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On the H4 chart, GBP/USD has formed a fractal at the resistance level of 1.6240, where the pair performed a pullback as a corrective move. The GBP/USD pair might be forming a bullish pattern to attempt a breakout at that level, although the bearish trend line at the 1.6160 level is strong resistance for this pair. Probably, during today’s session, GBP/USD could extend its fall to the support level of 1.6051. The MACD indicator is entering overbought area.

H4 chart’s resistance levels: 1.6247 - 1.6435
H4 chart’s support levels: 1.6051 - 1.6004


The GBP/USD pair found resistance at 1.6216 level. So far, this pair has been trying to form a bearish pattern below the 200 SMA in the hourly chart. If the GBP/USD succeeds in extending its drop below the support level of 1.6117, it would be expected to fall to 1.6075 level in the short term.

H1 chart’s resistance levels: 1.6170 - 1.6216
H1 chart’s support levels: 1.6117 - 1.6075

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Weekly key economic data-
The pair has some important key events this week. Traders eye Tuesday’s German Zew Economic sentiment. This index has been falling for 9 months. In September it came in at 6.9. Again, we expect a downfall in this index. The industrial production data will be released on Tuesday as well, we expect another downfall. On Wednesday the Draghi speech and German final CPI data are set for release.
Weekly forecast


The pair made a minor double bottom at 1.2501 and faced strong resistance at the 61.8 fib level in the weekly chart at 1.2791 levels. In the daily chart, the pair breached the 20Dsma on an intraday basis, but failed to close above that. In case, if the pair closes above 20Dsma, the weekly trend turns positive until bears have an upper hand. For a weekly basis, the pair has resistance at 1.2715 and 1.2735, above these, 1.30 50Dsma will act as strong resistance. On the down side, 1.26 and 1.2570 will be minor support levels. 1.25 will act as a key support level, below this, we can expect a free fall to 1.22 200Msma levels.


Recommendation- for an intraday view, the prices have been trading below the hourly key moving averages 12ema and 21hrsma. The pair is facing strong resistance at 1.2650, a 8hr high, above this, 1.2680 (21hrsma) is acting as a strong resistance level. In the h4 chart, the support region is between 1.2580 and 1.26. At the current market price of 1.2626 we recommend buying for an hourly target at 1.2680, 1.27, 1.2710 and 1.2720 levels. We recommend selling below 1.26 for targets at 1.2584, 1.2570, and 1.2540 levels.
Trade- Buy at cmp 1.2626

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Why should a broker give advice to the traders? Brokers make money when we, traders, are losing them.


Fundamental overview:
NZD/USD is expected to trade in higher range.It is buoyed by the negative dollar sentiment (ICE spot dollar index last 85.22 versus 85.72 early Monday) after Federal Reserve Bank of Chicago President Charles Evans said the “biggest risk” to the economy right now is that the central bank would raise interest rates sooner than it should. That follows his remarks on Saturday that a stronger dollar is a headwind as it will limit the Fed’s ability to meet its inflation mandate and will impede growth and Kiwi demand on soft AUD/NZD cross and better-than-expected Chinese September trade data. But NZD/USD gains are tempered by the negative risk sentiment, weak dairy prices and threats of central bank intervention to weaken the NZD.

Technical comment:
Daily chart is positive-biased as bullish outside-day-range pattern was completed on Monday, MACD and stochastics are bullish, five-day moving average is rising above 15-day MA.

Trading recommendations:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As long as the price is keeping above its pivot point, a long position is recommended with the first target at 0.7920 and the second target at 0.7975. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7800. A break of this target would push the pair further downwards and one may expect the second target at 0.7760. The pivot point is at 0.7850.

