Technical analysis on EU,GU and majors

[bhanu545]

Technical analysis of EUR/USD for October 08, 2014

When the European market opens, there is no economic news to be released, but the US will release economic data such as the Crude Oil Inventories, 10-y Bond Auction, FOMC Meeting Minutes, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2727.
Strong Resistance:1.2719.
Original Resistance: 1.2707.
Inner Sell Area: 1.2695.
Target Inner Area: 1.2665.
Inner Buy Area: 1.2635.
Original Support: 1.2623.
Strong Support: 1.2611.
Breakout SELL Level: 1.2603.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 8, 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 08, 2014

In Asia, Japan will release the Current Account, BOJ Monthly Report, conomy Watchers Sentiment, and the US will release some economic data such as Crude Oil Inventories, 10-y Bond Auction, FOMC Meeting Minutes. So there is a big probability the USD/JPY will move with low to medium volatility during the day.
TODAY TECHNICAL LEVELS:
Resistance. 3: 108.87.
Resistance. 2: 108.66.
Resistance. 1: 108.45.
Support. 1: 108.19.
Support. 2: 107.98.
Support. 3: 107.76.

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

 

[bhanu545]

Technical analysis of Gold for October 08, 2014

Technical outlook and chart setups:
Gold is holding gains at $1,214.00 levels for now. Please note that the metal is still in the sell zone of resistance line and that it needs to break past at least above $1,225.00/30.00 levels to confirm that bulls are to remain in control. Immediate support is at $1,180.00/83.00, while resistance is at $1,225.00/30.00, $1,240.00 and higher respectively. It is recommended to remain long from yesterday and also look to add further on dips, risk remains at $1,180.00. Bulls are expected to remain in control till prices stay above $1,180.00. On the flip side, a break below would be seeing a bearish move into $1,050.00 levels.
Trading recommendations:
Remain long for now, stop below $1,180.00, target is open. Good luck!

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

 

[bhanu545]

Technical analysis of Silver for October 08, 2014

Technical outlook and chart setups:
Silver is breaking out if the immediate line of resistance around $17.20 levels. The metal had raised through the $17.60 levels yesterday before pulling back towards $17.20. Also note that Silver is bouncing off the backside of resistance turned support line at the moment. A bullish follow through here would see prices rallying through $18.20 levels at least. Immediate support is at $16.70 levels, while resistance is seen at $18.00 levels and higher respectively. It is recommended to remain long for now, risk remains at $16.40. A break above $18.40 would confirm that bulls are firmly in control.
Trading recommendations:
Remain long, stop at $16.40, target is open. Good luck!

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

 

[bhanu545]

Technical analysis of EUR/USD for October 09, 2014

For an intraday view, the prices are closed above 12ema. For the last 3 days the prices have been supported by 12ema on an hourly closing basis. In the H4 chart, the pair is in progress to made a higher high after July 2014. The pair support is at 1.2715, 1.2650 and 1.2619 levels. We recommend buying at the market price of 1.2729, sl 1.2715, targets are 1.2750, 1.2775 and 1.28. For bears, sell below 1.2650 with targets at 1.2620 and 1.2580 levels.

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

 

[bhanu545]

Technical analysis of GBP/USD for October 09, 2014

For an intraday view, the prices are closed above 12ema. For the last 3 days the prices have been supported by 35DEMA on an hourly closing basis. We recommend fresh buying above 1.6182 only. The pair support is at 1.6129, 1.6091 and 1.6025 levels. Risky traders can start selling below 1.6150 for targets 1.6130, 1.61 and 1.6025 levels. Buy above 1.6182 for targets at 1.62, 1.6235 and 1.6250, may be even 1.63 levels.
Trade-
Buying above 1.6182

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

 

[bhanu545]

