Bitcoin analysis for October 10, 2017

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The Bitcoin (BTC) has been trading upwards. The price tested the level of $4.855. The news around the world are positive for Bitcoin. The South Pacific island nation of Vanuatu has become host to the world's first government to accept bitcoin in exchange for citizenship. Vanuatu's citizenship program costs $200,000 USD, meaning that at current prices the residency program costs less than 41.5 bitcoins. Tehnical picture looks bullish.

Trading recommendations:

According to the 15M time frame, I found the trading range between the $4.732 (support) and $4.855 (resistance). My advice is to watch for potential breakout of trading range to confirm further direction. Anyway, the trend is bullish and there is more change for upside breakout. If you see breakout of resistance, watch for buying opportunities. The upward target will be set at the price of $4.923. Anyway, the breakout of support may confirm potential testing of $4.538.

Support/Resistance

$4.840 – Intraday resistance (price action)

$4.832 – Intraday support (price action)

$4.932 – Upward target (price action)

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Analysis of Gold for October 10, 2017

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Recently, the Gold has been trading upwards. The price tested the level of $1.292.90. According to the 15M time – frame, I found a rising wedge in creation, which is a sign that buying looks risky. My advice is to watch for potential selling opportunities if the price breaks the support of the pattern ($1,290.00). I also found a hidden bearish divergence on the moving average oscillator, which is another sign of weakness. The downward target is set at the price of $2,282.30 (pattern projection).

Resistance levels:

R1: $1,292.60

R2: $1,294.40

R3: $1,296.30

Support levels:

S1: $1,288.90

S2: $1,286.55

S3: $1,285.00

Trading recommendations for today: watch for potential selling opportunities.

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

The 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 enhanced the bearish side of the market. This brought the NZD/USD pair again towards 0.7230-0.7150 (Key-Zone) which failed to pause the ongoing bearish momentum.

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

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.

On the other hand, the price level of 0.7050 should be watched for bullish pullbacks before further bearish decline can occur.

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Intraday technical levels and trading recommendations for EUR/USD for October 10, 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 (Note the previous Monthly candlestick of September).

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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, an 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 bullish support 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 USD/JPY for October 10, 2017

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Overview

The USD/JPY pair fluctuates around the EMA50 since yesterday, noticing that stochastic lost its positive momentum now, which might force the price to show more sideways trading until managing to get enough positive momentum to push the price to continue rising on the short-term basis. In general, we will continue to suggest the bullish trend in the upcoming sessions unless breaking 112.00 level and holding below it, noting that breaching 113.44 will push the price to head towards 114.49 that represents our next main target. The expected trading range for today is between 112.00 support and 113.55 resistance.

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Daily analysis of Gold for October 10, 2017

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Overview

The Gold price kept its stability above 1281.17 level, to start today with bullish bias on its way to head towards our first target at 1299.20, as the price gets positive support by the EMA50, to keep the bullish trend suggested in the upcoming sessions. Note that breaching the targeted level will push the price towards 1321.49 direct while breaking 1281.17 will push the price to test the most important support to the short-term trading at 1263.15 again. The expected trading range for today is between 1275.00 support and 1299.20 resistance.

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Daily analysis of Silver for October 10, 2017

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Overview

Silver price continues to rise to begin testing the resistance line that appears on the chart, and the price needs to surpass the EMA50 that forms negative pressure against the intraday trading to confirm the continuation of the bullish bias in the upcoming sessions. In general, we will continue to suggest the bullish trend on the intraday and short-term basis as long as 16.56 level remains intact, noting that breaching 17.10 will reinforce the expectations of achieving our positive targets that start at 17.43 and extend to 18.30. The expected trading range for today is between 16.90 support and 17.20 resistance.

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GBP/USD analysis for October 10, 2017

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Recently, the GBP/USD pair has been trading upwards. The price tested the level of 1.3203. According to the 30M time - frame. I found a fake breakout of yesterday's high at the price of 1.3185, which is sign that buying looks risky. I also found a hidden bearish divergence on the RSI (21), which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.3125 and 1.3032.

