Technical analysis on EU,GU and majors

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 2, 2014

Overview:
On July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending below the depicted downtrend line.
Two bearish impulses were previously initiated around 1.7180 and 1.6630 corresponding to the downtrend line.
The price level of 1.6140 constituted a prominent weekly support to meet the pair. Bullish rejection was witnessed in the previous visit. This led to bullish weekly closure ( above the weekly support level around 1.6250 ).
Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse was applied as expected in previous articles. This price zone corresponds to the upper limit of the depicted channels as well as Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.
The GBP/USD pair remains targeting at 1.6050 ( the recent weekly low ) as long as the market is trading below 1.6240 on a daily basis.
Trading recommendations:
Based on the previous data, the market offered a valid SELL opportunity around 1.6460 during last week's consolidations.
This short position remains valid as long as the bears keep defending price zone of 1.6250-1.6320 ( 23.6% Fibonacci level and previous broken bottom ). Hence, Stop Loss should be located slightly above these price zone. This secures some of the profits.
Bearish targets are located around 1.6160 ( already reached ) and 1.6080 to come next.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for October 02, 2014

Fundamental Overview:
USD/JPY is expected to trade in a lower range after hitting a six-year high 110.09 on Wednesday. It is undermined by the selling of yen crosses amid increased risk aversion (VIX fear gauge rose 2.45% to 16.71, S&P 500 closed 1.32% lower at 1,946.16 overnight) on fresh concerns about global growth after weak manufacturing PMI data in several major economies, pro-democracy protests in Hong Kong and worries about Ebola after the U.S. reported the first case on Tuesday. USD/JPY is also weighed by the profit-taking on long USD positions ahead of the European Central bank's interest rate decision on Thursday and U.S. nonfarm payrolls data on Friday, Japan exporter sales and lower U.S. Treasury yields (10-year at 2.389% versus% 2.508% late Tuesday), weaker USD sentiment on worse-than-expected drop in U.S. ISM manufacturing PMI to 56.6 in September from 59.0 in August (versus forecast 58.2), surprise 0.8% decrease in U.S. August construction spending (versus forecast for 0.6% increase), lower final Markit U.S. September manufacturing PMI of 57.5 versus preliminary reading of 57.9. But USD sentiment is soothed by the ADP report showing larger-than-expected 213,000 increase in U.S. September private-sector jobs (versus forecast 209,000). USD/JPY losses are also tempered by the ultra-loose Bank of Japan's monetary policy and demand from Japanese importers.
Technical comment:
Daily chart is mixed as five and 15-day moving averages are advancing, but bearish outside-day-range pattern was completed on Wednesday, stochastics is turning bearish at overbought zone, MACD histogram bars turned negative.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 108.30. A break of this target will move the pair further downwards to 107.95. The pivot point stands at 109.10. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 109.55 and the second target at 110.
Resistance levels: 109.55 110 110.35
Support levels: 108.30 107.95 107.65

Performed by , Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold analysis for October 02, 2014

Overview:
Since our last analysis, gold has been trading downwards. As we expected, the price rejected from our Fibonacci retracement 61.8% (1,223.00) and tested the level of 1,210.22. If the price breaks the level of 1,206.00 in a high volume and healthy price action, we may see potential testing the level of 1,194.00 (Fibonacci expansion 100%). According to the daily chart, we can observe very weak demand, which is a sign that buying still looks risky. Watch for potential selling opportunities after retracement.
Daily pivot Fibonacci points:
Resistance levels: R1: 1,219.23 R2: 1,222.77 R3: 1,228.50
Support levels S1: 1,207.77 S2: 1,204.23 S3: 1,198.50
Trading recommendations:
Buying still looks risky since we got strong rejection from our Fibonacci retracement 61.8% in the background

Performed by Petar Jacimovic, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Daily analysis of Silver for October 02, 2014

Overview
According to our last expections, the price's close below the Support level of 17.30 will give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level to trade below and open the way towards the support level of 17.00 as the first target which is tested now. Metal must break the Support level firstly to get more bearish move till reaching the level of 16.80 as the second target. On the other hand, the metal's rebound from the Support level of 16.80 cancels bearish scenario.
Resistance and support levels: R3 (17.50), R2 (17.30), R1 (17.00), S1 (16.80), S2 (16.50).