Technical analysis of USD/JPY for October 09, 2014

Fundamental Overview:
USD/JPY is expected to trade with bearish bias.It is undermined by the negative dollar sentiment (ICE spot dollar index last 85.32 versus 85.66 early Wednesday) on dovish minutes of FOMC Sept. 16-17 meeting which showed the Federal Reserve was in no rush to raise interest rates and was concerned that the recent strength of the dollar could hurt U.S. exports and growth as well as putting downward pressure on already low levels of inflation. USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 2.318% versus 2.341% late Tuesday) and Japan exporter sales. But USD/JPY losses tempered by demand from Japan importers, yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 12.15% to 15.11) as U.S. stocks surged overnight (S&P 500 closed up 1.75% at 1,968.89 for biggest single-day gain this year) on the dovish FOMC minutes.
Technical comment:
Daily chart is negative-biased as MACD and stochastics is bearish, five-day moving average is below 15-day MA and is declining.
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 107.35. A break of this target will move the pair further downwards to 107. The pivot point stands at 108. 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 108.30 and the second target at 108.80.
Resistance levels: 108.30 108.80 109.25
Support levels: 107.35 107 106.75

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

 

[bhanu545]

Gold Technical analysis for October 9, 2014

Gold price has broken above short-term resistance after backtesting the broken bearish price channel and is now heading towards $1,235-40. Short-term trend is bullish although the longer-term trend remains bearish. This counter-trend move is most probably another opportunity to sell before breaking below $1,180.

Gold price has broken above the downward sloping channel as shown in the 4 hour chart above. Price initially got rejected at the Ichimoku cloud and back tested the break out area of the bearish channel. Once support at $1,202 was held, Gold price spiked higher breaking above the Ichimoku cloud for the first time since August 15th. The 38% retracement is found at $1,235 and this is a possible target for a top in Gold. Breaking above this level will probably push gold price to the next most probable target of $1,265-70. For the time being, short-term trend is bullish. This changes if price falls below $1,204.

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

 

[bhanu545]

Technical analysis of USD/CHF for October 09, 2014

Fundamental overview:
USD/CHF is expected to trade in lower range.It is undermined by the negative dollar sentiment (ICE spot dollar index last 85.32 versus 85.66 early Wednesday) on dovish minutes of FOMC Sept. 16-17 meeting which showed the Federal Reserve was in no rush to raise interest rates and was concerned that the recent strength of the dollar could hurt U.S. exports and growth as well as putting downward pressure on already low levels of inflation. USD/CHF is also weighed by the lower U.S. Treasury yields (10-year at 2.318% versus 2.341% late Tuesday) and franc demand on buoyant CHF/JPY cross. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.
Technical comments:
Daily chart is negative-biased as stochastics is falling from overbought zone, MACD staged bearish crossover against its exponential moving average.
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 0.9460. A break of this target will move the pair further downwards to 0.9420. The pivot point stands at 0.9550. In case the price moves in the opposite direction and bounces back from the support level, then it will moves 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 0.96 and the second target at 0.9650.
Resistance levels: 0.96 0.9650 0.9685
Support levels: 0.9460 0.9420 0.9380

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for October 10, 2014

The current medium-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2870 (the recent consolidation zone).
A short-term bullish Head and Shoulders pattern was established on the 4H chart as anticipated. 4H fixation above 1.2700 is essential to confirm the reversal.
Another pullback is taking place towards the origin of the bullish Head and Shoulders pattern. A good BUY position can be taken.
Recommendation :
The neckline of the confirmed Head and Shoulders pattern on the 4H chart is being retested today. A valid BUY entry is suggested today. Stop loss should be set as daily closure below 1.2570.
Projection 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.
Then price action should be watched again around 1.2900 for another long-term SELL position.

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

 

[bhanu545]

Intraday technical levels and trading recommendations on GBP/USD for October 10, 2014

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.
Although the recent bullish leg which extended between 1.6060 (the lower limit of the channel) and price levels around 1.6400 looked strong compared to the recent bearish swings, the bears managed to break below 1.6060 on Friday.
This bearish swing was targeting at 1.5900 (site of prominent monthly bottoms). However, the bears just reached 1.5950 when obvious bullish rejection was expressed to push again towards 1.6150.
For risky traders, a valid SELL entry can be taken around the current prices but with a higher risk. Stop loss can be placed above 1.6200.
According to the price action expressed at retesting of price zone of 1.6100-1.6140, the GBP/USD pair is now targeting at 1.5960 and 1.5860 where prominent bottoms were established.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 10, 2014