Resistance levels:
0.7920
0.7975
0.8005

Support levels:
0.78
0.7760
0.7745

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The pair has been facing strong selling for the last 2 weeks. In yesterday’s session, the pair broke below 200WEma and took parallel support at 0.9353, a low made at 0.9361. Currently, the pair is trading above 200Wema. Today the pair opened above the previous close, looking a bit stronger. In yesterday’s session the pair broke below the 20Dsma and closed far below that. It represents some noise in the near term. On the up side the pair has resistance at 0.9469 and 0.9505 (20Dsma). On the down side, if the pair falls below 0.9353 it has strong short-term support at 0.9323 50Dsma.
In case, if the pair closes below 0.9323 - the short-term trend turns down- pending


In the h4 chart, we can clearly see the prices broken from the base triangle, height of 219 pips. Until the prices close above the base of the triangle, on the down side gates open for 0.9250 levels within strong supports at 0.9353 and 0.9323 levels. The prices are closed far below the hourly moving averages. The pair has hourly support at 0.9396 below this free fall up to 0.9361. Strong selling will emerge below 0.9353 and panic, below 0.9323. Until the prices close above 0.9469 on h4 chart, we can’t see safe buying. Risky traders can use sl 0.9396 and start buying and selling below 0.9396.

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General Overview for 17/10/2014 08:30 CET
The wave A black has been finally completed and the projected target level has been hit and even broken to the downside before the market has bounced upwards. Nevertheless, the key level has still not been violated and the market is still trading below the weekly pivot at the level of 136.30. Only a breakout higher above this area would be considered as a bullish clue, but please remember that the market is still inside of the larger time frame corrective structure (either triangle or zig-zag) and price action might get very choppy and full of whipsaws. Only a breakout below the level of 134.11 invalidates this slightly bullish view.

Support/Resistance:
133.98 - WS2
134.11 - Swing Low
134.66 - WS1
135.08 - Intraday Support
136.30 - Weekly Pivot
136.40 - Intraday Resistance
136.55 - Technical Resistance|Key Level|

Trading recommendations:
As long as the market stays below the level of 136.55 only sales should be considered, but any breakout above this level is bullish.


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EUR/USD: The situation on the Greenback was the major determinant of the overall market directions last week. The EUR/USD has finally succeeded in going bullish. This has left a Bullish Confirmation Pattern in the chart, and the price is much more likely to go further upwards towards the resistance line at 1.2900.


USD/CHF: Since the USD has become weak, the outlook on the USD/CHF has been bearish. The price is more likely to test the support level at 0.9350 this week, for this is the weekly target. However, attention should be paid to the high volatility in the market (and in the Forex market generally). The high volatility is usually characterized by large upswings and downswings, and therefore, this should be considered when trading.


GBP/USD: �The Cable is also making genuine bullish attempts, which can render the recent bearish scenario completely invalid. The price is already going up, and the overall bias would turn bullish immediately the price crosses the distribution territory at 1.6200 to the upside.


USD/JPY: This pair closed at 106.89 on Friday, October 17, 2014. The price trended downwards last week, but the bull is now making some effort to push the price upwards. Nevertheless, the dominant bias remains bearish until the supply level at 107.50 is breached to the upside.


EUR/JPY: �This cross is also making some serious effort to go upwards in the context of an overall downtrend. From the demand zone at 134.50, the price has gone upwards; and a movement above the supply zone at 137.00 would mean the end of the bearish outlook.��


EUR/USD: This is essentially a bull market � a market that offers opportunities to buy when things are on sale and in the context of the uptrend. This fact has been reflected in the recent price action in the market. The price may thus end up testing the resistance line at 1.2850, which was breached temporarily last week.


USD/CHF: This is essentially a bear market � a market that offers opportunities to sell when the price rallies and in the context of the downtrend. This fact has been reflected in the recent price action in the market. The price may thus end up testing the support level at 0.9400, which was breached temporarily last week.


GBP/USD: �The Cable has continued its journey upwards in a slow and steady manner. Therefore, the Bullish Confirmation Pattern in the market is now stronger. The distribution territory at 1.6200 may be tested very soon, and should that happen, the next target would be the distribution territory at 1.6250.


USD/JPY: The USD/JPY is making serious effort to go further northward. The current price action in the market has already put the recent bearish outlook in jeopardy. Any movement above the supply level at 108.00 would render the recent bearish outlook completely invalid.


EUR/USD: The EUR/USD is now experiencing a pullback in the context of an uptrend. The pullback may offer another opportunity to go long; unless the price goes below the support line at 1.2700, which would put the bullish outlook in jeopardy.� With the continuation of the bullish trend, the price could reach the resistance line at 1.2800 again.


