Forex Analysis
Sebastian Seliga
2014-10-02 08:55:42 UTC+00 3 hours, 28 min. ago
The corrective wave c purple is developing as expected. However, the target level has been broken and the market went a little lower to the 78%Fibo at the level of 136.96. Throughout the whole corrective structure traders can see a three almost equal length measurements in triple three corrective cycle labeled as WXYXXZ of the whole wave B. A rebound is expected here and further impulsive wave progression upward is anticipated. A failure to make this kind of wave progression will shift our focus on the level of 136.68 (88.8%Fibo) and then on invalidation line at the level of 135.81.
Sebastian Seliga
2014-10-02 08:22:20 UTC+00 4 hours, 1 min. ago
After unexpected fifth wave failure, the market sharply reversed down breaking the important level of 1.1097 for impulsive wave progression. This means the green impulsive count is now invalidated due to wave (iv) and wave (i) overlaps, and new count, even more bullish is on the chart now. This labeling indicates a third black cycle labeled as wave (1) and wave (2) so far with invalidation line at the level of 1.0885. Currently the market is in corrective cycle wave (2) and it looks like the zig-zag pattern in the making. The projected target for this cycle is at the level of 1.0987 and sharp rebound is being expected from there.
Alexandros Yfantis
2014-10-02 08:19:38 UTC+00 4 hours, 4 min. ago
The Dollar index made a pull back yesterday towards our support of 85.50 but support was held. Now trading near 85.80 I believe traders should be very cautious as the ECB is holding the meeting today and everyone is waiting for Mario Draghi's speech. This speech is expected to bring some volatility in the FX markets.
Alexandros Yfantis
2014-10-02 08:13:23 UTC+00 4 hours, 10 min. ago
Gold price has pushed upwards yesterday towards the channel boundaries and got rejected. Gold price remains below the important resistance of $1,233 and it may have finished the sideways correction. I continue to expect Gold price to test the important support at $1,180 and finally break below it.
Torben Melsted
2014-10-02 07:50:52 UTC+00 4 hours, 33 min. ago
The correction from 1.6446 is becoming extremely deep. This correction needs to stay above the top of wave i at 1.5949. If this support is broken, then the rally of the 1.5717 to 1.6446 only is a wave one and the ongoing correction of a wave two, but for now we will stay by our count until proven wrong.
Torben Melsted
2014-10-02 07:34:24 UTC+00 4 hours, 49 min. ago
The correction in red wave ii just keeps moving lower. We are currently testing the magic 70.7% corrective target at 137.38, but as long as minor support at 137.72 protects the upside, we have to allow for a continuation closer to the 78.6% corrective target at 136.96, before red wave iii is ready to take over for a rally towards 143.79.
Joseph Wind
2014-10-02 05:04:13 UTC+00 7 hours, 19 min. ago
The yellow metal held the support at $1,204 levels and is trading at $1,219 in Asia's session. The metal made a minor double bottom at $1,204 levels; we can round it to $1,200 levels. Today the metal opened on a strong note, made a high at $1,222. The metal has parallel resistance at $1,223-$1,224,
Joseph Wind
2014-10-02 04:01:32 UTC+00 8 hours, 22 min. ago
The speculator can buy with immediate targets at 1.2660, 1.2685, and 1.27 levels. The pair will face selling pressure again below 1.26 .
Joseph Wind
2014-10-02 02:46:54 UTC+00 9 hours, 37 min. ago
Ahead of the ECB press conference, the cross gives some strong gain in the Asian session. If the ECB continues further stimulus, the euro will weaken further. The deflation is the main concern for the ECB. The pair is facing strong resistance at 50Wsma, it is unable to breach it. In yesterday's sell off the pair hit the 61.8 fib level
Arief Makmur
2014-10-02 02:31:11 UTC+00 9 hours, 52 min. ago
When the European market opens, some economic news will be released such as Spanish Unemployment Change, PPI m/m, Spanish 10-y Bond Auction, French 10-y Bond Auction, Minimum Bid Rate. The US will release economic data too such as the Unemployment Claims, Factory Orders m/m, 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
Arief Makmur
2014-10-02 02:30:00 UTC+00 9 hours, 54 min. ago
In Asia, Japan will release the Monetary Base y/y, 10-y Bond Auction and the US will release some economic data such as Unemployment Claims, Factory Orders m/m, Natural Gas Storage. So there is a big probability the USD/JPY will move with low to mediumvolatility during the day. TODAY TECHNICAL LEVELS: Resistance. 3
Joseph Wind
2014-10-02 00:10:23 UTC+00 12 hours, 13 min. ago
The UK manufacturing PMI came in at a 17-month low of 51.6, down from 52.2 in August. The cable made a broader top between 1.64 and 1.6410 and was rejected a couple of times at 20Dsma. In yesterday's session the pair took the support at the 80.0 fib level and parallel support at 1.6162, a low
Azeez Mustapha
2014-10-01 23:28:48 UTC+00 12 hours, 55 min. ago
The Bearish Confirmation Pattern on the EUR/JY cross is getting more significant. One reason for this is that the JPY is now getting strong. It would be easier for the price to test the demand zone at 137.00. Some fundamental figures are expected today, and they would have impact on the markets.
Felipe Erazo
2014-10-01 22:44:34 UTC+00 13 hours, 39 min. ago
The USDX continues forming a bullish pattern above the trend line at the level of 85.60, so the USDX still has enough bullish strength to continue advance in the medium term. Furthermore, the USDX found strong support on the trend line, so that this instrument is attempting to consolidate above the level of 86.50
Felipe Erazo
2014-10-01 22:42:31 UTC+00 13 hours, 41 min. ago
At the H4 chart, GBP/USD has formed a fractal at the resistance level of 1.6247, which has made this pair consolidate its bearish trend and it is likely that the GBP/USD will continue weakening in the coming hours, even if the support level of 1.6140 is quite strong
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