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2 Oct 2015, 18:01 UTC+00
Evident bullish rejection took place (bullish engulfing daily candlesticks) leading to a recent bullish pullback towards 1.5560, which provided the current extensive bearish rejection. Price actions should be watched around the current levels near 1.5150 as it corresponds to the previous prominent weekly bottom. On the other hand, daily fixation below 1.5150 is needed to allow a quick bearish movement to occur towards the level of 1.4970 (Weekly Demand Level).
2 Oct 2015, 17:55 UTC+00
The price level of 1.1150 (61.8% Fibonacci level) has been providing evident bullish rejections a few successive times (note the recent daily candlesticks, including today's candlestick). On the other hand, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come). Daily persistence below the level of 1.1150 (61.8% Fibonacci level) is mandatory to expose the next demand level around 1.0980 where the daily uptrend comes to meet the pair.
2 Oct 2015, 16:31 UTC+00
Silver is trading around $14.50/55 levels after bouncing off from $14.40 levels today.
2 Oct 2015, 16:23 UTC+00
Gold has dropped lower to the $1,105.00 levels today before bouncing back to $1,108.00 at present.
2 Oct 2015, 16:13 UTC+00
The EUR/JPY pair has probably reached interim lows ahead of 133.00 trading at 134.15.
2 Oct 2015, 16:08 UTC+00
The Construction PMI report revealed another peak to 59.9 in September, up from 57.3 in August in all three fields of activity: residential, commercial and civil engineering. The leading field of construction is currently the residential building that raises fastest in last 12 months. Moreover, greater workloads and positive sentiment towards the business outlook contributed to a sharp increase in staffing levels during September. This strong data will definitely catch the attention of Mark Carney from Bank of England and re-assure his point of view to raise the interest-rates by the end of 2015.
2 Oct 2015, 16:02 UTC+00
The GBP/CHF pair is still testing a back side of the trend line around 1.4800/50.
2 Oct 2015, 14:33 UTC+00
There is a strong downward trend. Be careful when buying at this stage and watch for potential selling opportunities. Today, the point of control is at the price of 1.7465. Major support at the price of 1.7265.
2 Oct 2015, 13:58 UTC+00
Gold is in a strong downward trend. Today, the point of control is at the price of $1,111.75. Watch only for selling opportunities after retracement. Suppport levels are at the price of $1,102.00 and the price of $1,198.50.
2 Oct 2015, 12:26 UTC+00
Yesterday, the ADP data reported a gain of 200,000 new jobs and it was a third month in a row with such strong employment figures. The US Non-Farm Payrolls are scheduled for release at 12:30 am GMT today and the market expects a solid gain of 202,000 jobs. Due to missed deadlines for summer months, the revisions for August are expected to be higher as well. This data release will be closely watched by all market participants, including data depended Fed members.
2 Oct 2015, 11:54 UTC+00
There is nothing new regarding the US dollar index as the market awaits the announcement of the Non-Farm Payrolls today. This piece of information will play a vital role for the direction the market will take from now on. The price remains above the short-term Ichimoku cloud, but also below previous highs resistance.
2 Oct 2015, 11:48 UTC+00
The gold price has made a new lower low today early at the European session, but it still holds above $1,100. The price has extended much more than I initially expected, but the wave count is still valid. Moreover, the price remains inside the big triangle pattern so a bounce towards at least $1,140 is still in play.
2 Oct 2015, 11:44 UTC+00
A breake below the support at 1.7466 calls for more corrective declines closer to 1.6781. In the short term, we expect that the resistance at 1.7523 will be able to protect the upside for the next decline towards 1.7146 on the way lower to 1.6781.
2 Oct 2015, 11:43 UTC+00
USD/JPY is expected to trade with bullish bias above 119.55.Overnight, US stocks were little changed as investors exercised caution at the start of the fourth quarter and before Friday's payrolls report. The DJIA slipped 0.1% to 16,272, the S&P 500 added 0.2% to 1,923, and the Nasdaq gained 0.2% to 4,627.
2 Oct 2015, 11:37 UTC+00
USD/CHF is expected to trade with bullish bias. After the recent strong rebound, the pair is turning upwards and is likely to challenge its nearest resistance at 0.9790. The immediate trend is upward, but the momentum seems to be weak. Nevertheless, a strong support around 0.9720 should prevent any downward attempts. Even though a consolidation cannot be ruled out at the current stage, its extent should be limited before a new rise to 0.9810 and 0.9845 in extension.