Intraday technical levels and trading recommendations for GBP/USD for October 15, 2018

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On September 13, the depicted daily downtrend line which came to meet the pair around 1.3025-1.3090 failed to offer enough bearish pressure on the pair. Since then, the GBP/USD pair has been demonstrating a successful bullish breakout so far.

On September 21, the GBP/USD failed to demonstrate sufficient bullish momentum above 1.3296. The short-term outlook turned to become bearish within the depicted H4 bearish channel to test the backside of the broken uptrend.

Recently, the price level of 1.2900-1.2940 (the backside of the broken uptrend) demonstrated significant bullish recovery which led to the recent bullish breakout of the depicted H4 channel.

Evident Bullish momentum was demonstrated above 1.3010 and recently above 1.3100 (61.8% Fibo level) which led to the recent bullish movement towards 1.3200.

As for the bullish breakout scenario to remain valid, bullish persistence above 1.3200 (SELL-ZONE) is needed to maintain sufficient bullish momentum initially towards 1.3280.

Bearish persistence below 1.3200 hinders the bullish breakout scenario allowing a further decline towards 1.3090 (61.8% Fibo level) and probably 1.3010 (50% Fibonacci level).

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Intraday technical levels and trading recommendations for EUR/USD for October 15, 2018

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On the weekly chart, the EUR/USD pair is demonstrating a high-probability Head and Shoulders reversal pattern where the right shoulder is currently in progress.

On September 10, the price level of 1.1500 offered temporary bullish recovery. A quick bullish movement was demonstrated towards the upper border of the price range (1.1750). However, the EUR/USD bulls failed to pursue towards higher bullish targets.

Instead, evident bearish momentum was being demonstrated on the daily chart. On October 10, a recent decline below 1.1520 found its way towards the price level of 1.1420.

As for the bearish side of the market to remain dominant, the EUR/USD pair should keep trading below the price level of 1.1520.

However, last week, evident signs of bullish recovery were demonstrated around 1.1430 (Note the full-bullish candlestick of Thursday). This brings the EUR/USD pair again above 1.1520.

Hence, the EUR/USD pair resumes its sideway consolidations inside the depicted consolidation range (1.1520-1.1750) until a bearish breakout occurs later.

The nearest supply level is located around 1.1670 (a potential bullish target).

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Bitcoin analysis for October 15, 2018

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Trading recommendations:

According to the 4H time - frame, I found that Bitcoin has been trading upwards. As I expected, the price tested the level of $6.719 and reached my second target from Friday at $6.496. So far, I have found the market started to balance and I have found a balance high at $6.718 and a balance low at the price of $6.157. My advice is to have patience to wait for a breakout out of balance to confirm a further direction.

Support/Resistance

$6.718 – Intraday resistance

$6.157– Intraday support

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Fundamental Analysis of EUR/USD for October 15, 2018

EUR/USD is currently quite impulsive with the bullish gains after impulsive bearish pressure recently from 1.1600 area with a daily close. While USD is struggling amid worse-than-expected economic reports, EUR gained momentum without any macroeconomic data today.

After the downbeat CPI report published last week which decreased to 0.1% from the previous value of 0.2%, USD managed to gain certain momentum against EUR but failed to sustain its strength. Today US Core Retail Sales report is going to be published which is expected to increase to 0.4% from the previous value of 0.3% and Retail Sales report is expected to increase to 0.7% from the previous value of 0.1%. Additionally, US Empire Estate Manufacturing Index is expected to increase to 20.4 from the previous figure of 19.0 and Business Inventories are expected to decrease to 0.5% from the previous value of 0.6%.

On the EUR side, the economic calendar of the eurozone is empty today. However, this week the eurozone's Trade Balance report is going to be published which is expected to increase to 15.0B from the previous figure of 12.8B, Final CPI is expected to be unchanged at 2.1% and EU Economic Summit is going to be held which is expected to encourage further EUR gains this week.

Meanwhile, USD is more optimistic and hawkish in nature than EUR. Ahead of the US Retail Sales reports later today, EUR is quite impulsive with the gains. If USD trades better-than-expected today, further bearish pressure with definite trend momentum is expected in this pair throughout this week.

Now let us look at the technical view. Currently the price is quite impulsive with the bullish gains whereas the trend is still bearish. Though certain volatility may be observed in this pair but as the price remains below 1.1600-50 area with a daily close, the bearish bias is expected to continue with an intention to push lower towards 1.15 and later towards 1.13 support area in the coming days.

SUPPORT: 1.1300, 1.1500

RESISTANCE: 1.1600-50

BIAS: BEARISH

MOMENTUM: VOLATILE

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GBP/JPY analysis for October 15, 2018

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Recently, the GBP/JPY pair has been trading downwards. As I expected, the price tested the level of 146.50. According to the H1 time – frame, I found a fake breakout of the 15-day low at the price of 146.93, which is a sign that potentially the sellers might got trapped. My advice is to watch for buying opportunities. The upward take profit level is set at the price of 148.95.

Trading recommendations for today: watch for potential buying opportunities.