Performed by Hossam Soliman Ali, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical Analysis of GBP/USD for October 03, 2014

For an intraday view, the pair has been facing strong resistance in a 10-day descending trend line and 2-month descending trend line. The prices are closed below 12ema and 34hrsma. It represents the bearish sign on hourly and intraday basis. The pair is completely in bearish hands on hourly basis.

Performed by Joseph Wind, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for October 3, 2014

Overview:
The EUR/USD pair is trading below its pivot point which sets at the level of 1.2690. It is likely to trade in a lower range as far as it remains below its pivot point. Also, it might be noted that the ratio of 61.8% represents the same key level in H1 chart. Moreover, H1 chart is negative biased as RSI is turning bearish. Short position is recommended from the level of 1.2690 with the first target at 1.2615 in mind. A break of this target will move the pair further downwards towards 1.2568 in order to test the double bottom. Furthermore, the double bottom will act as strong support because it is the last bearish wave since the 30th of September 2014. In case the price moves in the contrary direction, it bounces back from the support level, and then moves above its first support around the 1.2620 level, it is most favourably expected to move further to the upside. In that scenario, a long position is recommended from the double bottom with the first target at 1.2620 and the second target at 1.2665.

Performed by Mourad El Keddani, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for October 03, 2014

Show full picture In Asia, Japan will not release any economic data's but the US will release some economic data such as Non-Farm Employment Change, Unemployment Rate, Trade Balance, ISM Non-Manufacturing PMI, Final Services PMI, Average Hourly Earnings m/m. So there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with medium volatility during the US session.
TODAY TECHNICAL LEVELS:
Resistance. 3: 109.37.
Resistance. 2: 109.16.
Resistance. 1: 108.95.
Support. 1: 108.68.
Support. 2: 108.47.
Support. 3: 108.25.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold Wave analysis for October 3, 2014

Gold price most probably completed wave 4 yesterday and should start pushing below $1,204 lows towards $1,180 which is the major low and support. Our view remains longer-term bearish towards $1,000 as long as price is below $1,280.

In the chart above, I post my Ellliott wave count and that is why I expect Gold to push towards $1,000 as the final wave 5. The sideways corective move since May 2013 has broken downwards from $1,270 and has given us a strong sell signal targeting $1,000.

Performed by Alexandros Yfantis, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of Silver for October 03, 2014

Technical outlook and chart setups: Silver made intraday low at $16.95 levels yesterday after reversing from the trend line resistance earlier, as it is shown here. A push higher from current levels could break the inner trend line resistance and also $18.00 levels. On the flip side, a push lower from here towards the trend could see prices drifting towards the $16.00 levels. Immediate resistance is seen at the $17.80 levels, followed by $18.00, $18.60 and higher while support is seen at $16.80 and lower respectively. It is recommended to remain flat for now, and look to trade on a resistance break. The metal could see a bottom sooner from current levels; maximum downside being $16.00 levels.
Trading recommendations: Remain flat for now. Good luck!

Performed by Harsh Japee, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of EUR/USD for October 06, 2014

When the European market opens, some economic news will be released such as German Factory Orders m/m, Retail PMI, Sentix Investor Confidence. The US will not release economic data, so amid the reports, EUR/USD will move with low volatility during this day. Today's technical levels: Breakout BUY Level: 1.2573. Strong Resistance:1.2565. Original Resistance: 1.2553. Inner Sell Area: 1.2541. Target Inner Area: 1.2511. Inner Buy Area: 1.2481. Original Support: 1.2469. Strong Support: 1.2457. Breakout SELL Level: 1.2449.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Daily analysis of GBP/USD for October 06, 2014

The GBP/USD continues to weaken in the H4 chart, so this pair is trying to consolidate below the resistance level of 1.6004, so it is very likely that the GBP/USD also finds support at the 1.5900 level, where one bearish trend line is. This decline was driven by the positive indicators of employment in the United States, published last Friday.