Resistance levels:

R1: 1.3200

R2: 1.3220

R3: 1.3240

Support levels:

S1: 1.3155

S2: 1.3135

S3: 1.3115

Trading recommendations for today: watch for potential selling opportunities.

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Trading Plan for EUR/USD and US Dollar Index for October 10, 2017

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Technical outlook:

The EUR/USD pair has continued to rise since discussed yesterday and has now taken out trend line resistance and also price resistance at 1.1788 levels as depicted here on short-term view. Still probable likelihood for a trade setup immediately is to drop lower around the fibonacci 0.50% support seen at 1.1740/50 levels and then rallying higher again. Please also note that the back side of the resistance turned support trend line is also seen passing through the same region now, which would provide required bounce. Please note that if this process takes time, then EUR/USD pair could also drop further lower towards 1.1700 levels before turning higher again. Immediate resistance is seen at 1.1830 levels, while support is seen through 1.1740 levels respectively. Dual trade setups are highlighted below, please trade according to risk management.

Trading plan:

Aggressive: Remain short with stop above 1.1807 levels targeting 1.1740 and 1.1710

Conservative: Look to go long around 1.1710/40, with stop below 1.1675 levels targeting 1.1900/20

US Dollar Index chart setups:

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Technical outlook:

The US Dollar Index breaks support at 93.25 levels as it was discussed as an alternative probability yesterday. The index is now expected to produce a counter trend rally towards 93.75/85 levels, which is also fibonacci 0.50% resistance as depicted on the short-term chart setup here. Furthermore, please also note that the past support turned resistance trend line is also seen to be passing through 93.75 levels now, which should provide enough resistance. After this counter trend rally terminated into back side of trend line resistance, the pair is expected to drop lower towards 92.50/80 levels at least. A dual trade setup is discussed below, offering trades in both directions; please trade according to risk management.

Trading plan:

Aggressive: Please remain long now, stop below 93.25 and target 93.75/85

Conservative: Please remain flat for now and look to go short around 93.75/85, stop above 94.40 and targeting 92.50.

Fundamental outlook:

There is no important event risk lined up for the rest of the day.

Good luck!

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Global macro overview for 10/10/2017

Global macro overview for 10/10/2017:

The National Australia Bank Business Confidence Index has beaten market expectations. Global investors expected a slight jump in the index from 5 to 6 points, but the number revealed was at 7 points in September. The dip in the prior month was caused by concerns regarding geopolitical tensions with North Korea. In addition, data showed that business conditions held steady at the 15 mark. Overall, the Australian companies' outlook remains upbeat, as the figures indicated that the business sector was doing well in the reported period. The only sector of the Australian economy that proved to be the stark exception to generally stronger conditions across the corporate landscape in September was retail sector, who continued its downward trend and fell back into negative territory last month. On the other hand, the construction sector continues to lead the index with the highest business conditions in September.

This comprehensive survey of the current state of the business sector in Australia (based on a survey of hundreds of small and large sized companies), primarily provides insight into the state of the Australian economy and puts forth leading indicators that signal its future direction. Thus the survey's findings, if unexpected, have the power to move markets directly.

Let's now take a look at the AUD/USD technical picture at the H4 time frame. After a dip below the daily time frame technical support at the level of 0.7750, the market bounced and is currently trying to rally higher to test the technical resistance at the level of 0.7808. The market conditions remain oversold, but the momentum is about to break out its fifty level, which supports the current view. The larger time frame trend remains bearish.

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Global macro overview for 10/10/2017

Global macro overview for 10/10/2017:

The British Prime Minister Theresa May has outlined the contingency plans for leaving the EU without a deal. This scenario is known in financial media as "hard-Brexit", but this is the first time UK PM delivered a clear scenario regarding this situation. May said in the speech in British Parliment yesterday: "While I believe it is profoundly in all our interests for negotiations to succeed, it is also our responsibility as a government to prepare for every eventuality", which means the UK government was prepared to walk away from Brexit talks anytime without a deal. According to the document presented by UK PM, the legislation will create a new "standalone" system for the UK and ensure value-added tax and excise laws continue to function if the country crashes out of the bloc without a deal.

