Technical analysis on EU,GU and majors

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for October 14, 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 ( yet the bulls are failing so far ).
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 1.2540.
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 14, 2014

4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel. A SELL entry was suggested around the price level of 1.6140. It's running in profits now (+220 pips). Stop loss can now be advanced below 1.6120 to secure some profits.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 14, 2014

Fundamental overview:
USD/JPY is expected to consolidate with bearish bias after hitting one-month low at 106.76 this morning. It is undermined by the negative dollar sentiment (ICE spot dollar index last 85.22 versus 85.72 early Monday) after Federal Reserve Bank of Chicago President Charles Evans said the "biggest risk" to the economy right now is that the central bank would raise interest rates sooner than it should. That follows his remarks on Saturday that a stronger dollar is a headwind as it will limit the Fed's ability to meet its inflation mandate and will impede growth and comment from Fed Vice Chairman Stanley Fischer that the impact on the U.S. economy of weaker-than-expected foreign growth could cause "the Fed to remove accommodation more slowly than otherwise." USD/JPY is also weighed by the Japanese exporter sales, flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge rose 16.01% to 24.64, S&P 500 fell 1.65% to close at 1,871.74 overnight) as fears mount over the spread of Ebola and worries persist over slowing global economic growth. But USD/JPY losses are tempered by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy. Daily chart is negative-biased as MACD and stochastics are bearish, although latter is at oversold zone, five-day moving average is below 15-day MA and is declining.
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 106.75. A break of this target will move the pair further downwards to 106.50. 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: 106.75 106.50 106.25

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

 

[bhanu545]

Gold : analysis for October 14, 2014 2014-10-14

Overview : Since our last analysis, gold has been trading sideways around the price of 1,234.00. 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 1,234.00 is again on the test, which is a sign that buying at this stage looks risky. According to the daily chart, we can observe weak demand in a volume below the average. On the mid term prospective, price rejection from our major Fibonacci expansion 100% at the price of 1,193.00, which caused price to start bullish phase. 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%).
Daily pivot Fibonacci points:
Resistance levels: R1: 1,236.03 R2: 1,239.43 R3: 1,244.93
Support levels S1: 1,225.03 S2: 1,221.63 S3: 1,216.13
Trading recommendations:
Buying still looks risky since gold is near resistance level

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

 

[bhanu545]

Daily analysis of Silver for October 14, 2014

Overview
In today's H4 chart, we see that the metal is trading between the Support level of 17.30 and below the Resistance level of 17.50 after its failure to break the Resistance level yesterday. Silver has bounced from it to take a slightly downward move. Currently, it is testing the Support level of 17.30. Presently, we suggest waiting for closing above the Resistance level of 17.50 in case of bouncing from the Support level to give us a new opportunity for more buy signals with the first target few pips below the Resistance level of 17.75. After breaking this Resistance level, silver would open the way towards the Resistance level of 18.00 which means more bullish signals.
Resistance and support levels: R3 (18.00), R2 (17.75), R1 (17.50), S1 (17.30), S2 (17.00), S3(17.75)

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for October 15, 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 ( yet the bulls are failing so far ).
Another bearish pullback is taking place towards the origin of the bullish Head and Shoulders pattern. A good BUY position can be taken.
However, 4H fixation outside the current depicted channel (below 1.2610) threatens the bullish scenario, giving rise to the bears to push towards 1.2560 and 1.2500.
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 1.2540.
Projection target levels to be visited should be located around 1.2800 and 1.2870 where the upper limit of the channel and significant Fibonacci level are located.
Then price action should be watched again around 1.2870 ( upper limit of the channel and previous broken demand level ) for another long-term SELL position.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 15, 2014

Overview: On July 15, an extensive bearish impulse was initiated. Since then, the GBP/USD pair has been moving downwards below the depicted downtrend line.
Many bearish impulses were previously initiated around 1.7180 and 1.6630 where the downtrend line came to meet the pair then.
The price zone of 1.6140 - 1.6100 constituted a weekly support that paused the bearish movement on September 9 although the bears quickly touched price level of 1.6060.
Retracement towards the price zone of 1.6350-1.6400 took place as expected where a new bearish impulse was applied as anticipated.
Until Yesterday, the bulls have been pushing towards the downtrend line (price zone of 1.6225-1.6250) when extensive bearish reaction occurred. This is manifested in yesterday's daily candlestick.
Trading recommendations:
A suggested, a slide below price zone of 1.6045-1.6020 indicated another SELL opportunity with higher risk. It's running in +ve pips as well. Stop loss should be advanced to 1.5990 to secure our profits.
Price level of 1.5890 should be watched for price action. Daily closure is important to determine the next destination of the pair. Bullish correction towards 1.5950 and 1.6000 is more likely to occur.

