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Mourad El Keddani
13 Oct 2015, 15:30 UTC+00
The USD/CHF pair has still been moving between the levels of 0.9550 and 0.9619 in the short term. Currently, the price is at the price of 0.9595. On the H1 chart, a strong resistance will be formed at the level of 0.9633 providing a clear signal for sell deals with the target seen at the price of 0.9550. However, the stop-loss is to be placed above the 0.9712 price. On the other hand, the support has already been placed at the price of 0.9550.
Mourad El Keddani
13 Oct 2015, 14:55 UTC+00
The AUD/USD pair fell from the level of 0.7375, and it has been extended further to as low as 0.7300 right now. So, new resistance is placed at the levels of 0.7375. Furthermore, the price is below the double top (100% of Fibonacci retracement levels) on the four-hour chart. Additionally, the price has formed strong resistance at the 0.7438 level.
13 Oct 2015, 14:03 UTC+00
EUR/NZD is trading below our major trading range according to the daily time frame. Anyway, I found 5-day support near the price of 1.6845. Further downward continuation will confirm a breakout of the key support at the price of 1.6845.
13 Oct 2015, 13:51 UTC+00
Successful rejection from strong resistance at the level of $1,170.00. An intraday trend is downward, but it is upward in the short and mid terms. Gold is trading in a range between the levels of $1,170.00 and $1,099.00.
13 Oct 2015, 13:23 UTC+00
The German ZEW index release revealed very weak sentiment towards the current and further economic situation in the euro area. Market participants expected a slight decrease to 6.8 this month from the level of 12.1 last month. Moreover, the current situation index came out lower than expected as well ( 55.2 vs. 64.0), confirming even more negative outlook for the nearest future.
13 Oct 2015, 13:14 UTC+00
Today's report on the UK consumer price index has taken the market by surprise. The inflation had been expected to stay at the same level of 0.2% m/m, but unveiled data on a -0.1% m/m fall in consumer prices changed the overall picture dramatically.
13 Oct 2015, 12:05 UTC+00
The US dollar index tried to make a bounce off the 78.6% Fibonacci retracement but came back down to reach a new lower low. A trend remains bearish after breaking below the triangle pattern, which we mentioned in our previous analysis.
13 Oct 2015, 12:00 UTC+00
Gold price is making a pullback after the recent rally to $1,169. This pullback is considered to be normal to back test the area of $1,150. Bulls have nothing to worry about. A trend remains bullish, and we still expect the price to reach $1,200.
13 Oct 2015, 11:37 UTC+00
The cable is trying to make further bullish efforts. The price is now moving above the accumulation territory at 1.5350, going towards the distribution territory of 1.5400. Distribution territories of 1.5500 and 1.5550 act as ultimate targets this week, since the outlook for GBP pairs is bullish.
13 Oct 2015, 11:25 UTC+00
The count has been little changed to incorporate the recent wave development in corrective wave iv blue. Instead of anticipated triangle pattern, the corrective cycle looks more like an abc purple irregular flat correction. Currently, the market is trying to rally upward in the last sup-wave of the wave (iii) green. The projected target is seen in the area of 137.20.
13 Oct 2015, 11:07 UTC+00
As we had anticipated, the market rebounded higher after completing the wave (c) blue and performing the overall corrective structure in wave 4 purple. Currently, the market is trading below the key resistance at 1.3070/ Any breakout higher will open the road to the level of 1.3130.
13 Oct 2015, 08:04 UTC+00
Wave iv has become a flat correction, which alternates nicely with wave ii that was a simple zig-zag correction. Once wave iv is over, we are still looking for one final dip closer to the downside target at 1.6781 where we expect a bottom to be found for a nice strong rally back to at least 1.8020. If a more complex correction is about to unfold in the bigger picture, resistance at 1.8020 is unlikely to be broken.
13 Oct 2015, 08:00 UTC+00
Amid the reports, EUR/USD will move with low to medium volatility during this day.
13 Oct 2015, 07:59 UTC+00
There is a strong probability that USD/JPY will move with low to medium volatility during this day.
13 Oct 2015, 07:55 UTC+00
We continue to look for more upside pressure towards 138.10 and then higher to 141.00 once this minor correction is over. Ideally, it will find support at 136.00, but we must allow for a corrective decline closer to 135.71 before the next rally higher to 138.10 is seen.