May intervention came at a sensitive time for the Brexit negotiations: this is the fifth round of talks and the deadline for the talks is just in 18 months. Boris Johnson, the Secretary of Foreign Affairs, welcomed the announcement and urged lawmakers to support her strategy as he said: "She (Theresa May) has reaffirmed the destination of a self-governing, free-trading, buccaneering and Global Britain taking back control over our laws, money, and borders."

The latest round of Brexit negotiations will end Thursday and are the last before EU leaders meet for a summit next week and will decide how talks should proceed. Before this will happen the British Pound might be supported across the board, especially against the two major currencies: USD and EUR.

Let's now take a look at the GBP/USD technical picture at the H4 time frame. The market has bounced from the technical support at the level of 1.3030 and now is testing the dashed black trend line from below around the level of 1.3181. Nevertheless, the key level to the upside is the resistance zone between the levels of 1.3220 - 1.3293, so as long as the price will stay under this level, the outlook remains sideways to bearish.

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Bitcoin analysis for 10/10/2017

Bitcoin analysis for 10/10/2017:

Due to the growing fear of voting fraud, Blockchain-based projects are now able to secure a digital voting card or voting system to prevent election fraud. The votes would be invariable and would be available to everyone. In the Blockchain system, voters can then cast votes from mobile phones or PCs that are then recorded in Blockchain's unchanged program and used to validate the results of the election.

Blockchain technology will revolutionize the global political landscape towards direct democracy, where voters can decide on the course of government policy. A digital voting card is a smart and cost-effective solution that effectively improves voting procedures. This system eliminates issues such as manipulation, error logging and manipulation. Although voting solutions based on the Blockchain strategy are still in their infancy, they are already showing a wide variety of uses. The ability of governments to engage and govern the constituency is crucial to the future of society, and should, therefore, promote the adoption of this technology to become a key part of the voting process.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. This is the last chance for bears to push the prices down in order to complete the wave C to the downside. Otherwise, the alternative impulsive count will be in charge and that would suggest new all-time highs for Bitcoin before a corrective cycle of a larger degree will occur. The key level to the downside is $4, 618 and the key level to the upside is $4,968.

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Trading plan for 10/10/2017

Trading plan for 10/10/2017:

The overnight currency changes are not big, but USD is the weakest major currency. The Dollar remains at a low level with EUR/USD rising to 1.1770. USD/JPY oscillates at 112,60, which is roughly where it was on Monday. Stock markets in Asia ignored Wall Street slumps, Gold held high, and Crude Oil drifted sideways.

On Tuesday 10th of October, the event calendar is light in important news releases. During the London session, Switzerland will release Unemployment Rate data, Germany will post Trade Balance data and Italy and France will present Industrial Production data, together with the UK. Later during the US session, Building Permits and Housing Starts from Canada will be posted and there is a speech from FOMC Member Neel Kashkari scheduled for the end of the trading day.

EUR/USD analysis for 10/10/2017:

The German Trade Balance data beat market expectations earlier this morning. The reading revealed was at the level of 21.6 bln euro, while market expectations were 20.1bln, a 1 bln more than a 19.1 bln a month ago. According to Federal Statistical Office (Destatis), Germany exported goods to the value of 103.1 billion euros and imported goods to the value of 83.0 billion euros in August 2017. German exports increased by 7.2% and imports by 8.5% in the August 2017 year on year. Compared with July 2017, exports increased by 3.1% and imports by 1.2% in the calendar and seasonally adjusted terms.

Trade Balance is one of the biggest components of Germany 's Balance of Payment. As Germany is Europe's largest economy and given Germany's export-oriented economy, trade data can give critical insight into pressures on the value of the Euro. The 20.1 bln trade surplus in September might help to lift the Euro higher across the board today.

