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GBP/USD — Daily Forecast Technical Analysis — October 24th 2014

Hantec Markets brings you the latest technical analysis on the GBP/USD pair for the October 24th in this video.
GBP/USD — Again we are seeing big pressure to the downside. The Momentum indicators are turning bearish once again. Looking at the intraday hourly chart the support at 1.6020 was slightly breached yesterday and you can make an argument for a Head and Shoulders pattern in the hourly chart. I think we are going to see further pressure to the downside. The Momentum indicators. The Momentum indicators on the hourly chart are looking bearish. So I think rallies are seen as a chance to sell. The old support at 1.6080 is now resistance and any movement towards this level is seen as a chance to sell. We could see further pressure towards 1.6020 level. I think we are going to see it broken. I think we are going to see the test of the initial support at 1.5940 and subsequently the reaction low at 1.5873. I think thats where we are coming back towards ultimately. We could see further selling pressure and rallies are seen as a chance to sell.

USD/JPY — Daily Forecast Technical Analysis — October 24th 2014

In this video the Trader Guy looks at currency pair EUR/USD pair for the October 24th session.
USD/JPY — As you can see the pair has broken above the resistance that I have mentioned recently at 107.50. The fact that we broke above is a bullish sign and we test the 110.00 level at that point. The 109.00 level will offer some resistance but this is a buy only pair However we have a trend line and really in a bullish uptrend and no reason to deny it. The Bank of Japan continues to work against the value of yen. So I dont want to trade against the Central bank. I am going to buy short term dips. The resistance at 109.00 does not look so siginficant and once we break above 110.00 we aim for 115.00 level. I have no interest in selling this market. I think 105.00 level is the bottom in this market. If we drop below I believe buyers will step in.

EUR/USD — Daily Forecast Technical Analysis — October 24th 2014

In this video the Trader Guy looks at currency pair EUR/USD pair for the October 24th session.
EUR/USD — This is the one that I feel quite frankly going to be on the call side, there is a lot going on with the exception of UK GDP numbers, but looking at the EUR/USD we certainly can make an argument for bearish flag. It looks like a market that is falling and maybe we will get a litle bit of a bounce but I am still very negative on this market and still selling rallies as they appear. I still think we head to the 1.25 level and I still think that if we break below and probably given enough time and probably head closer to 1.2050 region which was the beginning of the uptrend. Remember we broken down below the 61.8% Fib retracement level and the 1.28 to 1.30 area appears to be massive resistance zone for sometime. Rallies are seen as an opportunity to sell and on break of lows from Friday I am aiming for 1.25 level. Above 1.30 level I am a buyer and that is not going to happen today.

Falling Wedge Pattern

Falling Wedge is a bullish formation pattern where price makes lower lows and lower highs. The resistance line is steepter than the support line. Every new low is created it signals loss of momentum about underlying strength. There are two variations to this pattern. First one is the bullish reversal pattern, it forms in a downtrend and in this pattern price finally breaks to the upside. Second one is the bullish continuation pattern and it forms after a strong uptrend. Eventually prices breaks to the upside and the trend resumes. The price target of this pattern is the height of the wedge measured up from the breakout point.

GBP/USD — Daily Forecast Technical Analysis — October 23rd 2014

Hantec Markets brings you the latest technical analysis on the GBP/USD pair for the October 23rd in this video.
GBP/USD — The pair is coming back in to this big downtrend and the 21 day Moving average is holding the pair down. The Momentum indicators have started to fall again. So it looks like the bears are once again regaining control. So the rallies are seen as a chance to sell. Looking at the hourly chart the 1.6020 level has been key support and today it has been tested again. If we break below this level then it becomes a complete Head and Shoulders top pattern. If thats the case we are going to come back towards the lows again. As we broke down yesterday the old support of 1.6080 has become resistance now and anything towards this level is seen as a chance to sell. The hourly moving averages are all turning lower and looking bearish. The Momentum indicators are also looking bearish now. That suggests any rebound is a chance to sell on cable.

NZD/USD — Daily Forecast Technical Analysis — October 23rd 2014

In this video the Trader Guy looks at currency pair NZD/USD pair for the October 23rd session.
NZD/USD — A very bearish pair as far as I can see for a lot of reasons. Let us look at the technical setup first. We have a bearish flag in the daily chart, though its a little extended. What is interesting about this pair is that the Royal Bank of New Zealand has stated publicly that they prefer to see 0.6800. The 0.7000 is the round number. A break below 0.7700 level could get us to see 0.7500. A further break below 0.7500 will have us seeing 0.7000 level. It is a highly sensitive currency when it comes to commodities. With the Royal Bank of New Zealand stepping in and selling off the Kiwi on purpose, traders will have to keep in mind when market rallies. The fact that we broke below a shooting star at 0.8000 level and if we could break down below this uptrend line then I am a seller. I have no interest in buying the kiwi at this point of time.