H4 chart's resistance levels: 1.6004 - 1.6051 H4 chart's support levels: 1.5811 - 1.698 On the H1 chart, we can clearly see the strength of the current bearish trend for GBP/USD as this pair is forming a lower low pattern below the resistance level of 1.5980. Now, it is likely that the GBP/USD will try to make a correction of its current trend, due to the steep fall that this pair had last Friday. The next target for the GBP/USD on the downside is the support level of 1.5925. The MACD indicator is oversold

H1 chart's resistance levels: 1.5980 � 1.6031 H1 chart's support levels: 1.5925 � 1.5871 Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5925, take profit is at 1.5871, and stop loss is at 1.5980.
Performed by Felipe Erazo, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for October 06, 2014

Today, Japan and the US will not release any economic data. So there is a big probability the USD/JPY will move with low volatility during the day. Today's technical levels: Resistance. 3: 110.18. Resistance. 2: 109.97. Resistance. 1: 109.75. Support. 1: 109.49. Support. 2: 109.28. Support. 3: 109.06.

Performed by Arief Makmur, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of Silver for October 06 , 2014

Silver drops to fresh lows at $16.60/65 levels today and is now seen trading at $16.75/80 levels. The metal is seen trading around the fibonacci 0.786 support, of the rally from $8.00 to $49.00, at $17.20 levels. Immediate support is seen at $16.30/40 levels (according to weekly chart), followed by $14.00 and lower, while resistance is seen at $20.00, followed by $22.00. The metal is soon approaching support around sub $16.00 levels and turn around could be near. It is recommended to wait for a bullish reversal signal on the daily chart view at least to enter long positions again. Trading recommendations: Remain flat for now. Watch out for a bullish reversal at current levels.

Performed by Harsh Japee, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of Gold for October 06, 2014

Gold has dropped into the one year support region around $1,180.00/85.00 levels today. The metal is trading at $1,189.00/90.00 at the moment and a bullish reversal could be expected here. Please note that the support line connecting the lows of June 2013 and Dec 2013 is being re-tested at the moment. A bullish reversal here on the daily/weekly chart, could be extremely favorable for the metal and the coming rally could break out of $1,350.00 levels in the weeks to come. On the flip side, a break below the trend line support, could bring prices as low as $1,090.00 and $1,030.00/50.00 levels. The weekly chart indicates that support is just around the corner at $1,180.00/85.00 while resistance is seen at $1,320.00/30.00 levels.� Trading recommendations: Remain flat for now. Watch out for a reaction around the trend line support.

Performed by Harsh Japee, Analytical expert
InstaForex Group © 2007-2014

 

[JimFXtrader]

Today Monday, with no major economic data for the Euro, this makes its way to the potential area of 1.2458, since there could prove bullish rebounds

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for October 7, 2014

The current short-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2870 (the recent consolidation zone).
The bearish slide below 1.2820 invalidated the possibility of a short-term bullish reversal.
Careful watching of price action around the current price levels is essential to determine the next destination of the EUR/USD pair.
Recommendation :
A conservative trader should wait for daily closure again inside the channel to look for long positions.
In case the bulls initiate a corrective movement around the lower limit of the channel being breached today, the first target levels to be visited should be located around 1.2870 and 1.2940 where the upper limit of the channel and significant Fibonacci level are located.

