical analysis of USD/JPY for October 06, 2017

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Our first target which we predicted in Yesterday's analysis to hit 113.20 level has been reached today. The pair posted a strong rebound, and is likely to challenge its next resistance at 113.50 in the coming trading hours. Both the 20-period and 50-period moving averages are turning up, and play strong resistance roles. Besides, the relative strength index is bullish above its neutrality area at 50.

To sum up, as long as 112.70 is not broken, look for further advance to 113.50 and 113.80 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.50 with a target at 112.30.

Chart Explanation: The black line shows the pivot point. The current price above the pivot point indicates a bullish position, while the price below the pivot point is a signal for a short position. The red lines show the support levels and the green line indicates the resistance level. These levels can be used to enter and exit trades.

Strategy: Buy, Stop Loss: 112.50, Take Profit: 113.20

Resistance levels: 113.20, 113.50 and 113.75 Support Levels: 112.30, 112.05, 111.75

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Technical analysis of USD/CHF for October 06, 2017

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All our targets which we predicted in yesterday's analysis have been hit. The pair is expected to continue its upside movement. Despite the recent pullback, the pair is trading above its rising 50-period moving average. The relative strength index is above its neutrality level at 50. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

The U.S. Commerce Department reported that the country's trade deficit declined to US$42.4 billion in August, the lowest level since September 2016. Orders for non-defense capital goods (excluding aircraft) rose 1.1% on month in August, higher than +0.9% previously estimated. The Labor Department said initial jobless claims fell by 12,000 to a seasonally adjusted 260,000 in the week ended September 30, lower than 270,000 expected.

The Labor Department will release the closely-watched September jobs report tonight. It is expected that the U.S. economy added 80,000 new jobs (vs. +156,000 in August), average hourly earnings were up 0.3% on month, and the jobless rate was stable at 4.4%.

Hence, as long as 0.9760 (the high of Oct. 4) is support, look for a new challenge to 0.9850 and even to 0.9875 in extension.

Chart Explanation: The black line shows the pivot point. The present price above the pivot point indicates a bullish position, and the price below the pivot points indicates a short position. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Strategy: BUY, Stop Loss: 0.9760, Take Profit: 0.97850

Resistance levels: 0.9850, 0.9875, and 0.9915

Support levels: 0.9740, 0.9710, and 0.9685

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Technical analysis of GBP/JPY for October 06, 2017

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All our targets which we predicted in yesterday's analysis have been hit precisely as we predicted. The pair remains under pressure below its resistance at 0.7120. In addition, the falling 50-period moving average should confirm a negative intraday outlook. The relative strength index lacks upward momentum, and calls for a new pullback. In that case, even though a technical rebound cannot be ruled out, its extent should be limited before further decline.

As long as 0.7120 holds on the upside, look for a return to 0.7030 and 0.7000 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a long position is recommended above 148.35 with the target at 149.05.

Strategy: SELL, Stop Loss: 148.35, Take Profit: 147.350

Chart Explanation: the black line shows the pivot point. The price above the pivot point indicates long positions; and when it is below the pivot points, it indicates short positions. The red lines show the support levels and the green line indicates the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 149.05, 149.50 and 150.15

Support levels: 147.10, 146.60, and 146.00

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Technical analysis of NZD/USD for October 06, 2017

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All our targets which we predicted in yesterday's analysis have been hit. NZDUSD is still under pressure and expected to trade in a lower range. The pair recorded lower tops and lower bottoms since Oct. 3, which confirmed a negative outlook. The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index advocates for a further decline.

To conclude, below 0.7120, look for a new test with targets at 0.7030 and 0.7000 in extension.

The black line is showing the pivot point. Currently, the price is above the pivot point, which indicates long positions. If it remains below the pivot point, it will indicate short positions. The red lines are showing the support levels and the green line is indicating the resistance levels. These levels can be used to enter and exit trades.

Resistance levels: 0.7145, 0.7170, and 0.7200

Support levels: 0.7030, 0.7000, and 0.6955

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Bitcoin analysis for October 06, 2017

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The Bitcoin (BTC) has been trading upwards. The price tested the level of $4.412. The news from Japan are positive for Bitcoin. Japan's major players in the financial industry are eyeing bitcoin mining with a goal of generating new revenue. They also hope to help set the ground rules for using bitcoin. In early September Japan's GMO and DMM.com said they were moving into the mining space. Both companies have started crypto and bitcoin exchanges. Technical intraday picture looks bullish.

