USD,EUR, GOLD,SILVER (Analysis)

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Technical analysis of USD/CAD for October 22, 2015

The market has broken the level of 1.3079 and closed above it. Currently, the leading diagonal scenario is successfully developing. However, we can observe a a correction now. The support level for anticipated wave (ii) green is the zone between the levels of 1.3040 and 1.3000.

Support/Resistance:

1.3145 - Intraday Resistance

1.3079

1.3067 - WR1

1.2935 - Weekly Pivot

1.2938 - Invalidation Level

Trading recommendations:

All buy orders hit the TP level and now day traders should wait for a corrective cycle to complete before opening another buy orders in this pair.

 

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Technical analysis of EUR/JPY for October 22, 2015

After making wave b green top at the level of 136.40 the market declined and it is currently trading at the local channel line support. As the wave c green develops downwards, the next intraday support is seen at the level of 135.25, but the key level for bears is supply breakthrough zone between the levels of 134.63 and 134.76.

Support/Resistance:

136.95 - Wave D Top

136.58 - WR1

136.00 - Intraday Resistnace

135.68 - Weekly Pivot

135.25 - Intraday Support

Trading recommendations:

Sell orders (SL above the level of 136.99 and TP at the level of 134.75.) recommended yesterday should still be kept open as the market develops wave c to the downside.

 

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Technical analysis of USD/JPY for October 22, 2015

In Asia, Japan will release data on all industry activity m/m and the trade balance. The US will publish economic data on Crude Oil Inventories. So, there is a strong probability that the USD/JPY pair will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.51.

Resistance. 2: 120.28.

Resistance. 1: 120.05.

Support. 1: 119.76.

Support. 2: 119.53.

Support. 3: 119.28.

 

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Intraday technical levels and trading recommendations for GBP/USD for October 21, 2015

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with significant resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline enhancing the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supported the bearish side of the market in the long term. An approximate projection target should be located at the level of 1.5050 for the reversal pattern.

In the short term, the nearest demand level around 1.5170 (intraday demand level and the origin of a previous bullish engulfing weekly candlestick) provided significant bullish rejection to the pair last week.

Weekly persistence below the level of 1.5350 (prominent weekly bottom) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders further bearish momentum giving time for sideways consolidations, which extended up to the levels of 1.5500 and 1.5550.