USD/CHF: This pair is also making attempts to go bullish in the context of an uptrend. As long as the price stays below the resistance level at 0.9550, it would be deemed that the bearish outlook is intact. Otherwise there would be another bullish outlook in the market.


GBP/USD: �The Cable is now experiencing a pullback in the context of an uptrend. The pullback may offer another opportunity to go long; unless the price goes below the accumulation territory at 1.6050, which would put the bullish outlook in jeopardy.� With the continuation of the bullish trend, the price could reach the accumulation territory at 1.6200 again.


USD/JPY: This market remains bearish � the price is still under the EMA 56 (though the RSI period 14 is above the level 50). For this market to be called a bull market, the price needs to close above the EMA 56 and the RSI period 14 would remain above the level 50. Otherwise, things should remain bearish.


EUR/JPY: �This is still a weak market: the EMA 11 is still under the EMA 56 and the price is still under them, while the RSI period 14 is below the level 50. It is thus more likely that the price would continue going bearish.


EUR/USD: The EUR/USD pair is still caught in a bearish trend: the support line at 1.2600 may easily be tested. Should that support line get breached to the downside, the next target may be the support line at 1.2550.


USD/CHF: Bulls� power in this market is now obvious. The Williams� % range period 20 is now in the overbought territory, which means that the market is expected to go further upwards because of the strength in it, even if there would temporary pullbacks. The EMA 11 is above the EMA 56 and the price is above both of them. The resistance level at 0.9550 is under siege � another resistance level at 0.9600 may be reached if the resistance level at 0.9550 is breached to the upside.


GBP/USD: The Cable is also weak, just like its EUR/USD counterpart. The bearish journey in the market has resulted in a Bearish Confirmation Pattern in the chart. The bearish outlook would become particularly stronger after the accumulation territory at 1.5950 is tested.


USD/JPY: The strength in the USD has made the USD/JPY pair go seriously upwards. This has made long trades logical, and the price could test the supply level at 109.00 today or next week. In addition, some fundamental figures are expected today and they may have some impact on the markets.


EUR/JPY: The sudden weakness in the JPY is what is aiding the northward effort on this cross. When the price crosses the supply level at 137.50 to the upside, things would become bullish completely.



Technical outlook and chart setups:
The GBP/CHF pair is seen to be facing resistance at 1.5290/1.5300 levels as seen here. The pair could possibly resume its down move from current levels. It is still recommended to remain short, risk remains above 1.5450. Resistance is seen at 1.5450, followed by 1.5550, while support is seen at 1.5225/1.5200, followed by 1.5125, 1.4975 and lower respectively. The bears are expected to re-gin control from current levels and possibly push prices below 1.4975 levels. The structure indicated that GBP/CHF may have completed 2 waves, within the 3 wave correction that begun from sub 1.5550 levels. The 3rd wave could extend itself into the 1.4800 and subsequently 1.4700 levels.

Trading recommendations:
Remain short for now, stop is at 1.5450/60, target is open.

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GOLD: Since July 2014, Gold has been very weak. This market dropped seriously from the month of July 2014, testing the support level at 1182.94 in October 2014. Since then, the market has been making some serious attempts to go bullish. The market is thus bullish in the medium-term, but bearish in the near-term. The current bearish correction in the market has been strong enough to generate a sell signal in the near-term. Therefore, the price may go as low as the support level at 1200.00 before there would be any sustained rally that may pan out for the rest of the year 2014. This means that the sellers can target some bearish movement in the near-term, while in the medium-term, the buyers may look forward to a rally that could go on for the rest of this year.


SILVER: Since July 2014, Silver has dropped by over 4800 points, just like its Gold counterpart. Gold and Silver are normally correlated in a positive mode, but the latter has been moving largely sideways since the beginning of the month of October 2014. This has resulted in a big base, from where the price would eventually break out, reaching the resistance level at 18.200 before the end of this year. Before this time, short-term sellers could speculate on the possibility of the price testing the support level at 16.800.

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On the daily chart the USDX is trying to find support at the level of 85.18, even though the instrument remains strong in our current bullish outlook. However, the USDX has formed four fractals at the resistance level of 86.20. The USDX could make a breakout at the support level of 85.18 to fall to the level of 84.29. The MACD indicator remains in negative territory.

