• Gold analysis for October 24, 2016

    Since our previous analysis, gold has been trading sideways around the price of $1,264.00. According to the 30M time frame and using the market profile analysis, I found the strong point of control area at the price of $1,266.00. The price rejected successfully from the point of control, which is a clear sign of weakness. […]

  • Technical analysis of GBP/USD for October 24, 2016

    /forex-images.instaforex.com/userfiles/20161024/GBPUSDH1.png”> Overview: The GBP/USD pair: The market opened below the weekly resistance of 1.2314. It continued to move downwards from the level of 1.2300 to the bottom around the spot of 1.2206 – 1.2240. This week, the first resistance level is seen at 1.2314 followed by 1.2403, while daily support 1 is seen at 1.2206. […]

  • Technical analysis of EUR/USD for October 24, 2016

    Overview: The USD/EUR pair fell sharply from the level of 1.0938 towards 1.0856. Now, the price is set at 1.0888. The resistance is seen at the level of 1.0938 and 1.0989. Moreover, the price area of 1.0938 and 1.0989 remains a significant resistance zone. Therefore, there is a possibility that the USD/EUR pair will move […]

  • EUR/NZD analysis for October 24, 2016

    Recently, EUR/NZD has been moving sideways at the price of 1.5200. On 30M time frame, I found strong resistance cluster at the price of 1.5210-1.5215. Be careful when buying EUR/NZD at this stage and watch for potential selling opportunities. The first downward target is set at the price of 1.5160. Fibonacci Pivot Points: Resistance levels […]

  • EURUSD Depends On Fed Comments Today

    This morning we saw the release of the German and Eurozone Markit Manufacturing, Services and Composite PMI figures for October, all better-than-expected and the previous figures. The outperforming readings pulled EURUSD away from the support line at 1.0850. EURUSD has been oscillating in a downtrend channel since the beginning of October, due to the strengthening […]

  • Technical analysis of XAU/USD for October 24, 2016

    XAU/USD is still expected to fall lower after breaking 161.8% Fibs applied to the last corrective wave where downtrend trendline was rejected. After the breakout, gold rejected 161.% Fibs and can move lower. At the same time, further consolidation for a short term is possible. Consider selling gold while the price is near $1,270, targeting […]

  • Global macro overview for 24/10/2016

    Global macro overview for 24/10/2016: The series of flash manufacturing and services PMI data from the Eurozone were published this morning and they were mostly better than expected. Germany Manufacturing PMI was released at the level of 55.1 vs. 54.3 prior and 54.3 expected, and the Services PMI was at the level of 54.1 vs. […]

  • Technical analysis of USD/CAD for October 24, 2016

    General overview for 24/10/2016: The daily chart of the recent wave development between the levels of 1.2460 – 1.3339 looks clearly corrective, mainly due to the plenty of whipsaws, false breakouts and overlapping sub-waves. The current labeling relates to the complex corrective triple-three structure, labeled as the waves WXYXXZ brown. All of them are a […]

  • Technical analysis of EUR/JPY for October 24, 2016

    General overview for 24/10/2016: The bottom for the wave c (green) might be in place already as the lower parallel channel line has provided support for the price around the level of 112.50. This would mean the market will now try to develop wave (b) to the upside and the first obstacle is the intraday […]

  • Fed Comments will be the Key Today

    Today we will see three Fed presidents, and a FOMC member make a speech. It will likely cause volatility for the dollar and major currencies pairs. We will also see release of the US Markit Manufacturing PMI for October, at 13:45 GMT today. The New York Fed president Dudley, and the St Louis Fed president […]

  • Elliott wave analysis of EUR/NZD for October 24, 2016

    EUR/NZD – Daily EUR/NZD – 4-Hourly Wave summary: Here too the correction from 1.5764 has been very deep (as is the case for EUR/JPY). This of course makes us a bit cautious, but then we know, that second waves are allowed to correct 100% of the first impulsive wave. It means a decline to 1.4989 […]

  • Elliott wave analysis of EUR/JPY for October 24, 2016

    EUR/JPY – Daily EUR/JPY – 4-Hourly Wave summary: The decline from 116.25 has been very deep. However, as long as support holds at 112.56 and more importantly support at 112.05 is able to act as a floor, more upside is expected for this cross. Our preferred count remains that a long-term corrective low was found […]

  • Bullet Report: Dollar Index at 8-month High, FED More Likely to Raise Rates

    Last week saw two Central Banks (ECB & BoC) cause a lot of volatility and cause the drop of EUR and CAD respectively. With no major headlines expected this week the markets will focus on the next FED meeting on November 2nd and the US Elections on November 8th. Last week’s main theme was the resurgence […]

  • Technical analysis of USDX for October 24, 2016

    The Dollar index made a new high at 98.84. The trend remains bullish but as I have been saying for the last couple of sessions, bulls need to be very cautious as a trend reversal is very close. I continue to believe that the Dollar index is about to make an important top soon. Red […]

  • Technical analysis of gold for October 24, 2016

    The gold price has pulled back to test the breakout area of $1,262 again. I believe this week it is ready for another move higher towards $1,280-90 at least. Gold has made an important low at $1,247, and a new up trend has started that will push it back towards $1,300 and maybe above it. […]

  • EUR/USD falls below 1.09 after ECB meeting

    The European Central Bank (ECB) during its latest meeting on Thursday decided to leave the interest rate on refinancing operations unchanged at 0%, as well as the deposit rate at -0.4%. The decision taken on Thursday was largely expected by the majority of investors, while it was reiterated within the statement that the interest rates […]

  • Technical analysis of the US dollar index for October 24, 2016

    Technical outlook and chart setups: The US dollar index printed another high at 98.84 levels last week before retracing lower. The index is trading at 98.70 levels for now, looking to drop lower further towards 97.60 and 97.30 levels at least. Please also note that 97.60 is immediate support while 97.30 is the Fibonacci 0.618 […]

  • EUR/USD Technical Analysis for October 24, 2016.

