Technical analysis on EU,GU and majors

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GBP/USD intraday technical levels and trading recommendations for October 20, 2014

Overview: On July 15, 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, 1.6630 and 1.6400 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 for a few days after September 9. However, the bears quickly managed to push below the price level of 1.6060.
A new bearish impulse was applied after retracement towards the price zone of 1.6350-1.6400 took place.
As suggested, price level of 1.5890 provided evident bullish recovery. A bullish engulfing daily candlestick emerged.
Since last week, the bulls were pushing towards the downtrend line (price zone around 1.6110) where another bearish swing is anticipated.
On the other hand, bullish fixtation above 1.6120 will liberate a strong bullish swing towards 1.6250 initially.
Trading recommendations:
Conservative traders should wait for bullish breakout above 1.6110 ( the depicted trend line ). It indicates a valid BUY entry towards 1.6250 and 1.6310.Stop Loss should be located below 1.6040.

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

 

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Technical analysis of USD/JPY for October 20, 2014

Fundamental overview:
USD/JPY is expected to trade in a higher range. It is underpinned by the yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 12.74% to 21.99; S&P 500 closed up 1.29% at 1,886.76 Friday) after surprise rise in University of Michigan preliminary U.S. October consumer sentiment index to 86.4 from the final September reading of 84.6 (versus forecast 84.0) and stronger-than-expected 6.3% on-month increase in U.S. September housing starts (versus forecast +4.6%); hints that U.K. monetary policy tightening could be delayed and that the European Central Bank would start more stimulus efforts within days. USD/JPY is also supported by the demand from Japanese importers, ultra-loose Bank of Japan's monetary policy amd higher U.S. Treasury yields (10-year at 2.199% versus 2.155% late Thursday) and the positive dollar sentiment (ICE spot dollar index last at 85.28 versus 84.96 early Friday) on upbeat U.S. consumer sentiment and housing data. But USD/JPY gains are tempered by Japan's export sales.
Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is rising from the oversold zone.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 107.55 and the second target at 108.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 106.05. A break of this target would push the pair further downwards and one may expect the second target at 105.70. The pivot point is at 106.50.
Resistance levels: 107.55 107.85 108.15
Support levels: 106.05 105.70 105.50

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

 

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Gold : analysis for October 20, 2014

Overview:
Since our last analysis, gold has been trading sideways around the price of 1,245.00. We are still waiting for larger volume and stronger price action. Our submajor Fibonacci retracement 38.2% at the price of 1,245.00 is again on the test so be careful when buying gold. If the price breaks the level of 1,245.00 in a high volume, we may see potential testing the level of 1,262.00 (major Fibonacci retracement 38.2%). According to the 4H time frame, we can observe sideways movement in a average volume. 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: 1,239.08 R2: 1,240.42 R3: 1,242.60
Support levels S1: 1,234.72 S2: 1,233.38 S3: 1,231.20
Trading recommendations:
Buying still looks risky since gold is near resistance level.

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

 

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Technical analysis of USD/CHF for October 20, 2014

Fundamental overview:
USD/CHF is expected to trade in a lower range. USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross. USD/CHF losses are restricted by the positive dollar sentiment (VIX fear gauge eased 12.74% to 21.99; S&P 500 closed up 1.29% at 1,886.76 Friday) after surprise rise in University of Michigan preliminary U.S. October consumer sentiment index to 86.4 from the final September reading of 84.6 (versus forecast 84.0) and stronger-than-expected 6.3% on-month increase in U.S. September housing starts (versus forecast +4.6%), dovish Swiss National Bank's monetary policy and franc sales on buoyant GBP/CHF cross.
Technical comments:
Daily chart is mixed as MACD is in a bearish mode but stochastics is turning bullish near the oversold zone, inside-day-range pattern was completed on Friday.
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

 

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Technical analysis of EUR/USD for October 21, 2014

When the European market opens, there is no economic news to be released, but the US will release the economic data: Existing Home Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2854.
Strong Resistance:1.2846.
Original Resistance: 1.2834.
Inner Sell Area: 1.2822.
Target Inner Area: 1.2792.
Inner Buy Area: 1.2762.
Original Support: 1.2750.
Strong Support: 1.2738.
Breakout SELL Level: 1.2730.

