Technical analysis on EU,GU and majors

[bhanu545]

Technical analysis of GBP/USD for October 24, 2014

Overview:
The GBP/USD pair is still moving between 1.6025 and 1.6122. So, we expect a large range about 97 pips in the future. The breakout seen at the ratio of 50% Fibonacci retracement level (the triple top in H1 chart) for the key level is set at the level of 1.6199 because it represents strong resistance and it coincides with the 50% Fibonacci retracement level and another strong resistance is set at the ratio of 38.2% Fibonacci retracement level around the spot of 1.6122. As it is known, history will probably repeat itself at this level again. Therefore, it will be a good sign to sell below 1.6122 with the first target of 1.6020. It will call for a downtrend in order to continue its bearish movement towards 1.5983 in coming hours. On the other hand, the stop loss should never exceed your maximum exposure amounts, consequently the stop loss should be placed above the triple top at the price of 1.6200. However, check out the market volatility before investing, because the sight price may have already been reached and scenarios might have become invalidated.
Review:
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, 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.
The support of GBP/USD pair is projected at the level of 1.5980 today.
The value of 38.2% Fibonacci retracement levels is: 1.6122.
Volatility:181,72 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 USD/CHF for October 24, 2014

Fundamental overview:
USD/CHF is expected to consolidate with a bullish bias after hitting a six-day high 0.9559 on Thursday. It is supported by the positive USD sentiment (ICE spot dollar index last 85.82 versus 85.75 early Thursday) after four-week moving average for U.S. jobless claims fell 3,000 to 281,000 on week ended October 18, its lowest level since May 2000. Dovish Swiss National Bank's monetary policy is taken into account as well. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross and positions adjustment before the weekend.
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 0.9500.
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]

Technical analysis of USD/JPY for October 24, 2014

Fundamental overview:
USD/JPY is expected to trade in a higher range. It is underpinned by the positive USD sentiment (ICE spot dollar index last 85.82 versus 85.75 early Thursday) after four-week moving average for U.S. jobless claims fell 3,000 to 281,000 in week ended October 18, its lowest level since May 2000. USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.277% versus 2.230% late Wednesday) and demand from Japan's importers, ultra-loose Bank of Japan's monetary policy and yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 7.5% to 16.53) as U.S. stocks rose overnight (S&P 500 closed up 1.23% at 1,950.82). But USD/JPY gains are tempered by Japan's export sales and positions adjustment before the weekend.
Technical comment:
Daily chart is positive-biased as stochastics is rising from the oversold zone, negative MACD histogram bars are contracting, bullish parabolic stop-and-reverse signal hit on Thursday, five-day moving average is rising above 15-day MA.
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 108.45 and the second target at 108.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.35. A break of this target would push the pair further downwards and one may expect the second target at 107.05. The pivot point is at 107.65.
Resistance levels: 108.45 108.75 109
Support levels: 107.35 107.05 106.75

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

 

[bhanu545]

Gold : analysis for October 24, 2014

Overview:
Since our last analysis, gold has been trading sideways downwards. As we expected, the price tested the level of 1,226.12. Our submajor Fibonacci retracement 38.2% at the price of 1,227.00 is on the test. According to the daily time frame, we can observe supply in a volume below the average. Gold is now in a bearish corrective phase so I if the price breaks the level of 1,227.00 in a high volume, we may see testing of Fibonacci retracement 61.8% at the price of 1,210.00. Buying gold at this stage looks risky.
Daily pivot Fibonacci points:
Resistance levels:
R1: 1,240.54 R2: 1,244.92 R3: 1,252.03
Support levels
S1: 1,226.32 S2: 1,221.94 S3: 1,214.83
Trading recommendations:
Watch for potential intraday selling opportunities

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

 

[bhanu545]

Intraday technical levels and trading recommendations on EUR/USD for October 27, 2014

A valid BUY position was previously suggested around the neckline of the bullish Head and Shoulders pattern (price level of 1.2660).
On Wednesday, the market expressed quite strong bearish momentum that pushed below the lower limit of the previous bullish channel.
The bears have successfully pushed towards price zone of 1.2600-1.2620 ( projection target of the double-top pattern and the lower limit of the newly established channel ).
As anticipated, around this price zone, bullish recovery was expressed before the pair could actually test the lower limit.
Recommendation:
A valid SELL entry may be anticipated around 1.2730 at retesting which should be reached today. Stop Loss should be set at 1.2780.
Price level of 1.2730 corresponds to the upper limit of the newly established channel depicted on the chart.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 27, 2014