    Technical outlook and chart setups: The EUR/USD pair prints yet another low at 1.0859 levels last week before pulling back. The pair is seen to be trading at 1.0870 levels for now and needs to push through 1.1040 levels to confirm further upside or to complete retracement. Please note that probability remains for a surprise […]

  • Daily analysis of major pairs for October 24, 2016

    EUR/USD: The EUR/USD pair was able to go downwards by more than 100 pips last week. Since October 10, 2016 price has gone down by over 300 pips. The outlook on the market, as well as other EUR pairs, is bearish for this week. Therefore, we may witness a slow and steady bearish movement that […]

  • Silver Technical Analysis for October 24, 2016.

    Technical outlook and chart setups: Silver is seen to be trading at $17.54 level for now, looking to push higher towards $18.20 level at least. The metal is lagging slightly behind its counterpart Gold but it should accelerate and push through interim highs from here. The metal has tested the fibonacci 0.786 support of its […]

  • EUR/JPY profit target reached, time to buy

    Price has dropped perfectly from our resistance level to our profit target on Friday. We turn bullish above 112.65 major support (Fibonacci projection, horizontal support, bullish divergence) for a push up to 113.94. RSI (34) is seeing major support at 24% and has displayed bullish divergence vs price. Stochastic (34,5,3) is above major support at […]

  • AUD/USD profit target reached again, time to buy

    Price has dropped perfectly to our profit target on Friday once again. We are ready to buy above 0.7583 major support (Fibonacci retracement, Fibonacci projection, horizontal support) for a push up to 0.7657. RSI (34) is right above major ascending support.Stochastic (21,5,3) is right above major support at 9.2% where we expect a bounce from. […]

  • Technical analysis of USD/JPY for October 24, 2016

    USD/JPY is expected to trade with a bearish bias as the key resistance is seen at 104.20. Technically, the pair posted a technical rebound, but is still under pressure below the nearest resistance at 104.20. Even though a continuation of the rebounds cannot be ruled out, its extent should be limited by 104.20. The U.S. […]

  • Technical analysis of USD/CHF for October 24, 2016

    USD/CHF is expected to trade in a higher range as the bias remains bullish. The pair broke below its 20-period and 50-period moving averages. The relative strength index is below its neutrality level at 50. Nevertheless, a support base has formed around 0.9915, which should limit the downside potential. Even though a continuation of consolidation […]

  • Gold Technical Analysis for October 24, 2016.

    Technical outlook and chart setups: Gold seems to have made an interim bottom at $1,261.00 level last week and bulls should be looking to push higher this week. The metal is trading at $1,264.00/65.00 levels for now and should be looking to push higher towards $1,280.00/90.00 levels from here. Please note that the metal is […]

  • Technical analysis of NZD/USD for October 24, 2016

    NZD/USD is under pressure. The pair is trading below its 50-peirod moving average, which plays a resistance role and maintains the downside bias. The relative strength index is below its neutrality level at 50 and is turning down. Additionally 0.7185 is playing a key resistance role, which should limit the upside potential. As long as […]

  • Technical analysis of GBP/JPY for October 24, 2016

    GBP/JPY is under pressure. The pair is trading within a bearish channel, which confirms a negative view. The declining 50-period moving average suggests that the pair still has potential for a further drop. In addition, the relative strength index is below its neutrality level at 50 and lacks upward momentum. As long as 127.30 holds […]

  • Technical analysis of EUR/USD for Oct 24, 2016

    When the European market opens, some reports will be posted in the economic calendar such as Flash Services PMI, Flash Manufacturing PMI, German Flash Services PMI, German Flash Manufacturing PMI, French Flash Services PMI, and French Flash Manufacturing PMI. The macroeconomic report from the US is the Flash Manufacturing PMI. So amid the reports, EUR/USD […]

  • Technical analysis of USD/JPY for Oct 24, 2016

    In Asia, Japan will release the Flash Manufacturing PMI and Trade Balance. The US will release some economic news such as Flash Manufacturing PMI. So there is a probability the USD/JPY pair will move with low to medium volatility during this day. TODAY’S TECHNICAL LEVELS: Resistance. 3: 104.44. Resistance. 2: 104.24. Resistance. 1: 104.03. Support. […]

  • Daily analysis of USDX for October 24, 2016

    USDX managed to end the week holding the bullish bias across the board, as the index is still trading above the 98.00 psychological level. Currently, the target to the upside remains in place at the 99.19 level, where strong resistance is located. If the index does a breakout over there, then we can expect a […]