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

 

[bhanu545]

Technical analysis on USD/JPY for October 15, 2014

For an intraday view, the prices are trading above 35DEMA and 12ema, but facing strong resistance at 21hrsma in the h4 chart. We recommend safe buying above 107.60 with targets at 107.87, 108.15-108.25 levels. Safe selling will be triggered below 107.00 for target at 106.84 and panic below this for 106.65 to 106.50 levels.
Trade-
Buying above 107.60
Selling below 107.00

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

 

[bhanu545]

Gold analysis for October 15, 2014

Overview: Since our last analysis, gold has been trading downwards. The price tested the level of 1,221.67. We can observe rejection from our resistnace level at the price of 1,234.00. I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,217.00 and Fibonacci retracement 61.8% at the price of 1,204.00.According to the daily chart, we can observe weak demand in a volume below the average. On the mid term prospective, price rejected from our major Fibonacci expansion 100% at the price of 1,193.00, which caused price to start bullish phase. 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%)
Daily pivot Fibonacci points:
Resistance levels: R1: 1,237.54 R2: 1,239.31 R3: 1,242.17
Support levels S1: 1,231.81 S2: 1,230.84 S3: 1,227.07
Trading recommendations:
Buying still looks risky since gold is near resistance level

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

 

[bhanu545]

Technical analysis of Silver for October 15, 2014

Technical outlook and chart setups:
Silver remains in the buy zone of immediate resistance line, while still in the sell zone of outer resistance line as seen here. The metal is seen to be trading around $17.15 levels for now and potential still remains to dip further into $16.90 levels before bouncing back. Support is seen at $17.00 levels, followed by $16.70 and lower while resistance is at $18.00 levels, followed by $18.80 and higher respectively. It the metal bounces (bullish) ahead of $16.80 levels,the bulls would again take control and push higher into $19.00 levels. On the flip side, a break below $16.80/90 would re-test $16.60/70 lows before bouncing back.
Trading recommendations:
Remain long for now, 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 16, 2014

Trading recommandations:
According to the previous events, the price of the EUR/USD pair has still been moving between the levels of 1.2750 and 1.2647. The level of 1.2805 is representing the double top, and the weekly support 1 is set at 1.2750. Therefore, sell below the price of 1.2750 or 1.2805 in the long term with the first target at 1.2680. Moreover, if the trend is able to break the first target at 1.2680; then the trend will call for a bearish market and continue towards the next objectives at 1.2647 and 1.2613.
Notes:
The double top will set at the level of 1.2805.
The major support is going to set at 1.2588.
The resistances will be placed at 1.2775 and 1.2805.
The level of 1.2728 will confirm the bullish market.
The price had hit the weekly pivot point and the resistance 1 this week.
We expect a range of 75 pips today and around 310 pips this week.
Volatility on October 16, 2014 is 214.61. As a rule, the market is highly volatile if the last day had a huge volatility.

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

 

[bhanu545]

Technical analysis of GBP/USD for October 16, 2014

Overview:
According to the previous events, the price of GBP/USD pair is still below the weekly resistance around the area of 1.6051. On the other hand, the supports is going to set at the levels of 1.5912 and 1.5874. ALso, it should be noted that the double bottom will set at the 1.5874 level. Subsequently, the descending movement will probably be lower than the 1.6051 level with the first targets at 1.5960 and it is going to continue towards 1.5912 in order to test the weekly support 1. Moreover, it will call for downtrend to continue its bearish movement towards the double bottom at 1.5874. However, the stop loss should always be in the account for that it will be very safe to set your stop loss at the price of 1.6085.

Technical levels of the EUR/USD pair:
The resistance will set at 1.6050.
The support and double bottom have already placed at the levels of 1.5912 and 1.5874 respectively.
In the H1 chart, the trend is still calling for a bearish market.
We expect a daily range of 120 pips but the weekly range will be about 295 pips.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 16, 2014