Overview:
The GBP/USD pair has been moving downwards below the depicted downtrend line since July 15 when the ongoing downtrend was initiated.
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 1.6060 - 1.6090 constituted a transient daily support that paused the bearish movement for a few days since September 9. However, the bears quickly managed to push below reaching down to 1.5890 (depicted on the chart).
Price level of 1.5890 provided evident bullish recovery. A bullish engulfing daily candlestick is manifest on the chart.
Recently, the bulls has pushed above the downtrend line. Bullish breakout off the descending-wedge pattern is already manifest on the chart.
Bullish fixation above 1.6060 is needed to maintain the bullish scenario.This will probably liberate a strong bullish swing towards 1.6250 initially ( significant bottom established in February 2014 and 23.6% Fibonacci level ).
Trading recommendations:
Initial bullish fixation above 1.6090 ( the broken trend line ) indicates a valid BUY entry towards 1.6250 and 1.6310. Stop Loss should be located below 1.6015.
Stepping above 1.6180 ( last week's high ) probably confirms a longer-term bullish correction towards 1.6380-1.6400 where 38.2% Fibonacci level is located.

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

 

[bhanu545]

Technical analysis of USD/JPY for October 27, 2014

Fundamental overview:
USD/JPY is expected to trade with a bullish bias. It is underpinned by the yen-funded carry trades amid the positive investor risk appetite (VIX fear gauge eased 2.54% to 16.11) as U.S. stocks rose Friday (S&P 500 closed up 0.71% at 1,964.58) amid fading concerns over slowing global growth after better-than-expected factory and GDP data out of China, and renewed expectations for central bank policy accommodation--tame U.S. CPI data suggests the Federal Reserve would be in no hurry to raise interest rates after the conclusion of its bond-buying program. USD/JPY also supported by demand from Japan importers; ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's export sales and caution ahead of Fed's monetary decision Wednesday.
Technical comment:
Daily chart is positive-biased as stochastics is bullish, MACD staging bullish crossover against its exponential moving average, five-day moving average is above 15-day MA and is advancing.
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 108.35 and the second target at 108.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.35. A break of this target would push the pair further downwards and one may expect the second target at 107.05. The pivot point is at 107.55.
Resistance levels: 108.35 108.75 109
Support levels: 107.35 107.05 106.75

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

 

[bhanu545]

Weekly technical levels of USD/CHF for October 27-31, 2014

Overview: The price of USD/CHF pair has still been moving between the price of 0.9491 and the 0.9584 price. A psychological level has set at the 0.9491 price because the weekly pivot point has placed at the same level (0.9491). Moreover, the weekly resistance is set at 0.9584. Therefore, sell deals are recommended below the 0. 9584 level with targets at the level of 0.9491 in order to test the weekly pivot point at this level in H1 chart. Hence, the price of the USD/CHF pair is going to try to break the weekly pivot point at 0.9491 to call for the bearish market below 0.9477. Thus, the price will go further towards the level of 0.9425. The major support has been placed at the price of 0.9425. The stop loss should always be taken into account, so it will be of the wisdom to set your stop loss at the 0.9605 price.

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

 

[bhanu545]

Gold Technical analysis for October 27, 2014

Gold is trading sideways and has formed a bearish flag pattern. This sideways action following the sharp decline from $1,255 is not an encouraging sign for bulls. As I have been saying for the last few weeks, the longer-term trend remains bearish and despite the bounce from $1,180, we should consider this bounce only as a corrective bounce and that selling pressures should resume soon.

In the 4-hour cahrt, we observe that price is still inside the Ichimoku cloud and this support still holds. Breaking below $1,225 will push Gold price out of the support area and will be a sell signal. Resistance is found at $1,240 and any bounce should find a strong resistance and a lot of sellers at that point.

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

 

[bhanu545]

Technical analysis of EUR/USD for October 28, 2014

Overview:
EUR/USD: The levels of 1.2801 will indicate strong resistance on October 28, 2014. Moreover, we expect that the level of 1.2839 is going to form a double top at this spot in H1 chart. On the other hand, the minor support has set at the price of 1.2666 and the major support is going to set at 1.2613. Also, it might be noticed that the double bottom is going to place at the price of 1.2613. Furthermore, according to the previous events, the EUR/USD pair is still moving between the levels 1.2666 and 1.2753. Consequently, it will be wise to sell at the area of 1.2800 or 1.2840 with the first target at 1.2707 (the weekly pivot point) in coming hours. Do it another way, the stop loss should be placed above the level of 1.2840. Consequently, it will be very beneficial if you set your stop loss at the 1.2864 price.
Notes:
The double top will set at the level of 1.2839.
The major support is going to set at 1.2613.
The minor support has set at the price of 1.2666.
The price had only hit the weekly pivot point this week.
We expect a range of 84 pips today.