Fundamental overview:
USD/JPY is expected to consolidate with bearish bias after hitting three-week low 107.53 on Thursday.It is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge soared 24.16% to 18.76, S&P 500 plunged 2.07% to close at 1,928.21 overnight) as weak German August exports data revived worries over slowing global growth. USD/JPY is also weighed by the soft U.S. Treasury yields (10-year at 2.326% versus 2.330% late Wednesday), improved yen sentiment on larger-than-expected 4.7% on-month increase in Japan's August core machinery orders (versus forecast +1.0%) and Japan exporter sales. But USD/JPY losses are tempered by the demand from Japan importers and improved dollar sentiment (ICE spot dollar index last 85.55 versus 85.32 early Thursday) after comment from Fed's Bullard that "the markets are making a mistake" expecting the Fed to maintain its ultra-easy policy stance longer than Fed officials currently expect and fewer-than-expected 287,000 U.S. jobless claims in week ended Oct. 4 (versus forecast 292,000), larger-than-expected 0.7% increase in U.S. August wholesale inventories (versus forecast +0.4%) and positions adjustment before long weekend (financial markets in Japan and U.S. are shut Monday for public holidays).
Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining.
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 107.35. A break of this target will move the pair further downwards to 107. The pivot point stands at 108. 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 108.30 and the second target at 108.80.
Resistance levels: 108.30 108.80 109.25
Support levels: 107.35 107 106.75

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

 

[bhanu545]

Gold Wave analysis for October 10, 2014

Gold has probably completed wave 4 at $1,235 and it now resumes its down trend. Longer-term trend remains bearish targeting $1,100-$1,000. Short-term trend remains bullish as long as Gold price is above $1,204.

Red line = support
Zooming in the short-term view of wave 4, we observe clearly the three wave structure of uptrend nature. I remain bearish for longer-term despite this upside bounce in Gold price. This is wave 4 and once price breaks below the red trend line support at $1,214 we will have many chances of breaking the intermediate low at $1,204 where I believe the wave b is located. My longer-term target remains below $1,180. My target is between $1,000 and $1,100.

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

 

[bhanu545]

Technical analysis of silver for October 10, 2014

Technical outlook and chart setups:
Silver hit the $17.70 mark yesterday before pulling back into $17.20/25 levels as seen here. The metal had earlier produced an engulfing bullish candlestick pattern, indicating a rally ahead. Looks like the first leg is complete at $17.70 levels, expect a pullback towards $16.90/17.10 levels before the next leg of rally resumes. It is good to book partial profits now and look to enter again at lower levels. Immediate support is seen at $16.60 levels while resistance is at $18.00 levels respectively. Please also note that the immediate resistance line has been broken and bulls could remain in control for now.
Trading recommendations:
Book partial profits, again look to enter at $17.00 levels, stop at $16.40, target is open. Good luck!

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

 

[bhanu545]

Weekly technical levels of EUR/USD for October 13-17, 2014

Short-term forecast:
According to previous events, the EUR/USD pair is going to move between the levels of 1.2615 and 1.2730.
The resistance will be formed at the level of 1.2765 providing a clear signal for sell deals with the target seen at 1.2636 in order to test the weekly pivot point.
Also, it should be noted that the double top will set at the point of 1.2790 in H1 chart.
However, stop-loss is to be placed above the double top around the area of 1.2535.
Additionally, the support will be formed at the level of 1.2575; therefore, it should expect a range of 255 pip this week (from the level of 1.2535 to 1.2790). It should aslo noted that the risk of 170 pips is seen to make a profit of 255 pips.

Warnings:
Stop loss should never exceed your maximum exposure amounts.
As a rule, the market is highly volatile if the last day had a huge volatility.
Volatility of the last week was around 356.70.