Fundamental overview:
USD/JPY is expected to trade with bearish bias after hitting five-week low 105.19 on Wednesday. It is undermined by the flows to haven JPY and unwinding of JPY-funded carry trades amid increased risk aversion (VIX fear gauge closed up 15.18% at 26.25 Wednesday after hitting near-three-year high of 31.06, S&P 500 closed 0.81% lower at 1,862.494 overnight) and negative dollar sentiment (ICE spot dollar index last 84.92 versus 85.88 early Wednesday) as fears mount that the U.S. may not be immune to economic slowdown elsewhere after larger-than-expected 0.3% on-month drop in U.S. September retail sales (versus forecast -0.1%), much-larger-than-expected fall in Empire State's business conditions index to 6.17 in October from 27.54 in September (versus forecast 20.0), smaller-than-expected 0.2% increase in U.S. August business inventories (versus forecast +0.4%). USD/JPY is also weighed by the Japan exporter sales and lower U.S. Treasury yields (10-year last at 2.129% versus 2.206% late Tuesday, after plunging to 17-month low of 1.865% overnight) as surprise 0.1% on-month drop in U.S. September PPI for first decline in more than a year (versus forecast for 0.1% rise) pushed back expectations that the Federal Reserve might increase interest rates in 2015. But USD/JPY losses are tempered by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy.
Technical comment:
Daily chart is negative-biased as bearish outside-day-range pattern was completed on Wednesday, MACD is bearish, stochastics stays suppressed at oversold zone, 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 105.50. A break of this target will move the pair further downwards to 105.20. The pivot point stands at 106.65. 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 107.05 and the second target at 107.55.
Resistance levels: 107.05 107.55 107.85
Support levels: 105.50 105.20 104.85

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

 

[bhanu545]

Gold wave analysis for October 16, 2014

Gold price, despite breaking below the short-term trend line support two days ago, it managed to stage an upward bounce that broke above $1,238 and reached the 50% retracement at $1,250. The entire upward move from the $1,180 lows is very erratic and most probably corrective in nature.

In the 30 minute chart above we observe the short-term price action in Gold. A sideways triangle is being formed and a break above $1,243 could start an upward bounce towards $1,255-65 area equal to the first upward move from $1,220 to $1,249. Breaking below $1,236 will cancel this pattern and this bullish potential. My longer-term view remains bearish as I expect the Gold price to move lower towards $1,050-$1,000 over the coming weeks.

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

 

[bhanu545]

Daily analysis of Silver for October 16, 2014

Overview
Based on the 4H chart above, silver is still stabilizing between the support level of 17.30 and the resistance level of 17.50 after it rebounded from the resistance level yesterday. If silver continues its bearish move and manages to break the support level of 17.30, this would provide a strong indication for the downward move and open the way towards the support level of 17.00. In this case we should wait for the breakout of this level to continue the bearish move. On the other hand, the breakout of this resistance level would denote a bullish strength providing new buy signals from this level till reaching the resistance level of 17.75, then 18.00.
Resistance and support levels: R3 (18.00), R2 (17.75), R1 (17.50), S1 (17.30), S2 (17.00), S3(17.75).

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for October 17, 2014

The medium-term bearish trend remains intact as long as the bears keep defending the price zone around 1.2880-1.2900 (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 confirmed the reversal and allowed the bulls to reach 1.2850.
A valid BUY position was suggested around the origin of the bullish Head and Shoulders pattern (price level of 1.2660). The final target is being approached today around 1.2900.
Recommendation :
Price action should be watched around 1.2870-1.2900 (upper limit of the channel and previous broken demand level) for one more SELL position.
Stop loss for this short position should be located above 1.2965.
On the other hand, price level of 1.2700 should be watched for price action if visited first. It may provide another intraday long position.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 17, 2014