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

 

[bhanu545]

GBP/USD intraday technical levels and trading recommendations for October 28, 2014

Overview: The GBP/USD pair has been moving downwards below the depicted downtrend line since July 15 when the ongoing downtrend was initiated.
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 1.6060 - 1.6090 constituted a transient daily support that paused the bearish movement for a few days since September 9. However, the bears quickly managed to push below reaching down to 1.5890 (depicted on the chart).
Price level of 1.5890 provided a solid daily support level that provided evident bullish recovery. A bullish engulfing daily candlestick is manifest on the chart.
Recently, the bulls has pushed above the downtrend line. Bullish breakout off the descending-wedge pattern is already manifest on the chart.
Bullish fixation above 1.6060 was anticipated to maintain the bullish scenario.
As suggested, this opens the way for the bulls to push towards 1.6250 initially ( significant bottom established in February 2014 and 23.6% Fibonacci level ).
Trading recommendations:
A valid BUY entry was suggested after fixation above 1.6090 ( the broken trend line ). This position is running in profits now. Target levels are located at 1.6250 and 1.6310. Stop Loss should be located below 1.6015.
Stepping above 1.6180 ( last week's high ) probably confirms a longer-term bullish correction towards 1.6380-1.6400 where 38.2% Fibonacci level is located.

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

 

[bhanu545]

Technical analysis of USD/CHF for October 28, 2014

Fundamental overview:
USD/CHF is expected to trade with risks skewed lower. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 85.57 versus 85.69 early Monday) on smaller-than-expected +0.3% on-month increase in U.S. September pending home sales index (versus forecast +1.0%). But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.
Technical comments:
Daily chart is mixed as MACD is bearish, but stochastics is in a bullish mode.
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 0.9500.
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]

Technical analysis of USD/JPY for October 28, 2014

Fundamental overview:
USD/JPY is expected to consolidate in a higher range. USD/JPY is undermined by the weaker dollar sentiment (ICE spot dollar index last 85.57 versus 85.69 early Monday) on smaller-than-expected +0.3% on-month increase in U.S. September pending home sales index (versus forecast +1.0%). USD/JPY is also weighed by the lower U.S. Treasury yields (10-year at 2.258% versus% 2.273% late Friday), Japan's export sales, unwinding JPY-funded carry trades amid diminished investor risk appetite as U.S. stocks closed mixed overnight (S&P 500 fell 0.15%, DJIA gained 0.07%) as a disappointing business confidence report from Germany raised concerns over the growth outlook in the eurozone, while caution prevailed ahead of Wednesday's policy announcement from the Federal Reserve. But USD/JPY losses are tempered by the demand from Japan's importers and ultra-loose Bank of Japan monetary policy.
Technical comment:
Daily chart is mixed as stochastics is bullish, five-day moving average is above 15-day MA and advancing but MACD is still in a bearish mode.
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 108.35 and the second target at 108.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.35. A break of this target would push the pair further downwards and one may expect the second target at 107.05. The pivot point is at 107.55.
Resistance levels: 108.35 108.75 109
Support levels: 107.35 107.05 106.75

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

 

[bhanu545]

Gold Technical analysis for October 28, 2014

Gold price is breaking below support levels and downtrend resumes after the strong bounce from $1,180 to $1,255. My longer-term view remains bearish targeting $1,050. The short-term trend has changed to bearish as well.

Blue line=support
Gold price in the weekly chart above remains fully bearish in Ichimoku cloud terms. Price is below the tenkan-sen and has not managed to close above it for the last 10 weeks. The tenkan-sen weekly resistance is now at $1,235. So, a weekly close above this level could push Gold price towards $1,265. In generall, trend remains down and breaking below support at $1,180 where a triple bottom is formed, will surely push prices much lower towards $1,050. Concluding I remain longer-term bearish in Gold.

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

 

[bhanu545]

Technical analysis of EUR/USD for October 29, 2014

Technical outlook and chart setups:
The EUR/USD is setting up for a counter trend rally towards at least 1.3100 levels and subsequently into 1.3500's before resuming down trend. The pair is currently trading at 1.2730/40 levels and it is recommended to initiate long positions now, risk remains below 1.2600 levels. Support is seen at 1.2600 (fibonacci 0.618), followed by 1.2500, while resistance is seen at 1.3000, followed by 1.3150 and higher respectively. The pair could witness a powerful counter trend rally towards 1.34/1.35 levels in the weeks to come by, before it reverses towards the larger down trend. Bulls shall remain in control till prices are above 1.2500/50 levels.
Trading recommendations:
Remain long, set stop at 1.2540, target is 1.3100 and 1.3500. Good luck!