EUR/USD — Daily Forecast Technical Analysis — October 23rd 2014

In this video the Trader Guy looks at currency pair EUR/USD pair for the October 23rd session.
EUR/USD — As you can see on the daily chart, we had an uptrending channel but more importantly we had a bearish flag. A little bit of imagination is needed but that bearish flag is broken today at 1.27 roughly, a 500 pip flag that could send us looking for 1.23 initially. I think that is a pretty reasonable move. The 1.25 level is going to be rather supportive based upon the facts that it is a large round psychologically significant number. So I don’t expect this to be an easy move but certainly this adds to the strength of the idea of market being bearish. The area between 1.28 and 1.30 levels is seen as massively bearish. Even if we rally I think that just simply gives us an opportunity to find value in the US Dollar. It should be noted that US Dollar Index is exactly opposite to this with a bull flag. I like to continue to sell Euro and like to look at them on short term chart probably for signals. In the Asian session I think sellers are coming back given enough time. Nonetheless I have absolutely no interest in buying this pair.

Daily Fundamental Update — October 22nd 2014

ADS Securities brings you the latest Daily Fundamental Update for the October 22nd in this video.
Beginning with Asian session today there were 3 economic figures from Japan and Australia which had noteable impact on both Japanese yen and Aussie across the session. Japan’s Trade Balance deficit widened to -1.07 trillion yen in September. Australia’s QoQ CPI increased by 0.5% in Q3. Australia’s Trimmed Mean CPI increased by 0.4% in Q3. The Aussie continue to decline sharply towards 0.8748 however the pair recovered back to 0.8790 so far and also the bearish outlook remains unchanged.
As for the European session today all eyes will be on the Bank of England MPC Meeting Minutes which will be released at 8:30 GMT+. However there is no economic figure during the European session today but it is important to mention that there are some rumours that the ECB has planned to buy some Corporate Bonds which could be announced in December meeting. The Euro remained under pressure reaching as low as 1.2710 in Asia.
As for the US session, there will be a collection of economic figures from US and Canada which are likely to have biggest impact on the markets today. Beginning with US, all eyes will be on the Inflation figures. The US Core CPI set to rise by 0.2% and CPI unchanged at 0.05 in September. Canada’s Retail Sales may rise by 0.1%, Core Retail Sales by 0.25 in August. Bank of Canada statement will be released at 14:00 GMT+. The Bank of Canada is set to keep the current policy unchanged.

Bullish and Bearish Pennant Formation

Bullish Pennant is a bullish continuation signal. It is very similar to bull flag formation. It consists of a strong move upwards as a flagpole and a consolidation phase known as pennant. The Pennant is formed when support and resitance level converges and a breakout becomes inevitable. For it to be a proper bullish pennant there can be no more than 30 sessions forming it. So where to enter the market. We enter after a upside breakout and target the height of the flagpole measured up from the bottom of the pennant. If the price breaks to the downside then it is not to be traded.
The Bearish Pennant is the exact opposite of the above pattern. It is a bearish continuation pattern and we can find it after a strong down move called flagpole. We enter the market after a break to the downside and target is height of the flagpole measured down from the top of the pennant.

GBP/USD — Daily Forecast Technical Analysis — October 22nd 2014

Hantec Markets brings you the latest technical analysis on the GBP/USD pair for the October 22nd in this video.
GBP/USD — Again another chart that the dollar has really helped strong rebound on and this is pulling cable lower. The early morning trading yesterday looked like cable was trying to break to the upside. But now it looks like it is coming back down again. The Momentum indicators have started rolling over. So that is a disappointment and the recovery in the last 5 days is now completely blown away. The initial support at 1.6080 and that is now broken. Looks like the dollar is strengthening once again. Looks like we are going to have the retest of 1.6020 key support level. It would be a significant disappointment if it has to be broken. The 1.6226 key high has not yet been tested. It looks like we are rolling over again. If we break below 1.6020 then it brings this recovery phase to an end. So choppy trading continues on this cable chart and it looks like the pressure is to the downside and we can expect a volatile day.

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