Trading recommendations:

According to the 30M time frame, I found a successful breakout of Asia ses. Trading range, which is a sign that buyers are in control. I Placed Fibonacci expansion to find potential targets. Upward targets are set at the price of $4.445, $4.485 and $4.620.

Support/Resistance

$4.270 – Intraday support (price action)

$4.2413 – Resistance (price action)

$4.485 – Intraday target (Fibonacci)

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USD/JPY analysis for October 06, 2017

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Recently, the USD/JPY has been trading upwards. The price tested the level of 113.07. According to the 15M time frame, I found a successful brekout of yesterday's high at the price of 112.92. I also found a successful re-test of the support, which is another sign of strength. My advice is to watch for potential buying opportunities on the dips. The upward targets are set at the price of 113.15 and 113.35 (Fibonacci based targets).

Resistance levels:

R1: 113.05

R2: 113.15

R3: 113.25

Support levels:

S1: 112.85

S2: 112.80

S3: 112.70

Trading recommendations for today: watch for potential buying opportunities.

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Analysis of GBP/USD for October 06, 2017

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Recently, the GBP/USD pair has been trading downwards. As I expected, the price tested the level of 1.3061. According to the 15M time frame, I found a successful breakout of yesterday's low at the price of 1.3017. Most recently, I found a buying climax in the background, which is a sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3050 and 1.3000.

Resistance levels:

R1: 1.3085

R2: 1.3105

R3: 1.3120

Support levels:

S1: 1.3050

S2: 1.3040

S3: 1.3020

Trading recommendations for today: watch for potential selling opportunities.

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NZD/USD Intraday technical levels and trading recommendations for October 6, 2017

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Daily Outlook

In February 2017, the depicted short-term downtrend was initiated around the depicted supply zone (0.7310-0.7380).

However, a recent bullish breakout above the downtrend line took place on May 22. Since then, the market has been bullish as depicted on the chart.

The price zone of 0.7150-0.7230 (Key-Zone) stood as a temporary resistance zone until a bullish breakout was expressed above 0.7230.

This resulted in a quick bullish advance towards the next supply zone around 0.7310-0.7380 which was temporarily breached to the upside.

Recent bearish pullback was executed towards the price zone of 0.7310-0.7380 (newly-established demand-zone) which failed to offer enough bullish support for the NZD/USD pair.

Re-consolidation below the price level of 0.7300 enhances the bearish side of the market. This brings the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) where recent weak bullish recovery was manifested earlier in September.

An atypical Head and Shoulders pattern is being expressed on the depicted chart indicating high probability of bearish reversal.

The current price levels of 0.7320-0.7350 can be watched for a valid SELL entry if enough bearish rejection is expressed.

Bearish persistence below the neckline 0.7150 confirms the reversal pattern. Next bearish targets are located around 0.7050, 0.6925 and eventually 0.6800.

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Intraday technical levels and trading recommendations for EUR/USD for October 6, 2017

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Monthly Outlook

In January 2015, the EUR/USD pair moved below the major demand levels near 1.2050-1.2100 (multiple previous bottoms set in July 2012 and June 2010). Hence, a long-term bearish target was projected toward 0.9450.

In March 2015, EUR/USD bears challenged the monthly demand level around 1.0500, which had been previously reached in August 1997.

In the longer term, the level of 0.9450 remains a projected target if any monthly candlestick achieves bearish closure below the depicted monthly demand level of 1.0500.

However, the EUR/USD pair has been trapped within the depicted consolidation range (1.0500-1.1450) until the current bullish breakout was executed above 1.1450.

The current bullish breakout above 1.1450 allowed a quick bullish advance towards 1.2100 where recent evidence of bearish rejection was expressed.

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Daily Outlook

In January 2017, the previous downtrend reversed when the Head and Shoulders pattern was established around 1.0500. Since then, evident bullish momentum has been expressed on the chart.

As anticipated, the ongoing bullish momentum allowed the EUR/USD pair to pursue further bullish advance towards 1.1415-1.1520 (Previous Daily Supply-Zone).

The daily supply zone failed to pause the ongoing bullish momentum. Instead, evident bullish breakout is being witnessed on the chart. The next Supply level to meet the pair is located around 1.2100 (Level of previous multiple bottoms) where bearish rejection and a valid SELL entry can be anticipated.