Performed by Michael Becker, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 7, 2014

Overview:
On July 15, extensive bearish impulse was initiated. Since then, the GBP/USD pair has been downtrending below the depicted downtrend line.
Two bearish impulses were previously initiated around 1.7180 and 1.6630 corresponding to the downtrend line.
The price level of 1.6140 constituted a prominent weekly support level.
Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse was applied as expected in previous articles.
This price zone corresponded to the upper limit of the depicted channels as well as Fibonacci level of the recent bearish impulse between 1.7180 and 1.6060.
Bearish targets around 1.6050 ( previous weekly low ) and 1.6000 ( psychological support level ) were successfully reached last week.
Trading recommendations:
Based on the previous data, the market offered a valid SELL opportunity around 1.6460 during last week's consolidations.
Bearish targets were located around 1.6160, 1.6080 then 1.5890 ( ALL target levels already got visited ).
The remaining SELL position remains valid as long as the bears keep defending price zone of 1.6250-1.6320 ( 23.6% Fibonacci level and previous broken bottom ). Hence, Stop Loss should be lowered to 1.6150 and let the remaining portion of the position run with the market.

Performed by Mohamed Samy, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/JPY for October 07, 2014

Fundamental Overview:
USD/JPY is expected to consolidate in lower range. USD/JPY is undermined by the broadly weaker USD undertone (ICE spot dollar index last 85.76 versus 86.69 early Monday) as investors bet that the Federal Reserve will be patient in raising interest rates after focusing on the small amount of wage inflation in Friday's strong U.S. jobs report, and took profits on long-USD positions. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 2.419% versus% 2.447% late Friday), Japan exporter sales and diminished investor risk appetite (VIX fear gauge rose 6.25% to 15.46, S&P 500 closed 0.16% lower at 1,964.82 overnight). But USD/JPY losses are tempered by the demand from Japan importers. Daily chart is tilting negative as MACD and stochastics are bearish, five-day moving average is staging bearish crossover against 15-day MA.
Technical comment:
Daily chart is negative-biased as MACD and stochastics is in bearish mode,bearish parabolic stop-and-reverse signal was hit on Thursday.
Trading recommendations:
The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 107.95. A break of this target will move the pair further downwards to 107.65. The pivot point stands at 108.80. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 109.25 and the second target at 109.55.
Resistance levels: 109.25 109.55 110
Support levels: 107.95 107.65 107.35

Performed by Ahsan Aslam, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Gold analysis for October 07, 2014

Overview: Since our last analysis, gold has been trading upwards. The price tested the level of 1,212.40. Our Fibonacci retracement 61.8% at the price of 1,207.00 held successful, which is a sign that buying gold at this stage looks risky. According to the daily chart, we can observe demand in a volume below the average. According to previous price action, we got resistance level at the price of 1,204.00 (swing low like resistance). According to Fibonacci expansion, first down station may be around the price of 1,189.00 (Fibonacci expansion 61.8%). Any l arger supply in a high volume may confirm further bearish movement.
Daily pivot Fibonacci points:
Resistance levels: R1: 1,217.04 R2: 1,.226.77 R3: 1,243.64
Support levels S1: 1,190.44 S2: 1,173.57 S3: 1,163.54
Trading recommendations:
Buying still looks risky since our Fibonacci retracement 61.8% held successful

Performed by Petar Jacimovic, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of Silver for October 07, 2014

Technical outlook and chart setups:
Silver is seen to have bounced off yesterday's lows, from around $16.60/70 levels. The metal has produced an engulfing bullish candlestick signal as seen on the daily chart view presented, indicating that the next big move could be higher up. Trading at $17.30/40 levels at present, the metal is expected to reverse down trend. Immediate support is at $16.60/70 levels, while resistance is seen at $20.00 and higher respectively. It is recommended to initiate long positions now, risk remains at $16.60/70. A break of $18.50, and subsequently $20.00/50 would be encouraging for the bulls.
Trading recommendations:
Initiate long positions now, stop at $16.40, target is open. Good luck!

Performed by Harsh Japee, Analytical expert
InstaForex Group © 2007-2014