Daily chart’s resistance levels: 86.20/87.35
Daily chart’s support levels: 85.18/84.29


The USDX is trying to form a lower low pattern below the 200 SMA on the H1 chart. However, the USDX is finding strong support at the 85.27 level, a level that could serve as a strong support zone for the USDX to consolidate again above the 200-day moving average, but the next target in the bearish trend remains the 85.03 level.

H1 chart’s resistance levels: 85.49 / 85.73
H1 chart’s support levels: 85.27 / 85.03

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EUR/USD: A sudden bearish breakout on the EUR/USD has resulted in a Bearish Confirmation Pattern, overturning the recent bullish outlook. It looks like the price may go downwards from here. This dip started from the resistance line at 1.2750 the price may eventually touch the support line at 1.2600.


USD/CHF: A sudden bullish breakout on the USD/CHF has resulted in a Bullish Confirmation Pattern, overturning the recent bearish outlook. It looks like the price may go upwards from here. This rally started from the support level at 0.9450 the price may eventually touch the resistance level at 0.9600. More fundamental figures are expected today and they would have impact on this pair and other majors.


GBP/USD: The sudden dive in the market has made this currency trading instrument go bearish. From the distribution territory at 1.6150, the price reached the accumulation territory at 1.6000. This is a downward movement of about 150 pips, and it is possible that the price may even break the aforementioned accumulation territory to the downside, reaching another accumulation territory at 1.5950


USD/JPY: At last, this market was able to break upwards significantly, reaching the supply level at 108.50, and breaking it to the upside. The next target to be reached is the supply level at 109.50, which is the target for this week or next week.


EUR/JPY: In spite of the volatility on it, this cross remains a bull market. The EMA 11 is above the EMA 56 and the price is above them. The RSI period 14 is above the level 50. This means the market may continue going further upwards.

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Weekly technical levels for the GBP/USD pair.


Trading recommendations:
The price of the GBP/USD pair has still moved between 1.6040 and 1.5923. The weekly pivot point is set at the price of 1.6039. Also it should noted that the weekly pivot point will act as a major resistance on November 3, 2014. Consequently, we expect that the trend is going to call for a bearish market at the level of 1.6040 in H1 chart. Additionally, it should be noted that the range today will be about 82 pips. Shortly after that, sell at the price of 1.6040 with the first target of 1.5945 in order to form a double bottom, , it might resume to 1.5900 to test the weekly support 1 today. However, the stop loss should never exceed your maximum exposure amounts. Hence, the stop loss should be placed above the weekly pivot point at the 1.6066 level.


Date: November 3, 2014.
The trend movement among resistances and supports.
If the price is at pivot point, watch for a move back to resistance 1 or support 1.
If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.
If the price is at support 1, expect a move to support 2 or back towards resistance 1.
If the price is at support 2, expect a move to support 3 or back towards support 1.
If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.

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Technical analysis of EUR/JPY for November 10, 2014


Technical outlook and chart setups: The EUR/JPY pair has is ready to follow up lower after after producing a shooting star on Friday. The pair has made an interim top at the 144.21 levels and is on its way to 140.00/139.00 at least. Resistance is now seen at 145.50, while support is seen at sub 140.00, followed by 139.00, 138.00, 135.00 and lower respectively. It is recommended to remain short, with risk at 144.50 levels for now. As seen here, the trend line supports are passing through 140.50 and 138.50 respectively and bulls are expected to resume rally from any one of these. The pair seems to be on its way to print fresh highs above 145.50 after the pullback is done.

Trading recommendations: Remain short for now, stop at 144.50, the target 140.00. Good luck!

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EUR/USD: This market remains bearish despite the existing rally on it. The price is still below the EMA 56 while the Williams� Range period 20 is heading towards the overbought area. Only a movement above the resistance line at 1.2550 can render the near-term bearish outlook useless.


USD/CHF: This pair remains bullish irrespective of the current pullback in the market. There is still a Bullish Confirmation Pattern in the chart, which may be considered invalid when the price goes below the support level at 0.9600


GBP/USD: So far this week, this currency trading instrument has been making a serious bullish effort. From the accumulation territory at 1.5850, the price has been going upwards, reaching the distribution territory at 1.5900 and breaking it to the upside. The price may also reach the distribution territory at 1.5950, and break it to the upside, but as long as the price is below the distribution territory at 1.6000, the bearish outlook would be intact.