Let's now take a look at EUR/USD technical picture on the H4 time frame. The market has broken above the Falling Wedge channel line and hit the technical resistance at the level of 1.1786. The upward momentum is rising and now the indicator is above its fifty level. Nevertheless, the key technical resistance zone between the levels of 1.1821 - 1.1847 is still not tested, so the market might continue the sideway move for some time now.

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Market Snapshot: SPY made a Double Top?

The price of SPY (SP500 ETF) has made a top at the level of 254.68 and recently tested it again, which might be the first step for a Double Top formation. To confirm this scenario, the market must drop below the local technical support at the level of 253.43 and head towards the level of 251.37.

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Market Snapshot: Crude Oil at resistance

The price of Crude Oil has bounced from the 50%Fibo support at the level of $49.22 and currently is test the last technical resistance at the level of $49.76. To continue downwards, the price must be capped at this level and head towards the 61%Fibo at the level of $48.36.

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Technical analysis of EUR/USD for Oct 10, 2017

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Technical analysis of EUR/USD for Oct 10, 2017

Fundamental Analysis of EUR/JPY for October 10, 2017

EUR/JPY has been quite volatile recently since the NFP report hit the market on Friday. The pair has shown equal amount of pressure from the bullish and bearish participants of the market, but bulls took charge with steady gains in the market. Today, German Trade Balance report was published with an increase to 21.6B from the previous figure of 19.3B which was expected to be at 19.8B, French Industrial Production report was published with a negative value of -0.3%, worse than the previous value of 0.8% which was expected to be at 0.4%, Italian Industrial Production report is yet to be published which is expected to be unchanged at 0.1%, and later ECOFIN Meeting is expected to take place which is expected to be quite neutral in nature. On the JPY side, today Current Account report showed a significant increase to 2.27T from the previous figure of 2.03T which is expected to be at 1.98T and Economic Watchers Sentiment was also positive with an increase to 51.3 from the previous figure of 49.7 which was expected to have a slight increase to 49.9. To sum up, EUR has been quite mixed in light of the economic reports which capped the recent gains of EUR against JPY. Japan's economic reports today had positive outcome that is expected to help JPY gain further against EUR in the coming days.

Now let us look at the technical chart. The price is currently being rejected off the rising channel as resistance which the price has already responded with a bullish rejection earlier. Before the price came into the rising channel, the pressure was significantly bearish. Judging by the basic trend continuation theory, the price is expected to trade under bearish pressure. As the price remains below 133 resistance area, the bearish bias is expected to continue further.

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Technical analysis of USD/JPY for October 10, 2017

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USD/JPY is expected to trade with a bullish outlook. Despite the recent pullback, the pair is still supported by a rising 50-period moving average. The relative strength index is mixed with bullish bias. Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Therefore, above 112.30, look for a further advance with targets at 112.90 and 113.10 in extension.

Alternatively, if the price moves in the opposite direction, a short position is recommended below 112.30 with a target at 112.10.

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: 112.30, Take Profit: 112.90

Resistance levels: 112.90, 113.10 and 113.50 Support Levels: 112.10, 111.80, 111.50

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Ichimoku indicator analysis of USDX for October 10, 2017

The Dollar index is making lower lows and is now testing important short-term cloud support. Short-term trend is still bullish but we have reversal signs since last Friday.

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Black lines - bullish channel

Red lines - bearish divergence signs

The Dollar index is at the upper cloud boundary in the 4 hour chart. Both RSI indicators have provided warning divergence signals to bulls since last week when price broke out of the bullish channel. The new high on Friday was followed by a reversal and this is not positive for Dollar bulls. Support is at 93.20-93 and if this area is broken, we should expect heavy selling to follow.

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Black lines - bearish channel

On a daily basis the Dollar index remains inside the bearish channel and inside the Kumo. A rejection here could at least push price towards the lower cloud boundary at 92.70. I'm bearish the Dollar index expecting new lows near 90.