Fundamental overview:
USD/JPY is expected to trade in lower range. It is underpinned by the yen-funded carry trades amid receding investor risk aversion (VIX fear gauge eased 4.0% to 25.2, S&P 500 closed up 0.01% at 1,862.76 after falling as low as 1,835.02 overnight) after Fed's Bullard said the U.S. central bank should consider delaying the end of its bond-buying program, expected after its Oct. 28-29 meeting, to halt the decline in inflation expectations and improved USD sentiment after unexpected 23,000 drop in U.S. jobless claims to 14-year low of 264,000 in week ended Oct. 11 (versus forecast 290,000), stronger-than-expected 1.0% increase in U.S. September industrial production (versus forecast +0.4%) for largest monthly increase in three years, while capacity utilization rose more-than-expected to 79.3% in September--highest level since June 2008 (versus forecast 79.0%), less-than-expected drop in Philadelphia Fed's index of general business activity to 20.7 in October from 22.5 in September (versus forecast 19.9). USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.152% versus 2.092% late Wednesday), demand from Japan importers and ultra-loose Bank of Japan's monetary policy and rebounding oil prices (Nymex crude settled up 92 cents Thursday at $82.70/bbl after hitting more-than-two-year low of $79.78/bbl). But USD sentiment is dented by the surprise drop in U.S. NAHB housing market index to 54 in October from 59 in September (versus forecast for no change). USD/JPY gains also tempered by Japan exporter sales; positions adjustment before weekend. Data focus: 1230 GMT U.S. September housing starts (forecast +4.6%) and building permits (forecast +2.3%), 1235 GMT Fed Chairwoman Janet Yellen speech, 1400 GMT preliminary University of Michigan October consumer sentiment survey (forecast 84.0). Daily chart is mixed as MACD is bearish, five-day moving average is below 15-day MA and is declining but stochastics turned bullish at oversold zone, inside-day-range pattern was completed on Thursday.
Technical comment:
Daily chart is negative-biased as bearish outside-day-range pattern was completed on Wednesday, MACD is bearish, stochastics stays suppressed at oversold zone, 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 106.05. A break of this target will move the pair further downwards to 105.70. The pivot point stands at 106.80. 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 107.05 and the second target at 107.55.
Resistance levels: 107.05 107.55 107.85
Support levels: 106.05 105.70 105.50

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

 

[bhanu545]

Gold analysis for October 17, 2014

Overview:
Since our last analysis, gold has been trading sideways around the price of 1,238.00. We are facing very quiet day on the market and very low volume. We can observe rejection from our resistnace level at the price of 1,244.00 (Fibonacci retracement 38.2%). I have placed Fibonacci retracement to find potential support levels and I got Fibonacci retracement 38.2% at the price of 1,224.00. According to the 4H timeframe, we can observe sideways movement in a volume below the average. We are waiting for larger volume and stronger price action . Be careful when buying and watch for potential selling opportunities. Any larger supply may confirm futher bearish movement.
Daily pivot Fibonacci points:
Resistance levels: R1: 1,244.64 R2: 1,247.10 R3: 1,251.07
Support levels S1: 1,236.70 S2: 1,234.24 S3: 1,230.27
Trading recommendations:
Buying still looks risky since gold is near resistance level.

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

 

[bhanu545]

Technical analysis of USD/CHF for October 17, 2014

Fundamental overview:
USD/CHF is expected to range-trade. It is Weighed by the franc demand on buoyant CHF/JPY cross. But USD/CHF downside is limited by improved USD sentiment after unexpected 23,000 drop in U.S. jobless claims to 14-year low of 264,000 in week ended Oct. 11 (versus forecast 290,000), stronger-than-expected 1.0% increase in U.S. September industrial production (versus forecast +0.4%) for largest monthly increase in three years, while capacity utilization rose more-than-expected to 79.3% in September--highest level since June 2008 (versus forecast 79.0%), less-than-expected drop in Philadelphia Fed's index of general business activity to 20.7 in October from 22.5 in September (versus forecast 19.9), franc sales on rebounding EUR/CHF cross, dovish Swiss National Bank's monetary policy and positions adjustment before weekend.
Technical comments:
Daily chart is still negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day MA and is declining although inside-day-range pattern was completed 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 0.9385. A break of this target will move the pair further downwards to 0.9350. The pivot point stands at 0.9500. 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 0.9525 and the second target at 0.9560.
Resistance levels: 0.9525 0.9560 0.96
Support levels: 0.9385 0.9350 0.9315

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

 

[bhanu545]

Weekly technical levels of EUR/USD for October 20-24, 2014

Overview:
The support of the EUR/USD pair has set at the price of 1.2625 and this price coincides with the double bottom. The double bottom is set at the price of 1.2620. Therefore, the first key level will set at the price of 1.2620 and the second key level will set at the 1.2625 level today. Moreover, it should be noted that the area between 1.2600 and 1.2625 is representing strong support in H1 chart. Equally important, the price of the EUR/USD pair is still moving between 1.2600 and 1.2755. Also, it should be noticed that the weekly pivot point is placed at the price of 1.2755 on October 20, 2014. Additionally, we should bear in mind that the range was about 266 pips last week, but we expect a large range about 280 to 300 pips this week. Furthermore, the trend was very clear indicating up move. Accordingly, we expect that the trend is going to call for the bullish market at the level of 1.2650. As a result, buy at the price of 1.2650 with the first target of 1.2766 , it might resume to 1.2885 in order to test the weekly resistance 1 around 1.2880 - 1.2890. On the other hand, your stop loss should be placed below the support 1 level, hence it will be beneficial to set it at the price of 1.2595 this week.

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