USD/JPY: This pair attempted to make another all-time high testing the supply level at 116.00 before the current shallow pullback. There is a possibility that the price may continue to go further upwards, testing that supply level again, and possible breaking it to the upside. Should this happen, the price may begin to target another supply level at 116.50.


EUR/JPY: The EUR/JPY pair was able to test the supply zone at 144.00, but failed to close above it. With continuous bullish effort, the cross may succeed in breaking that supply zone to the upside, closing above it. Should this become possible, the next target for the bulls would be the supply zone at 144.50.


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EUR/USD: The outlook on this currency trading instrument remains bearish, but the existing price action is a threat to the bearish outlook. A movement above the resistance line at 1.2600 would mean that it is no longer logical to seek short trades. There is a support line at 1.2400.


USD/CHF: This currency trading instrument closed at 0.9590, On Friday, November 14, 2014. The price action is a threat to the bull, especially when the price goes below the support line at 0.9550. However, some would think of buying pullbacks on this instrument, provided that the price does not go below the aforementioned support line.


GBP/USD: The Cable dropped by roughly 300 pips last week, testing the accumulation territory at 1.5600. There is now a shallow upwards bounce from that territory, which should be short-lived as the Cable continues to be weak. Any movement above the distribution territory at 1.5800 would seriously threaten the bearish outlook.


USD/JPY: The USD/JPY moved upwards by over 250 pips last week. Obviously, the JPY is very weak and this is aiding the bullish runs on most JPY pairs. The strength in this pair could continue this week, and therefore, it would be nice to look for how to go long when there are transient pullbacks in the market.


EUR/JPY: This cross enjoyed a nice bullish run last week, going upwards by over 300 pips. The EUR particularly is making serious attempts to go further upwards and as such, this pair may continue trading upwards, reaching the supply zone at 146.50.

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The GBP/USD pair continues to find support on the bearish trend line at the level of 1.5635, which is prompting the pair to strengthen the current bearish trend on H4 chart. However, the GBP/USD pair could form a double bottom pattern to rise again to the resistance level of 1.5698. The aforesaid movement may be a corrective move in favor of the bearish trend and the following objective remains at the support level of 1.5512. The MACD indicator remains in the positive territory.
H4 chart’s resistance levels: 1.5698 / 1.5811
H4 chart’s support levels: 1.5600 / 1.5512


On the H1 chart, GBP/USD had a fall from the level of 1.5735 to the 1.5632 support level. A break of that support level could bring this pair to fall to the 1.5590 level in the short term. For now, we recommend using caution when placing buy orders at the current levels, because the GBP/USD pair is still holding firmly in the bearish bias.
H1 chart’s resistance levels: 1.5686 / 1.5739
H1 chart’s support levels: 1.5632 / 1.5590

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EUR/USD: This market also shows protracted efforts by bulls to push the price upwards, as bearish pulls are being rejected. A movement above the resistance line at 1.2600 would mean the end of the bearish bias, leading to a Bullish Confirmation Pattern in the market.


USD/CHF: This market reflects a long struggle between bulls and bears with bears gaining upper hands. There is now a serious threat to the recent bullish outlook, and it is no longer logical to seek long trades (in the face of the CHF gaining strength). A movement below the support level at 0.9550 would signal the end of the bullish outlook.


GBP/USD: This pair is still weak, and there is a good chance that it may test the accumulation territory at 1.5600. That accumulation territory was tested last week. With enough bearish continuation in the market, the accumulation territory may be breached to the downside as the price reaches for the new accumulation territory at 1.5550.


USD/JPY: The USD/JPY pair continues to go upwards in a slow and steady manner. This upwards journey would continue as long as the Yen remains weak something that has helped most other JPY pairs to remain bullish. The next target for the bulls is at the supply zone of 117.00.


EUR/JPY: The EUR/JPY continues its slow and steady journey to the upside. The bullish bias would continue to hold as the EUR continues to make effort to become strong and the JPY continues to be weak. The next target to be reached is at the supply zone at 147.00, which would possibly be reached this week.

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