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Ichimoku indicator analysis of gold for October 10, 2017

Gold price has broken above the short-term resistance trend lines and is testing important cloud resistance at $1,290. Breaking above the 4-hour cloud will be an important short-term reversal confirmation. I continue to believe that the next leg up towards $1,400 has started.

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Black line -resistance

Red line - resistance

Gold price is trading above both the tenkan- and kijun-sen indicators and tries to break above the 4-hour Kumo (cloud) resistance. Support is at $1,280. Breaking above the Kumo will be a bullish sign.

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On a weekly basis, Gold price has reacted positively right at the support by the 61.8% Fibonacci retracement. Last week's bullish hammer candlestick pattern is promising for the weeks to come. Last week's low is important support and bulls do not want it broken.The material has been provided by InstaForex Company - www.instaforex.com

Last minute burning forecast 10/10/2017

Last minute burning forecast 10/10/2017

The EURUSD pair has a buy signal.

There are no significant news on the market. The crisis around Catalonia has somewhat weakened, gradually shifting to the series of statements - and, possibly, negotiations.

The "US-North Korea" crisis may develop - but so far there have been no new developments.

The US employment report for September, which was released on Friday, - snapped the strengthening of the dollar.

In the morning, the EURUSD exchange rate broke through the level of 1.1788 - a buy signal.

We buy the EURUSD pair from 1.1790 with the target of 1.1980 (stop-loss 1.1745).

Alternative option - selling from 1.1668.

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Technical analysis of USD/CHF for October 10, 2017

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USD/CHF is expected to trade with a bullish outlook above 0.9755. The pair posted a rebound from 0.9755 and broke above its 20-period and 50-period moving averages. The relative strength index is supported by a bullish trend line.

Therefore, as long as 0.9755 is not broken, a further upside to 0.9815 and even 0.9835 (the high of Oct. 6) seems more likely to occur.

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: 0.9755, Take Profit: 0.9815

Resistance levels: 0.9815, 0.9835, and 0.9870

Support levels: 0.9730, 0.9700, and 0.9660

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Fundamental Analysis of USD/JPY for October 10, 2017

USD/JPY has been residing inside a large corrective structure for a few months. The price has been quite volatile recently as well. For last few days, the price has not shown any progress in any direction rather than certain rejections on both side of the market indicating confused market sentiment in the market. Today, Japan's Current Account report was published which showed an increase to 2.27T from the previous figure of 2.03T which was expected to be at 1.98T and Economic Watchers Sentiment report also showed an increase to 51.3 from the previous figure of 49.7 which was expected to be at 49.9. On the USD side, today NFIB Small Business Index report is going to be published which is expected show a slight decrease to 105.1 from the previous figure of 105.3, IBP/TIPP Economic Optimism report is expected to show an increase to 54.2 from the previous figure of 53.4, and FOMC Member Kashkari is going to speak today about nation's key interest rates and monetary policies, his stance is expected to be neutral in nature. The mixed results of the economic reports might lead to further weakness of USD against JPY. Japan's upbeat economic reports are to facilitate further gains in this pair. USD is expected to be quite weaker against JPY until the US comes up with some positive fundamental data or events in the coming days.

Now let us look at the technical chart. The price is currently residing in a corrective range whereas the bullish rejections are quite larger than the bearish rejection. This signals that the price is expected to show some bearish move after the break of the range. The pair has been residing inside the corrective structure between 108.30 and 114.30 area for last few months where the current market situation indicates further bearish pressure inside the corrective structure. Currently, the price is expected to reach 110.60 support level in the coming days. Later, if the price break below 110.60 with a daily close, then we will be looking forward for the price to move down towards 108.30 in the future. As the price remains below the previous daily spike high of 113.50, the bearish bias is expected to continue further.

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Technical analysis of GBP/JPY for October 10, 2017

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GBP/JPY is expected to trade with a bullish bias above 147.80. The pair is holding firmly above its nearest support at 147.80. Both the 20-period and 50-period moving averages are turning up, and should call for further advance. Besides, the relative strength index is mixed to bullish.