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

 

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Technical analysis on GBP/USD for October 21, 2014

For an intraday view, the prices are trading above 12ema and 35DEMA. The cable has support at 1.6144, below this, 1.6126 and 1.6116 will act as support levels. The selling pressure will increase below 1.6116 and a candle h4 close below the descending trend line will create panic. We recommend buying above 1.6181 target 1.6226 levels. Selling below 1.6144, with target at 1.6126, 1.6116, 1.6090, 1.6075 and 1.6040 levels. Safe selling below 1.6125.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 21, 2014

Fundamental overview:
USD/JPY is expected to consolidate. USD/JPY is undermined by the weaker USD sentiment (ICE spot dollar index last 85.01 versus 85.31 early Monday) as U.S. Treasury yields inched lower (10-year at 2.192% versus 2.199% late Friday) and Japan's export sales. But USD/JPY downside is limited by the demand from Japanese importers, ultra-loose Bank of Japan monetary policy, yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 15.55% to 18.57; S&P 500 closed up 0.91% at 1,904.01 Monday).
Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is rising from oversold.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 107.55 and the second target at 108.15. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 106.05. A break of this target would push the pair further downwards and one may expect the second target at 105.70. The pivot point is at 107.05.
Resistance levels: 107.55 107.85 108.15
Support levels: 106.05 105.70 105.50

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

 

[bhanu545]

Daily analysis of Silver for October 21, 2014

Overview As shown from the today's H4 chart, the metal is stabilizing above the support level of 17.30 after its failure to break last week. Currently, we must wait for retesting the Support level again and closing below to get the bearish move opportunity according to its rebound from the resistance level of 17.50. In that case, we will get a good opportunity to sell below the support level till testing the next support level of 17.00. Therefore, we can consider our first target few pips above this support level, but as long as the price is still above the support level of 17.30, this cancels the bearish move scenario.
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]

Gold technical analysis for October 21, 2014

Gold price continues its short-term upward bounce in what I continue to believe is an erratic corrective bounce that will soon reverse lower. My short-term target is $1,260-65 and I my longer-term target is $1,150-$1,050.�

Green line = price channel
In the short-term 30 minute chart we see Gold price inside the upward sloping channel from $1,230. Breaking below $1,240 will confirm the end of this upward move as price will be out of the upward sloping channel. I believe that bulls have more to lose at current levels and I believe it is preferred to go short once support levels are broken than trying to go long at current levels. Maximum upside I see for Gold price is around $1,280.

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

 

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Technical analysis of EUR/USD for October 22, 2014

When the European market opens, some economic news will be released such as German 30-y Bond Auction. The U.S. will release the economic data too such as the CPI m/m, Core CPI m/m, Crude Oil Inventories. So, amid the reports, EUR/USD will move with low to medium volatility during this day. TODAY TECHNICAL LEVELS: Breakout BUY Level: 1.2774. Strong Resistance:1.2766. Original Resistance: 1.2754. Inner Sell Area: 1.2742. Target Inner Area: 1.2712. Inner Buy Area: 1.2682. Original Support: 1.2770. Strong Support: 1.2658. Breakout SELL Level: 1.2650.

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

 

[bhanu545]

Technical analysis of GBP/USD for October 22, 2014

Forecast: According to the previous events, the price of GBP/USD pair has still been trapped between the levels of 1.6000 and 1.6125. In the long term, buying above the level of 1.6000 with the first target at 1.6093, it may resume to move towards 1.6187. However, stop loss should be set below 1.6000. On the other hand, below the price 1.6167 (1.6167: 127.% of Fibonacci retracement levels) look for further descending movement with targets at 1.6095 and 1.6031 in order to test the weekly pivot point. Note: The weekly support and the resistance will set at 1.5936 and 1.6187 respectively. Moreover, the weekly pivot point sets at the level of 1.6031. It should be noted that if there is no significant news to influence, the market price will be moving from pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reaches resistance 2 or support 2 and even resistance 3 or support 3.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 22, 2014

In Asia, Japan will release the Trade Balance. The U.S. will release some economic data such as CPI m/m, Core CPI m/m, and Crude Oil Inventories. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the U.S. session. TODAY TECHNICAL LEVELS: Resistance. 3: 107.49. Resistance. 2: 107.28. Resistance. 1: 107.07. Support. 1: 106.81. Support. 2: 106.60. Support. 3: 106.39.

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

 

[bhanu545]

Technical analysis of Silver for October 22, 2014

Silver is still trading between $17.20 and $17.50/60 as seen here. The metal could be looking to form base around $17.00 levels before resuming rally. As seen here, an engulfing bullish candle was confirmed at $16.60/70 levels earlier and the bullish reversal should hold for now. Support is seen at $17.00, followed by $16.60/70 and lower while resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up respectively. It is still recommended to hold long positions and add further on dips since bulls should remain in control till prices remain above $16.60/70 in the sessions to come.

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

 

[bhanu545]

Technical analysis of Gold for October 22, 2014

Gold has hit a new intraday high at $1,255.00 levels yesterday, before pulling back. Please note that $1,255.00 region is seen to be converging with past support turned resistance, and the fibonacci 0.382 resistance of the downswing between $1,344.00 and $1,184.00 respectively. High probability for the metal is to turn lower from current levels, at least towards $1,210.00 if not further. It is recommended to initiate short positions, risk remains above $1,255.00. Support is seen at $1,210.00, followed by $1,184.00 while resistance is seen at $1,255.00 (interim), followed by $1,275.00 and higher up respectively.