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EUR/USD analysis for October 15, 2018

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Recently, the EUR/USD pair has been trading upwards. As I expected, the price tested the level of 1.1610. According to the H1 time – frame, I found the breakout of the bullish flag pattern in the background, which is a sign that buyers are in control. The price rejected from the Fibonacci retracement 38.2% at the price of 1.1542, this is another sign of the strength. My advice is to watch for buying opportunities. The upward take profit levels are set at the price of 1.1637 and at the price of 1.1705.

Trading recommendations for today: watch for potential buying opportunities.

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Technical analysis of AUD/USD for October 15, 2018

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Overview:

Pivot: 0.7107

The AUD/USD pair faced resistance at the level of 0.7146, while minor resistance is seen at 0.7107. Support is found at the levels of 0.7043 and 0.6980. Also, it should be noted that a daily pivot point has already set at the level of 0.7107. Equally important, the AUD/USD pair is still moving around the key level at 0.7107, which represents a daily pivot in the H1 time frame at the moment. The AUD/USD pair continued to move upwards from the level of 0.7043. The pair rose from the level of 0.7043 (this level of 0.7043 coincides with the double bottom) to the top around 0.7146. In consequence, the AUD/USD pair broke resistance, which turned strong support at the level of 0.7146. The level of 0.7043 is expected to act as major support today. From this point, we expect the AUD/USD pair to continue moving in the bullish trend from the support level of 0.7043 towards the target level of 0.7146. If the pair succeeds in passing through the level of 0.7146, the market will indicate the bullish opportunity above the level of 0.7146 in order to reach the second target at 0.7179. However, if a breakout happens at the support level of 0.7043, then this scenario may be invalidated.

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Technical analysis of EUR/USD for October 15, 2018

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Overview:

The EUR/USD pair continues to rise from the level of 1.1500 in the long term. It should be noted that the support is established at the level of 1.1497 which represents the 38.2% Fibonacci retracement level on the H4 chart. The price is likely to form a double bottom in the same time frame. Accordingly, the EUR/USD pair is showing signs of strength following a breakout of the highest level of 1.1569. So, buy above the level of 1.1569 with the first target at 1.1620 in order to test the daily resistance 2 and further to 1.1714. Also, it might be noted that the level of 1.1714 is a good place to take profit because it will form a double top. On the other hand, in case a reversal takes place and the EUR/USD pair breaks through the support level of 1.1497/1.1500 , a further decline to 1.1422 can occur which would indicate a bearish market.

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Technical analysis of Gold for October 15, 2018

Gold price remains in a short-term bullish trend. After the break out above the trading range its been in for the last couple of months, Gold price consolidated above $1,215 and is now trying to break to new short-term highs.

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Green lines - long-term bearish channel

Red lines - trading range

Blue lines - projected target of equal legs

Gold price should at least reach $1,240. This is our minimum target in order for this second leg higher to be equal to the first one. Support remains at $1,211-12 the break out level. Bulls do not want to see prices fall below that level. Resistance is at $1,226.30 last weeks highs and a break above it is expected this week.

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Technical analysis of EUR/USD for October 15, 2018

EUR/USD is showing reversal signs in the 4-hour chart. Price has reversed to the upside from 1.1432 and is now trading above short-term resistance (now support) at 1.1530.

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Green dots - medium strength support

Dark green dots - maximum strength support

EUR/USD is bouncing relative to the decline from 1.1815 to 1.1432. So far we have seen one leg higher towards 1.16 and a pullback to back test the break out above the 1.1530. Support at 1.1530 is holding for now. I do not expect new lows below 1.14 as long as we trade above 1.1480. Resistance is found towards 1.1610. If broken, we should expect prices to continue higher towards at least 1.1670. A rejection and reversal at 1.1670 area would be a bearish sign. Continuing a rally above 1.1730 would increase the chances of breaking above 1.1815 as well.

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Technical analysis: Intraday levels for EUR/USD, Oct 15, 2018

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When the European market opens, the eurozone's economic calendar is empty. However, the US will release a batch of economic data such as Treasury Currency Report, Federal Budget Balance, Business Inventories m/m, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So, amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Breakout BUY Level: 1.1606

Strong Resistance: 1.1599

Original Resistance: 1.1588

Inner Sell Area: 1.1577

Target Inner Area: 1.1550

Inner Buy Area: 1.1523

Original Support: 1.1512

Strong Support: 1.1501

Breakout SELL Level: 1.1494

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all Traders or 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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Technical analysis: Intraday levels for USD/JPY, Oct 15, 2018

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In Asia, Japan will release the Revised Industrial Production m/m. The US will release a series of economic data Treasury Currency Report, Federal Budget Balance, Business Inventories m/m, Empire State Manufacturing Index, Retail Sales m/m, and Core Retail Sales m/m. So, there is a probability the USD/JPY will move with low to medium volatility during this day.