On the other hand, If the current bearish breakout persists below 1.1800 (the depicted uptrend line) and 1.1700, a quick bearish decline should be expected towards the price zone of 1.1415-1.1520 where BUY entries can be offered.

Trade Recommendations

Bullish pullback towards the price zone of 1.1835-1.1850 (the backside of the broken uptrend line) should be considered for a valid SELL entry.

S/L should be placed above 1.1950.

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Daily analysis of major pairs for October 6, 2017

EUR/USD: The EUR/USD pair is currently bearish. The EMA 11 is below the EMA 56, and the Williams' % Range period 20 is in the oversold region. The next targets for bears are the support lines at 1.1700, 1.1650, and 1.1600.

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USD/CHF: The USD/CHF pair has been going upwards slowly and gradually. Price is now above the support level at 0.9750, going towards the resistance level at 0.9800 (the first target). Then price could go towards other targets at 0.9850 and 0.9000 (resistance levels). As long as EUR/USD goes down, USD/CHF would continue trudging northwards.

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GBP/USD: The GBP/USD pair has dropped by about 260 pips this week (having dropped by 430 pips since last week). There is a huge Bearish Confirmation Pattern in the chart and further downwards movement is possible, which would enable price to reach the accumulation territories at 1.3050, 1.3000, and 1.2950.

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USD/JPY: This pair has been moving sideways so far this week, though a closer look at the market shows that bulls still have some advantage. A rise in momentum is expected this week or early next week, which would lead to further upwards movement (in case the Yen is weak). There is also a possibility of a downwards movement (in case the Yen is strong).

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EUR/JPY: This cross has generated a short-term "sell" signals. The market has moved below the EMA 11 is the latter moves below the EMA 56. The RSI period 14 is below the level 50, which means price could go lower and lower, reaching the demand zones at 132.00, 131.50, and 131.00. The demand zone at 132.00 has been tested and it would be tested again.

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Technical analysis of NZD/USD for October 06, 2017

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Overview:

  • The NZD/USD pair has dropped sharply from the level of 0.7128 towards 0.7087. Now, the price is set at 0.7087 to act as a minor support. It should be noted that volatility is very high for that the NZD/USD pair is still moving between 0.7128 and 0.7040 in coming hours. Furthermore, the price has been set below the strong resistance at the levels of 0.7169 and 0.7220, which coincides with the 23.6% and 38.2% Fibonacci retracement level respectively. Additionally, the price is in a bearish channel now. Amid the previous events, the pair is still in a downtrend. From this point, the NZD/USD pair is continuing in a bearish trend from the new resistance of 0.7128. Thereupon, the price spot of 0.7128/0.7087 remains a significant resistance zone. Therefore, a possibility that the NZD/USD pair will have downside momentum is rather convincing and the structure of a fall does not look corrective. In order to indicate a bearish opportunity below 1.0020, sell below 0.7128 or 0.7087 with the first targets at 0.7040 and 0.7000. However, the stop loss should be located above the level of 0.7220.
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Technical analysis of USD/CHF for October 06, 2017

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Overview:

  • The USD/CHF pair faced a major resistance at the level of 0.9785 because the double top is set around the area of 0.9785/0.9800. Hence, the strong resistance has already been formed at the level of 0.9785 and the pair is likely to try to approach it in order to test it again. However, if the pair fails to pass through the level of 0.9785, the market will indicate a bearish opportunity below the new strong resistance levels of 0.9785 or 0.9845 (resistance 2). Moreover, the RSI starts signaling a downward trend, as the trend is still showing strength above the moving average (100) and (50). Thus, the market is indicating a bearish opportunity below the spot of 0.9785/0.9845 so it will be good to sell at 0.9785 with the first target at 0.9707. It will also call for a downtrend in order to continue towards 0.9846. The daily strong support is seen at 0.9603. On the contrary, the stop loss should always be taken into account, for that it will be reasonable to set your stop loss at the level of 0.9845 (major resistance).
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Global macro overview for 06/10/2017

Global macro overview for 06/10/2017:

The Halifax House Price Index data from the UK were better than expected. Market participants expected a drop from 1.5% a month ago to 0.0% in the reported month, but the reading was at the level of 0.8%. Moreover, on a quarterly basis, the prices increased from 2.6% to 4.0% as well. This means the average UK house price hit 225,109 pounds in September - its highest on record. Nevertheless, the survey cautioned that while house price growth was stronger in September than in the previous months, growth was still weaker than the 6.5% year-on-year change it peaked at in December.

