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EUR/USD: decline can be prevented only by the USA default Current trend Last week European currency was under pressure from poor German macro-economic statistics. This week started with the ascending wave and the pair reached the level of 1.3600; however failed to consolidate above this level and rolled down. Situation in the US is still extremely tense. Today government is supposed to resume work and raise the ceiling of the national debt. Note that in 1979 the US had already refused to pay off its debts. On the other hand, investors are confident that president Barack Obama will prevent economic collapse in the country. In addition, the USA is under pressure from China, which owns 1 trillion of USD in bonds. Support and resistance /b] Today the pair may break down important support level of 1.3550 and go down to 1.3500 due to low demand in Euro. In the medium-term the decline can continue up to the highs of the summer at the level of 1.3410. If the level of 1.3410 is broken down, next target will be the level of 61.6% Fibonacci (1.3300). MACD indicator confirms that downward movement will continue. Histogram on the daily chart is below the signal line and is directed downward. Support levels: 1.3550, 1.3500, 1.3410 and 1.3300. Resistance levels: 1.3600 and 1.3660. Trading tips In the current situation it is advisable to place sell orders with profit taking at the level of 1.3410. Additional pending orders to sell can be placed at the level of 1.3600.
Dmitry Likhachev Analyst of LiteForex Group of Companies
USD/CAD: technical analysis Current trend The pair has been trading near the lower line of ”Bollinger bands” indicator (1.0330) for the second day. Applying Fibonacci levels to the downward movement, which has developed at the end of last week, we can conclude that upward correction to the level of 1.0375 has begun. Average line of “Bollinger bands” is at the same level. If this line crosses with the price chart, we will get a buy signal. MACD histogram is in the negative zone and signal line is ready to enter the histogram zone, suggesting the end of sales. Support and resistance Possible correction can be supported by the level of 1.0330. Nearest resistance level is at the local highs of 1.0359. If this level is broken down, next resistance level will be at 1.0375. Trading tips It is recommended to buy at the current price with the target of 1.0375 and protective order at support level of 1.0330. If the price breaks down the target level of 1.0375, it will make sense to move stop-loss in the break-even zone.
Kamil Avad Analyst of LiteForex Group of Companies.
GBP/USD: Obama, make it work! Current trend Following the release of weak British statistics the Pound fell to the key resistance level of 1.5910 on Tuesday, however after the failure to break it down, started to regain slowly. Today the UK labour market statistics will become known, which can add momentum to the pair. Expectation of resolution of the US national debt issue increases investors’ interest to the USD and put pressure on the pair GBP/USD. Attention of market participants is drawn to the debates between Republicans and Democrats. The time for negotiation is running out and the decision on the raising of the ceiling of national debt shall be adopted today. Support and resistance /b] MACD indicator confirms forecast of downward movement. Histogram on the daily chart is below the signal line and is directed downward. Support levels: 1.5910, 1.5880 and 1.5750. Resistance levels: 1.6000, 1.6100 and 1.6260. Trading tips Sell orders can be opened at the current price with profit taking near 1.5910-1.5880. In addition it is also advisable to place pending buy orders above the level of 1.6050 with profit taking at the level of 1.6250.
Dmitry Likhachev Analyst of LiteForex Group of Companies
Forex: Ichimoku Clouds. Review of AUD/USD AUD/USD, H4 Let’s look at the four-hour chart. Tenkan-sen line is above Kijun-sen, the red line is directed upwards while the blue one remains horizontal. Chinkou Span is above the price chart; current cloud is ascending. The closest support level is Tenkan-sen line at 0.9512. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 0.9620.
AUD/USD, D1 On the daily chart Tenkan-sen line is above Kijun-sen, they are both directed upwards. Chinkou Span line is above the price chart, current cloud is ascending. After a pull-back the pair has returned to rise, support level is Tenkan-sen line at 0.9467. One of the previous maximums of Chinkou Span line is expected to be a resistance level at 0.9640.
Key levels Support levels: 0.9512, 0.9467. Resistance levels: 0.9620, 0.9640. Trading tips On the four-hour chart we can see a slowdown of the ascending movement but the daily chart indicates the wave of “bullish” trend. The targets for the buy orders are 0.9620 and 0.9640. Anastasiya Glushkova Analyst of LiteForex Group of Companies
XAG/USD: technical analysis Current trend The metal has been trading in the descending channel for one and a half month. On Tuesday silver hit new local lows but almost instantly returned to the level of 21.40, which coincides with the level of 61.8% Fibonacci. This is the key level and silver has been trading near this level for a week, trying to determine further movement direction Technical indicators give mixed signals. However most of them indicate sideways movement. MACD histogram has crossed the signal line from bottom to top in the negative zone. Stochastic is above the average zone; however its lines tends to opposite directions. Support and resistance Resistance levels: 21.30, 21.40 and 21.55. Support levels: 21.2 and 21.00. Trading tips It is advisable to open long positions above the level of 21.70 with the target of 22.45. Short positions are recommended below the level of 21.00.