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

 

[bhanu545]

Technical analysis of GBP/USD for October 29, 2014

Technical outlook and chart setups:
The GBP/USD pair is into the buy zone clearly and has bounced off the resistance turned support trend line at the 1.6000 level as depicted here. Furthermore, 1.6000 is also the 0.618 fibonacci support of the rally between 1.5875 and 1.6175. The pair seems to be on its way towards 1.6375/1.6400 levels according to fibonacci extensions seen here. Hence, it is recommended to initiate long positions (at least 50%) at the current levels (1.6150), risk remains just below the 1.6000 mark. Furthermore, intraday dips could be bought, till prices remain firmly above 1.6000 levels. Support is seen at 1.6000, followed by 1.5950 and lower, while resistance is seen at 1.6175, followed by 1.6225 and higher respectively.
Trading recommendations:
Remain/initiate long positions, stop below 1.6000, the target is open. Good luck!

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

 

[bhanu545]

Technical analysis of USD/CHF for October 29, 2014

Fundamental overview:
USD/CHF is expected to consolidate with a bearish bias as markets are awaiting Fed's interest rate decision. The Fed is expected to announce the end of its monthly bond-buying program. Market participants will be closely watching the outlook for short-term interest rates which are expected to be raised in the second half of 2015. USD/CHF is undermined by the 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 tilting negative as MACD is in a bearish mode, stochastics is turning bearish.
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 0.9435. A break of this target will move the pair further downwards to 0.9395. The pivot point stands at 0.9515. 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 0.9560 and the second target at 0.9590.
Resistance levels: 0.9560 0.9590 0.9625
Support levels: 0.9435 0.9395 0.9360

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

 

[bhanu545]

Technical analysis of USD/JPY for October 29, 2014

Fundamental overview:
USD/JPY is expected to consolidate in a higher range as markets await 1800 GMT Federal Reserve's interest rate announcement: the Fed is expected to announce the end of its monthly bond-buying program. Market participants will be closely watching the outlook for short-term interest rates which are expected to be raised in the second half of 2015. USD/JPY is underpinned by the yen-funded carry trades amid the positive investor risk sentiment (VIX fear gauge eased 10.29% to 14.39; S&P 500 rose 1.19% to close at 1,985.05 overnight) on stronger-than-expected rise in U.S. Conference Board consumer confidence index to 94.5 in October--its highest level since 2007--(versus forecast 87.9) from a revised 89.0 in September (first reported as 86.0) and a jump in Richmond Fed's manufacturing index to 20 in October from 14 in September. The data overshadowed a surprise 1.3% on-month drop in U.S. September durable goods orders (versus forecast +0.7%) and a smaller-than-expected 5.6% yearly rise in S&P / Case-Shiller 20-city home price index in August (versus forecast +5.7% and July's +6.7%). USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.299% versus 2.257% late Monday; demand from Japan's importers; ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's exporter sales and caution before Fed's interest rate decision.
Technical comment:
Daily chart is positive-biased as stochastics is bullish, MACD histogram bars are turned positive, five-day moving average is above 15-day MA and is advancing.
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 108.35 and the second target at 108.75. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 107.35. A break of this target would push the pair further downwards and one may expect the second target at 107.05. The pivot point is at 107.75.
Resistance levels: 108.35 108.75 109
Support levels: 107.35 107.05 106.75

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

 

[bhanu545]

Gold : analysis for October 29, 2014

Overview:
Since our last analysis, gold has been trading downwards. The price tested the level of 1,225.25 in an average volume. Our Fibonacci retracement 38.2% at the price of 1,234.00 held successful, that action led the price to start downward movement. According to the daily time frame, we can observe demand in a volume below the average I have placed Fibonacci retracement to find resistance levels that price breaks the level of 1,234.00 and I got Fibonacci retracement 61.8% at the price of 1,242.00. Anyway, if we see larger reaction from sellers aroud our resistance, a testing of the level of 1,211.00 (Fibonacci retracement 61.8%) will be possible.
Daily pivot Fibonacci points:
Resistance levels: R1: 1,234.11 R2: 1,237.25 R3: 1,242.33
Support levels S1: 1,223.95 S2: 1,220.81 S3: 1,215.73
Trading recommendations:
Buying gold at this stage looks risky since price didint broke Fibonacci retracement 38.2%.

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

 

[bhanu545]

Technical analysis of EUR/USD for October 30, 2014

Technical outlook and chart setups:
The EUR/USD pair drops below 1.2600 (interim) support, but is still expected to carve a higher bottom above 1.2500. The pair is testing fibonacci 0.786 support around 1.2560 levels as seen here. A bullish reversal here would still drag prices higher up to the 1.3100 mark in the sessions to come. On the flip side, a drop below 1.2500 would delay matters further and bring in bears to regain control. Support is now at 1.2500 on the 4H chart view while resistance is seen at 1.2760, followed by 1.2850/1.2900 levels respectively. It is still recommended to initiate long positions now (1.2570/80), risk remains below 1.2500.
Trading recommendations:
Remain long, stop below 1.2500, the target is 1.3120. Good luck!

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