UK house prices continue to be supported by an ongoing shortage of properties for sale and solid growth in full-time employment. Even the recent speculation on the possibility of interest rate hike by the Bank of England did not damp the demand for houses and economists still expect the transaction volumes to hold the current pace even after a rate hike. The only problem for the housing market is increasing pressure on spending power and continuing affordability concerns.

The Halifax House Price Index is the UK's longest running monthly house price series with data covering the whole country going back to January 1983. It is a resumptive index of house prices reflecting prices for new constructions and resale real estate markets.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The market has dropped below 61%Fibo retracement of the previous swing up and is currently trading just above the technical support at the level of 1.3057. The market conditions are oversold, but the momentum indicator still points to the downside. The next technical support is seen at the level of 1.2996 and the nearest resistance is seen at the level of 1.3111

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Global macro overview for 06/10/2017

Global macro overview for 06/10/2017:

The interest rate cut by the RBA is still on the table. According to the Wall Street Journal article, the Reserve Bank of Australia is still "not completely" ruling out a rate cut if consumption across the economy loses momentum entirely. The Wall Street Journal cites: "A slump in Australian retail sales in July and August is no cause for immediate alarm, but a response to interest rates could be warranted if consumption across the economy loses momentum entirely, according to central bank board member Ian Harper. Harper also pointed to positive economic data out recently, including employment and investment figures, his comments suggest the Reserve Bank of Australia will likely remain cautious for longer-than-expected".

In a situation where central banks have more and more signals of moving away from ultra-loose monetary policy, the RBA stance may be a ballast for the AUD. The Australian economic growth is still closely tied to the Chinese economy, which is being supported by increased spending on infrastructure and property construction, with the high level of debt continuing to present a medium-term risk. Any signs of problems in China will greatly influence the Australian economy and its currency.

Let's now take a look at AUD/USD technical picture at the H4 time frame. After Harper's comments, the market dropped below the technical support at the level of 0.7777 and currently is testing the larget time frame support at the level of 0.7749. The momentum is still pointing downward and in case of an extended drop, the next technical support is seen at the level of 0.7711.

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Elliott wave analysis of EUR/JPY for October 6, 2017

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Elliott wave analysis of EUR/JPY for October 6, 2017

Trading plan 10/06/2017

Trading plan 10/06/2017

The overall picture of EUR/USD: The euro is ready for a fall.

On Friday morning, the EUR/USD rate broke down the daily order level of 1.1695. This is a strong sell signal in terms of technical analysis.

Causes: The continuation of the crisis in Spain around Catalonia's demand for independence. The authorities of Catalonia threaten to proclaim independence "in the coming days," the Spanish central authorities strictly prohibit this and refuse to enter into negotiations. The proclamation of the independence of Catalonia, the richest region of Spain, will sharply hit the government bonds of Spain and it will hit the euro.

The second reason for the decline in the euro is the strong data on the US economy.

However, today there is likely a strong movement for EUR/USD, as well as for other pairs. At 13.30 London time, the report on the labor market in the US for September will be released. Analysts predict a significant decline in the number of new jobs:

The previous value of + 156K new jobs, forecast + 100K. A decrease due to significant destruction from hurricanes in the US.

However, according to the market's behavior, it seems that the decline in indicators is already embedded in the price, and if the indicators exceed the forecasts, the euro's rate will continue to fall.

We keep sales from 1.1695 (stop-loss 1.1740). Our goal is 1.1500

Alternative: Buy at breakthrough 1.1790 up.

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BITCOIN Analysis for October 6, 2017

Bitcoin has moved higher yesterday bouncing off the dynamic level of 20 EMA and Tenkan Sen with a daily close. The price is currently residing at the edge of the resistance level of $4,386.80 which is expected to proceed higher towards $4,500 and later towards $5,000 in the coming days. According to the recent moves, the Bitcoin market seems to be quite mature and have reliable sustainability with the gains. The market is moving with the impulsive corrective sequence which does make it quite easier to ride on and take profit for the traders. Though Bitcoin is expected to gain further towards $5,000 level, Bitcoin split is expected in November which might shake the market a bit. Currently the price is residing above the Kumo Cloud support and dynamic level of 20 EMA whereas Chikou Span has already broken above the candle resistance which does indicate that further bullish move is on the way and there are higher chances of price moving towards the $4,500 level in the coming days. Though a negative bias is going on in the market due to the ban on digital currencies, the market sentiment is still quite stronger in nature. It signals that Bitcoin is going to survive and gain further in the future. As the price remains above $4,000 level, the bullish bias is expected to continue further.