TODAY'S TECHNICAL LEVELS:

Resistance 3: 112.65

Resistance 2: 112.43

Resistance 1: 112.21

Support 1: 111.95

Support 2: 111.72

Support 3: 111.50

Disclaimer: Trading Forex (foreign exchange) on margin carries a highlevel of risk, and may not be suitable for all Traders or Investors.The high degree of leverage can work against you as well as for you.Before deciding to invest in foreign exchange you should carefullyconsider your investment objectives, level of experience, and riskappetite. The possibility exists that you could sustain a loss of someor all of your initial investment and therefore you should not investmoney that you cannot afford to lose. You should be aware of all therisks associated with foreign exchange trading, and seek advice froman independent financial advisor if you have any doubts.

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Trading plan for 15/10/2018

On Monday, the 15th of October, the event calendar is light in important data releases, but the global investors should pay attention to the data from the US in form of Retail Sales, NY Fed Empire State manufacturing Index and Federal Budget Balance. One more important data will be released form Canada in the form of The Senior Loan Officer Survey.

EUR/USD analysis for 15/10/2018:

Retail Sales data are an aggregated measure of the sales of retail goods over a stated time period, typically based on a data sampling that is extrapolated to model an entire country. In the U.S., the retail sales report is a monthly economic indicator compiled and released by the Census Bureau and the Department of Commerce. The report covers the previous month and is released about two weeks after the month-end. Comparisons are made against historical data; year-over-year comparisons are the most-reported metric because they account for the seasonality of consumer-based retail.

Today, the market participants expect to increase the sales from 0.1% to 0.7% on the monthly basis and another increase from 0.3% to 0.4% on a yearly basis. If the data will meet or beat the expectations, it will be another partial justification for the Fed to hike the interest rates in the near future.

Let's now take a look at the EUR/USD technical picture at the H4 time frame. After breaking above the level of 1.1600 for a while and establishing a new local high at the level of 1.1610, the price has started to fall again towards the technical support at the level of 1.1543. This level was event slightly broken, but not that much a now the price is bouncing. The next technical support is seen at the level of 1.1515 - 1.1503. Please notice the overbought market conditions, that will facilitate the bearish strength to push the prices lower. Weaker than expected Retail Sales data might, however, resume the internal short-term bounce towards the resistance at the level of 1.1610 and beyond.

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Bitcoin analysis for 15/10/2018

Christie's auction house announced the introduction of a system of registration of artistic transactions on Blockchain. The decision is only the latest example of how technology is used in the world of art. The company plans to sell many large works of art from one of the richest private American collections from the last century. According to preliminary estimates, over USD 300 million will be spent on the auction. Richard Entrup from Christie's said the Blockchain registration system was created as a result of Artora's partnership, which is a well-known digital register for the art market.The buyers will have access to a secure record of their purchase information, including a description, final price and transaction verification. Christie's decision to include Blockchain in the art world seems to mean that the latest technology begins to spread in a complex, high-end industry.

The idea for a legal and secure digital record of the origin of the work contains numerical data in the art world in which you can find the concept that Blockchain can be used to drastically reduce the theft or false activity. The Geneva Institute of Fine Arts said in 2014 that more than half of all the works of art that they viewed were either falsified or not associated with the right artist. Blockchain Art Collective (BAC) works on registering works of art on scattered books by attaching manipulated seals to manipulation. Startups such as BAC hope that these certificates of authenticity will inspire confidence in the art market, especially for more expensive products.

Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market has bounced from the technical support at the level of $6,027 and the bounce was very strong, because the price has hit the level of $6,603 in the early Moring trading hours. Nevertheless, the price is still trading below the black trend line that provides the resistance around the level of $6,650. In a case of a further rally, the next target for bulls is seen at the level of $6,738. Please notice, the market is still moving sideways in the larger time frame charts and no decisive breakout has occurred yet.

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Elliott wave analysis of EUR/NZD for October 15, 2018

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EUR/NZD has made a new corrective low at 1.7704, which indicates a more complex correction in blue wave ii is developing towards support at 1.7649 from where a new impulsive rally towards 1.8030 and 1.8369 is expected.

Only a break above 1.7842 will indicate that the correction in blue wave ii has completed and blue wave iii is developing.

R3: 1.7882

R2: 1.7841

R1: 1.7801

Pivot: 1.7780

S1: 1.7745

S2: 1.7704

S3: 1.7649

Trading recommendation:

We will buy EUR at 1.7655 or upon a break above 1.7841. We will place our stop at 1.7600.

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Elliott wave analysis of EUR/JPY for October 15, 2018

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Short-term important resistance at 130.51 rejected Friday's attempt to break above this pivot point. The clear loss of downside momentum (positive divergence on the RSI) calls for a corrective low and a new impulsive rally soon. The only question is whether a final dip to 129.00 is needed or not? We do not think it's necessary and will be looking for a break above minor resistance at 129.75 as the first good indication that a new attempt to break above resistance at 130.51 is developing and above here will confirm the corrective low is in place for a rally towards 138.10.

R3: 130.92

R2: 130.51

R1: 130.27

Pivot: 129.75

S1: 129.30

S2: 129.00

S3: 128.75

Trading recommendation:

We will buy EUR at 129.10 or upon a break above 130.51. If our buy-order at 129.10 is filled, we will place our stop at 128.75.

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