In these perspectives, as long as 147.80 holds on the downside, look for a new rise to 148.55 and 149.00 in extension.

Alternatively, if the price moves in the direction opposite to the forecast, a short position is recommended below 147.80 with the target at 147.40.

Strategy: BUY, Stop Loss: 147.80, Take Profit: 148.55

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: 148.558, 149.00 and 149.55

Support levels: 147.40, 146.95, and 146.10

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Technical analysis of NZD/USD for October 10, 2017

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NZD/USD is under pressure and expected to continue the downside movement. The pair is under pressure below the key resistance at 0.7085 (the high of Oct. 9). The downward momentum is further reinforced by both declining 20-period and 50-period moving averages. The relative strength index is bearish and calls for another downside.

To sum up, as long as 0.7085 is not surpassed, 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: 0.7120, 0.7145, and 0.7170

Support levels: 0.7030, 0.7000, and 0.6955

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Technical analysis of NZD/USD for October 10, 2017

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Overview:

  • Yesterday, the NZD/USD pair fell from the level of 0.7128 towards 0.7087. Now, the price is set at 0.7069 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 (support 3). However, the stop loss should be located above the level of 0.7169.
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Fundamental Analysis of EUR/USD for October 10, 2017

EUR/USD has been quite corrective and volatile recently in a bearish trend which is currently residing below 1.1800 price level. Recently EUR has been quite positive with the economic reports whereas USD was found having series of negative reports ahead of Rate Hike in December. NFP report was unable to help USD on Friday due to its worse report whereas another positive report could not help the currency to maintain its gains against EUR. Today EUR German Trade Balance report is going to be published which is expected to show growth to 19.8B from the previous value of 19.5B, French Industrial Production report is expected to decrease to 0.4% from the previous value of 0.5%, Italian Industrial Production report is expected to be unchanged at 0.1% and ECOFIN meeting is going to be held today which is expected to be neutral in nature. On the USD side, after the observance of Columbus Day, today NFIB Small Business Index report is going to be published which is expected to have slight decrease to 105.1 from the previous figure of 105.3, IBD/TIPP Economic Optimism report is expected to show a rise to 54.2 from the previous figure of 53.4 and FOMC Member Kashkari is going to speak today about nation's key interest and future monetary policies which are expected to be quite neutral in nature. As of the current scenario, EUR is quite stronger in nature with the economic reports and have positive forecasts as well whereas USD is struggling to make any gains with the mixed economic reports. USD is expected to quite weak in nature until the December FOMC meeting and Rate hike, until then EUR is expected to have steady gains over USD in the coming days.

Now let us look at the technical view, the price is currently residing at the edge of 1.1800 resistance level which is expected to reach 1.1620 support level in the coming days. As of the bearish trend in place, the price is expected to progress downward as the price remains below 1.20 resistance area.

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Daily analysis of USDX for October 10, 2017

USDX continues to be in a corrective move that points to test the 200 SMA, according to the H1 chart. Around that area we can expect a rebound to take place towards the resistance level of 94.04, at which a breakout should open the doors to reach the 94.58 level in a first degree. MACD indicator still remains flat and new positions at this stage are not advisable.

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H1 chart's resistance levels: 94.04 / 94.58

H1 chart's support levels: 93.00 / 91.67

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 94.04, take profit is at 94.58 and stop loss is at 93.50.

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Daily analysis of GBP/USD for October 10, 2017

GBP/USD has moved in a bullish tone during Monday's session, consolidating gains slightly above the 1.3100 handle. The pair is now expected to break above the resistance level of 1.3195 in order to post new highs above the 200 SMA on H1 chart. Around the moving average, pullbacks are expected to take place. MACD indicator is entering the overbought conditions, calling for more declines.

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H1 chart's resistance levels: 1.3195 / 1.3309

H1 chart's support levels: 1.3037 / 1.2914

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 1.3037, take profit is at 1.2914 and stop loss is at 1.3161.

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