Ilya Lashenko Analyst of LiteForex Group of Companies.
Forex: Ichimoku Clouds. Review of GBP/USD GBP/USD, H4 On the four-hour chart Tenkan-sen line is above Kijun-sen and they are both directed steeply upwards. Chinkou Span line is above the price chart, current Kumo has reversed from descending to ascending. The pair has broken through the upper border of the cloud, which is now a support level at 1.6086. The next resistance level will be the previous highs of the Chinkou Span line (1.6237).
GBP/USD, H4, D1 Let’s look at the daily chart. Tenkan-sen and Kijun-sen lines have come close above the cloud, but weren’t able to cross, the red line is still above the blue one. Chinkou Span is above the price chart from above, current cloud is ascending. The closest support level is Tenkan-sen line at 1.6041. Previous maximum of Chinkou Span line is expected to be a resistance level at 1.6223.
Key levels Support levels: 1.6086, 1.6041. Resistance levels: 1.6237, 1.6223. Trading tips On the H4 chart Ichimoku lines confirm a strong “bullish” movement. On the daily chart Tenkan-sen and Kijun-sen lines haven’t crossed, so the upward trend is still strong. Targets for the long positions are 1.6237 и 1.6223. Anastasiya Glushkova Analyst of LiteForex Group of Companies
XAU/USD: the pair rises due to weak Dollar Current trend This Wednesday republicans and democrats of US Congress have finally reached an agreement. The deal has been signed and debt limit lifted. However market didn’t react with high volatility. Then on Thursday gold has risen considerably and reached the level of $1320 per ounce. The Dollar weakening was caused by sovereign rating decline. China rating agency has cut US from А to А-minus. Support and resistance The commodity is trading around 1316.00. The closest support levels are 1310.00, 1300.00 and 1285.00. The resistance levels will be at 1321.00, 1340.00 and 1347.00. Trading tips Long positions should be opened after the breakdown of the 1330.00 level and consolidation above it. Short positions are recommended to place below the level of 1300.00 with targets around 1275.00.
Ilya Lashenko Analyst of LiteForex Group of Companies.
Brent: review Current trend Today quotes of crude oil Brent are gradually growing. Oil is supported by investors’ belief that US Fed will not phase out economic stimulus programs. Analysts believe that US Fed will not take drastic measures taking into account political crisis in the Unites States and its consequences. Investors today will be guided by US macro-economic statistics, which has not been published due to 16-day break in the work of government agencies. Support and resistance Support levels: 109.15, 108.60 and 107.90. Resistance levels: 109.80, 110.20, 110.60 and 111.00. Trading tips It is likely that Brent rate will go up today. It makes sense to place long positions after breakdown of the level of 110.20 with the target of 110.60 and 111.00.
Vadim Smarzh Analyst of LiteForex Group of Companies
EUR/USD: general analysis Current trend On Friday European currency reached the highs of 1.3700; at the opening of this trading week Euro has corrected to the level of 1.3671. European currency has chances to hit annual high, if the pair manages to consolidate above the level of 1.3750. Improvements in the economic situation of peripheral countries of Europe and positive macro-economic statistics from Germany led investors to reconsider their attitude to Euro. Experts believe that increasing yield of Italian bonds reflects investors’ confidence in the country and belief that Italy will be able to pay off its debts. The news, which can affect Euro today-is producer price index in Germany. Support and resistance On the four-hour chart the nearest resistance level is 1.3700, which are the highs of last Friday. Support level is 1.3645. Trading tips It is recommended to open long positions from the level of 1.3710 with the target of 1.3780 and protective order around 1.3685.
Dmitry Agurbash Analyst of LiteForex Group of Companies
Weekly analytical video review for currency pairs EUR/USD, GBP/USD and USD/JPY 21-25.10.2013
Weekly analytical video review for instruments EUR/USD, GBP/USD and USD/JPY based on fundamental analysis and technical indicators (MACD, Stochastic, Bollinger Bands). Daily reviews and forecast are available at LiteForex site Forex Trading : Top Forex Broker : LiteForex