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

 

[bhanu545]

Weekly technical levels of GBP/USD for October 13-17, 2014

The movement of pivot point between resistance and support levels of the GBP/USD pair.
If price at pivot point (1,6085), watch for a move back to resistance 1 (1,6217) or support 1 (1,5944).
If price at resistance 1 (1,6217), expect for a move to resistance 2 (1,6358) or back towards pivot point (1,6085).
If price at support 1 (1,5944), expect for a move to support 2 (1.5812)or back towards resistance 1 (1,6217).
If price at support 2 (1.5812), expect for a move to support 3 (1.5671)or back towards support 1 (1,5944).
If price at resistance 2 (1,6358), expect for a move to resistance 3 (1,6490) or back towards resistance 1 (1,6217).
It should noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 (1,6217) or support 1 (1,5944). But if there is significant news to influence, the market price may go straight through resistance 1 (1,6217) or support 1 (1,5944) and reaches resistance 2 (1,6358) or support 2 (1.5812) and even resistance 3 (1,6490) or support 3 (1,5671).

Notes:
Major support will set at the price of 1.5944; and the double bottom had already placed at 1.5953.
Major resistance is going to set at 1.6217
We expect a new range about 285 pips this week.
If the trend is upward, then the strength of the currency will be defined as follows: GBP is in an uptrend and USD is in a downtrend.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 13, 2014

Fundamental overview:
USD/JPY is expected to consolidate with bearish bias after hitting near-one-month low of 107.26 this morning. Liquidity was thin as financial markets in Japan, U.S. and Canada are shut today for public holidays. USD/JPY is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 13.22% to 21.24, S&P 500 fell 1.15% to close at 1,906.13 Friday) as worries persist over slowing global economic growth. USD/JPY is also weighed by lower U.S. Treasury yields (10-year at 2.305% versus 2.327% late Thursday), buy-yen orders from Japan exporters and concern among some Federal Reserve officials about USD's strength. Fed's Evans said on Saturday that a stronger dollar is a headwind as it will limit the Federal Reserve's ability to meet its inflation mandate and will impede growth. But USD/JPY losses are tempered by the sell-yen orders from the Japanese importers, broadly firmer USD undertone (ICE spot dollar index last 85.72 versus 85.55 early Friday) on outperformance of the U.S. economy versus other major economies and smaller-than-expected 0.5% on-month drop in the U.S. September import price index (versus forecast -0.7%).
Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, although latter at oversold, five-day moving average is below 15-day MA and is declining.
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. A break of this target will move the pair further downwards to 106.75. The pivot point stands at 107.65. 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 108.20 and the second target at 108.50.
Resistance levels: 108.20 108.50 108.80
Support levels: 107 106.75 106.45

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

 

[bhanu545]

Analysis of gold for October 13, 2014

Overview :
Since our last analysis, gold has been trading sideways around the price of 1,228.00. There is very low activity on the market and we are waiting for larger volume and price action. Our resistance level at the price of 1,230.00 held successful, which is a sign that buying at this stage looks risky. According to the daily chart, we can observe weak demand in a volume above the average. If the price breaks the level of 1,234.00 in a high volume, we may see the testing of the level of 1,244.00 (Fibonacci retracement 38.2%). Anyway, since gold has started bearish corrective phase, I placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,214.00 and Fibonacci retracement 61.8% at the price of 1,202.00.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,232.42 R2: 1,234.28 R3: 1,237.80
Support levels
S1: 1,225.78 S2: 1,223.72 S3: 1,220.40
Trading recommendations:
Buying still looks risky since gold is near resistance levels

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

 

[bhanu545]

Technical analysis of USD/CHF for October 13, 2014

Fundamental overview:
USD/CHF is expected to trade with bearish bias. It is supported by the broadly firmer USD undertone, franc sales on soft CHF/JPY cross and dovish Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross and also weighed by the lower U.S. Treasury yields (10-year at 2.305% versus 2.327% late Thursday) and concerns among some Federal Reserve officials about USD's strength. Fed's Evans said on Saturday that a stronger dollar is a headwind as it will limit the Federal Reserve's ability to meet its inflation mandate and will impede growth.
Technical comments:
Daily chart is mixed as MACD is in bearish mode but stochastics is turning neutral.
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 0.9495. A break of this target will move the pair further downwards to 0.9465. The pivot point stands at 0.9550. In case the price moves in the opposite direction and bounces back from the support level, then it will moves 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 0.96 and the second target at 0.9650.
Resistance levels: 0.96 0.9650 0.9685
Support levels: 0.9495 0.9465 0.9420

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