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Bitcoin analysis for 06/10/2017

Bitcoin analysis for 06/10/2017:

Axel Weber, who previously served as the head of the Bundesbank, a central bank in Germany, commented on Bitcoin during an event in Zurich. He stated that his skeptical approach to the cryptocurrencies "probably comes from experience as a banker in the central bank," and later acknowledged that Bitcoin only partially meets the common definition of currency: "An important function of the currency is the method of payment, it must be generally accepted, it must be a measure of value and subject to exchange. Bitcoin is just a currency for exchanging and performing transactions". Weber criticized the cryptocurrency market in late 2015. He is said to have noticed that the Bitcoin model may fail because "there will always be a boom".

The president of UBS becomes the last person from a large financial institution, which should discuss the issue of the cryptocurrency as the growing popularity of Bitcoin and Blockchain technology is starting to be perceived as a threat to the well established financial system. The question remains, whether the progression of expansion of Blockchain technology will not lose its pace and will become a real, global accepted alternative that will revolutionize the world financial system.

Let's now take a look at the Bitcoin technical picture on the H4 time frame. The market has bounced from the weekly pivot at the level of $4,143 and now is heading towards the local high at the level of $4,444. The market conditions are oversold, so the bounce might even target the level of $4,661 in a case of extension. The larger time frame trend remains up, but the main Elliott Wave scenario still indicates an uncompleted corrective cycle to the downside.

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Daily analysis of USD/JPY for October 06, 2017

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Overview

The USD/JPY pair closed yesterday's trading exactly at 112.80. The pair opened today with a bullish bias that hints the price is going to rise. The bullish trend is expected for today, supported by the EMA50. The target levels are 113.55 followed by 114.49. We should note that breaking 112.80 followed by 112.50 will stop the expected rise and push the price to decline towards 111.75 directly. The expected trading range for today is between 112.00 support and 113.55 resistance.

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Trading plan for 06/10/2017

Trading plan for 06/10/2017:

During the Asian trading session, the market further strengthened the US Dollar, supporting the optimistic view before the NFP report. EUR/USD moved towards a new low at 1.1685. AUD loses the most by surprising comments from the RBA about possible interest rate cuts.

On Friday 6th of October, the event calendar is busy with important news release. The main event of the day is Non-Farm Payrolls report. Besides, market participants will pay attention to Halifax House Price Index data from the UK, Ivey Purchasing Managers Index, Employment Change, and Unemployment Change data from Canada. Moreover, later during the US session, two members of FOMC will give a speech: Robert Kaplan and William Dudley.

EUR/USD analysis for 06/10/2017:

The Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings, and Participation Rate data are scheduled for release at 12:30 pm GMT. Market participants expect the NFP to decrease from 156k to 82k in the reported month. The Unemployment Rate is expected to be unchanged at the level of 4.4% and Average Hourly Earnings data are expected to increase from 0.1% to 0.3% on a monthly basis.

An increased volatility is expected during the news release, but disturbances caused by recent hurricanes may arouse an inadvertent approach to the distorted data by the market. Employment change may suffer the most, but the main focus remains on the dynamics of wages as a guide for inflation. Better data will have a stronger impact on the USD, as they will show that despite the effects of hurricanes, the US economy is on a sound footing.

Let's now take a look at EUR/USD technical picture on the H4 time frame. The price failed to break out above the intraday technical resistance at the level of 1.1715, so currently the price is moving towards the nearest technical support at the level of 1.1662. In case of better than expected data, the important support at the level of 1.1610 should be tested and possibly even violated. In case of worse than expected data, the price might quickly reverse towards the technical resistance at the level of 1.1821.

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Market Snapshot: USD/CAD above 78%Fibo

The price of USD/CAD has bounced from the lower channel trend line and violated the 785Fibo at the level of 1.2533. Currently, the price is heading towards the local swing high at the level of 1.2662 as market participants await the Ivey Purchasing Managers Index, Employment Change and Unemployment Change data release.

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Market Snapshot: USD/JPY formed a triangle?