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

 

[bhanu545]

Technical analysis of EUR/USD for October 23, 2014

When the European market opens, some economic news will be released such as French Flash Manufacturing PMI, French Flash Services PMI, Spanish Unemployment Rate, German Flash Manufacturing PMI, German Flash Services PMI, Flash Manufacturing PMI, Flash Services PMI, and EU Economic Summit. The US will release the economic data too such as the Unemployment Claims, HPI m/m, Flash Manufacturing PMI, Consumer Confidence, CB Leading Index m/m, and Natural Gas Storage. So, amid the reports, EUR/USD will move with low to medium volatility during this day.
TODAY TECHNICAL LEVELS:
Breakout BUY Level: 1.2703.
Strong Resistance:1.2695.
Original Resistance: 1.2663.
Inner Sell Area: 1.2671.
Target Inner Area: 1.2641.
Inner Buy Area: 1.2611.
Original Support: 1.2599.
Strong Support: 1.2587.
Breakout SELL Level: 1.2579.

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

 

[bhanu545]

Daily analysis of GBP/USD for October 23, 2014

The GBP/USD is trying to form a bearish pattern below the resistance level of 1.6051, because this pair has made a pullback near the 200 SMA it is likely that in the next few hours the GBP/USD will fall to the level of 1.6004, where this pair has to perform a breakout of the support level of 1.6004 to fall to the level of 1.5951. However, the GBP/USD could find strong support at current levels. The MACD indicator is entering negative territory.

H1 chart's resistance levels: 1.6075/ 1.6117
H1 chart's support levels: 1.6031 / 1.5980
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 1.6031, take profit is at 1.5980, and stop loss is at 1.6083.

Performed by Felipe Erazo, Analytical expert
InstaForex Group © 2007-2014

 

[bhanu545]

Technical analysis of USD/CHF for October 23, 2014

Fundamental overview:
USD/CHF is expected to trade in a higher range. It is supported by the positive USD sentiment (ICE spot dollar index last 85.75 versus 85.39 early Wednesday) as U.S. Treasury yields inched higher (10-year at 2.219% versus 2.208% late Tuesday) after U.S. September CPI rose 0.1% in line with expectations, calming fears about the spread of deflation, dovish Swiss National Bank's monetary policy and franc sales on soft CHF/JPY cross and contagion from weak EUR on CHF.
Technical comments:
Daily chart is mixed as MACD is bearish, but stochastics is rising from the oversold zone.
Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.9560 and the second target at 0.9590. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9465. A break of this target would push the pair further downwards and one may expect the second target at 0.9435. The pivot point is at 0.9510.
Resistance levels: 0.9560 0.9590 0.9625
Support levels: 0.9465 0.9435 0.9390

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

 

[bhanu545]

Gold technical analysis for October 23, 2014

Gold price has broken lower after reaching as high as $1,254. The bullish flag pattern was canceled as price broke below the lower flag boundary and is now testing short-term support at $1,240 area. My longer-term view remains bearish with $1,050 as target.

In the 30 minute chart above Gold price is inside a downward sloping channel. Price is in a bearish short-term trend from its highs at $1,254. Resistance is found at $1,245.If broken we will make a new higher high towards $1,265.

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

 

[bhanu545]

Technical analysis of Silver for October 23, 2014

Technical outlook and chart setups:
Silver re-tests support around $17.00/10 levels as expected. The metal is forming base around the same level before resuming rally towards $18.00/50 levels as depicted here. Resistance is seen at $17.80 (interim), followed by $18.00, $18.80 and higher up, while support is seen at $17.00, followed by $16.60/70 respectively. The outer resistance line is now passing around $18.00 levels and a push through that could trigger further bullish momentum. It is recommended to remain long, with risk around $16.60/70 levels. Only a break below $16.70 should be a worry for bulls for now.
Trading recommendations:
Remain long, set 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 24, 2014

Overview:
The price of EUR/USD pair is going to move between 1.2630 and 1.2770. The level of 1.2605 is going to form the double bottom in H1 chart. Also, it should be noted that the market was very stable and trend was also quite clear (upward) this week. So, we expect a bullish market today from the area of 1.2603/1.2630. Therefore, buy above the level of 1.2603/1.2630 (these levels are representing the weekly supports) with the first target of 1.2682, it might resume to 1.2750 in coming hours in order to test the weekly resistance one. However, the stop loss should be always be taken into account. Therefore, it will be very useful to set your stop loss at the price of 1.2665 (blow the supports).

Observations:
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.
Stop loss should never exceed your maximum exposure amounts. So, your stop loss should be around 45 pips for each position.
Major support will set at 1.2575.
Major resistance has already placed at 1.2770.
We expect a new range about 78 pips this today.

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