The price of USD/JPY has formed a triangle pattern, which is a continuation pattern. It indicates the market will move in the direction of the trend, which so far is up. Any breakout below the level of 112.19 would invalidate this scenario. The nearest target for the price is seen at the level of 113.25. In case of a breakout, the next technical resistance is seen at the level of 114.47.

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Daily analysis of Gold for October 06, 2017

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Overview

Gold price approaches our waited target at $1,263.15, which represents 61.8% Fibonacci correction level measured from $1,204.81 to $1,357.53. This move hints the importance and sensitivity of this level to determine the next trend as breaking it represents a negative factor that will push the price down towards $1,240.85 directly. On the other hand, holding against the negative pressure will lead the price to start recovery attempts and return to the main bullish trend again. Overall, we still suggest the bearish trend in the upcoming sessions supported by the negative pressure formed by the EMA50, unless the price rallies upwards to breach $1,281.17 and hold above it. The expected trading range for today is between $1,255.00 support and $1,281.17 resistance.

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Technical analysis of USDX for Oct 06, 2017

The Dollar index made a new high yesterday but the bearish divergence is still there providing a warning. Today, we have the Non-Farm payrolls announcement by the US and the market is expected to have increased volatility.

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Black lines - bullish channel

Price is trading inside the corrected bullish channel. Price made a new high but the RSI is diverging for the 3rd time. Could Dollar top be in today? Very high chances of this happening. Support is at 93.40. Resistance is at 94.20-94.70.

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Black lines - bearish channel

The Dollar index is trading inside the longer-term bearish channel and is now testing its upper boundary together with the Ichimoku cloud resistance. I expect the Dollar index to get rejected today and reverse to new lows over the coming weeks.

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Technical analysis of gold for Oct 06, 2017

Gold price is trading near its lows just above $1,266. Trend remains bearish. Price however has reached important daily and Fibo support. I expect Gold price to make a full scale reversal to the upside today.

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Black line - resistance

Blue lines - bullish divergence signs

Gold price is below the Ichimoku cloud, making lower lows and lower highs. Price is at new lows but both RSI indicators continue to provide bullish divergence signs. I expect Gold price to reverse today and break resistance of $1,274 and at least test $1,288-90.

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Gold price has reached the lower cloud boundary and the 61.8% Fibonacci retracement. This is important support levels. I expect Gold to bounce at least towards $1,300 from current levels. However my longer-term view remains bullish looking for $1,400 and higher.The material has been provided by InstaForex Company - www.instaforex.com

Breaking forecast 10.06.2017

Breaking forecast 10.06.2017

EURUSD: Strong signal to sell

On Friday morning, the EURUSD rate broke down the level of the daily order level of 1.1695 - this is a strong sell signal in terms of technical analysis.

Causes: The continuation of the crisis in Spain around Catalonia's demand for independence. The authorities of Catalonia threaten to proclaim independence "in the coming days". The Spanish central government strongly prohibit this and refuse to enter into negotiations. Proclamation of the independence of Catalonia - the richest region of Spain - will sharply hit the government bonds of Spain - and it will hit the euro.

The second reason for the decline in the euro is strong data on the US economy.

However, today there is likely a strong movement for EURUSD, as well as for other pairs- at 3:30 London time the report on the labor market in the US for September will be released. Analysts predict a significant decline in the number of new jobs:

Previous value of +156, 000 of new jobs, forecast + 100, 000 - the decline is due to significant destruction from hurricanes that devastated the USA.

However, according to the market's movement, it seems that the decline in indicators is already taken into consideration in the price, and if the indicators exceed the forecasts, the euro's rate will continue to fall.

Hold selling from 1.1695 (stop-loss 1.1740) - the target is 1.1500.

Alternative: Buy at breakthrough of 1.1790 upward.

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Fundamental Analysis of EUR/CAD for October 6, 2017

EUR/CAD is currently residing inside a corrective volatile structure with a bearish squeeze above the 1.4500 support level. CAD has been quite weak on the back of recent economic reports which led to gains on the EUR side, but EUR gains were not quite impulsive in nature. It signals that CAD is still setting the tone for the pair. Today, the market is going to trade with higher volatile for CAD as Employment Change report is going to be published which is expected to show a decrease to 13.9k from the previous figure of 22.2k and Unemployment Rate is expected to show an increase to 6.3% from the previous value of 6.2%. Along with these high impact reports, CAD Ivery PMI report is also going to be published which is expected to show a slight decrease to 56.0 from the previous figure of 56.3. On the EUR side, today German Factory Order report was published with a significant growth to 3.6% from the previous negative value of -0.4% which was expected to be at 0.7%, French Govt Budget Balance is expected to show an increase from the previous negative figure of -83.8B, French Trade Balance is expected to show less deficit at -5.4B from the previous figure of -6.0B, and Italian Retail Sales report is expected to show an increase to 0.2% from the previous negative value of -0.2%. To sum up, EUR will be influenced by a series of economic reports to be published yet. However, Canada's economic reports are expected to inject a good amount of volatility in the market. If Canada's reports are positive, then the pair will trade under further bearish pressure in the short and medium terms. Overall, CAD is expected to have an upper hand over EUR in the coming days.

Now let us look at the technical chart. The price is currently residing just below the trendline resistance which is indicating the bearish force in the pair. Amid higher volatility today, a daily close above the trendline or below the 1.4500 support level will determine a further directional movement in this pair. Currently the price is quite bearish in nature which is expected to push the price lower below the 1.4500 level in the coming days.

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Fundamental Analysis of USD/CHF for October 6, 2017

USD/CHF has recently broken above the resistance level of 0.9770 which was an important level holding the price inside the corrective structure. Today, the trading day is going to be very volatile for the USD-based pairs as high impacts reports from the US are going to be published. Today, US Average Hourly Cash Earnings report is due which is expected to show an increase to 0.3% from the previous value of 0.1%, Non-Farm Employment Change report is expected to show a decrease to 82k from the previous figure of 156k, Unemployment Rate is expected to be unchanged at 4.4%, and FOMC Members Dudley and Kaplan are going to speak on the US key interest rate and future monetary policy. On the CHF side, today Foreign Currency Reserve is expected to show an increase from the previous figure of 717B, the report is expected to have a minor impact on the market as traders are more focused on US economic reports. To sum up, the market is going to trade with higher volatility. Besides, USD is expected to gain momentum against CHF which would lead to further gains on the USD side in the coming days.

Now let us look at the technical chart. The price is currently residing just above the corrective structure resistance of 0.9770 which was indeed a strong level to break above. The resistance level has already made the price bounce off it several times that leads to further bearish pressures. Recently the price has broken above it with a daily close which signals the strength of bulls now. As the price remains above the 0.9770 resistance level with a daily close, further bullish pressure towards 0.9860 is expected in the coming days. If the price breaks above the 0.9860 with a daily close, then we will consider 1.00 as our next take profit level.

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Technical analysis of EUR/USD for Oct 06, 2017

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When the European market opens, some Economic Data will be released, such as Italian Retail Sales m/m, French Trade Balance, French Gov Budget Balance, and German Factory Orders m/m. The US will release the Economic Data, too, such as Consumer Credit m/m, Unemployment Rate, Non-Farm Employment Change, and Average Hourly Earnings m/m, so, amid the reports, EUR/USD will move in a medium to high volatility during this day.

TODAY'S TECHNICAL LEVEL:

Breakout BUY Level: 1.1769.

Strong Resistance:1.1762.

Original Resistance: 1.1751.

Inner Sell Area: 1.1740.

Target Inner Area: 1.1712.

Inner Buy Area: 1.1684.

Original Support: 1.1673.

Strong Support: 1.1662.

Breakout SELL Level: 1.1655.

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

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Daily analysis of Gold for October 05, 2017

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Overview

The gold price traded steadily below 1,281.17 levels, meeting the EMA50 and adding more strength to it. This supports the continuation of our bearish overview in the upcoming period with the price likely to test the 61.8% Fibonacci correction level at 1,263.15 as the next main station. Holding below 1,281.17 is important to continue the expected bearish trend as breaching it will provide an initial positive motive that supports the chances of attempting to return to the main bullish trend again. Meanwhile, a break of 1,263.15 represents the extension of the bearish wave to 1,240.85 on the short-term basis. The expected trading range for today is between the 1,260.00 support and 1,281.17 resistance.

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Daily analysis of Silver for October 05, 2017

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Overview

The silver price is fluctuating at the key support of 16.56 again after positive attempts provided yesterday. This could mean an attempt to break the mentioned support and extend the bearish wave on the short-term basis as the next target is located at 15.49. Therefore, we will keep our bearish overview in the upcoming period supported by the EMA50, noting that a breach of 17.43 will stop the negative scenario and lead the price to a rise again. The expected trading range for today is between the 16.40 support and the 16.70 resistance.

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