| Author's today's articles: Azeez Mustapha - Official analytic of InstaForex Companies Group  Born on June 29, 1978 Azeez started on the currency and stock market in 2001; making rapid progress and has written many world-class and cutting-edge articles on trading strategies, technical analyses, market psychology and correct trading mindset, risk and money management, etc, Has wide educational and professional experience in forex trading, coaching and funds management. Worked for leading on-line projects as Senior Analyst and Forex Signals Strategist. Interests: Receptive to new ideas, sharing his knowledge with others; reading, good music and exercise. Arief Makmur - Official analytic of InstaForex Companies Group  Born May, 15th/1970 at Jakarta; Graduate from Trisakti University in 1998 at Major Corporate & Bussiness Law. Starting in Finance World in 1998 at Jakarta Stock Exchange & Familliar with Forex Market since December 2003. Harsh Japee - Official analytic of InstaForex Companies Group  Official analyst of InstaForex Companies Group. Born on 4th February 1977. Studied Bachelor of Computer Science and Engineering, Dgyneshwar Vidhyapeeth, Pune, India. Work Experience:Worked as a Network Specialist and was involved in many Wide Area Network implementation projects for Corporates and Stock Exchanges in India. Got involved into Forex Markets, since early 2006. Developed Trading Sills and became an FX Technical Trainer since March 2008. Currently visiting premier B-Schools as a Technical Trainer and also serving at Ahmedabad Management Association. With Divine Blessings of Guruji have personally trained around 750+ participants in Gujarat since March 2008. Also acting as a Currency Hedging Advisor to a few Export-Import Companies in Ahmedabad, Gujarat. Authored "FX Technical Traders Handbook" published by Ahmedabad Management Association. Interests: Light Music, Meditation, Serving Less Priviledged. "When One Understands "Who am I", All Problems are Solved." By Our Divine Guruji, Dhyanyogi Shri Madhusudasji Maharaj Ahsan Aslam - Official analytic of InstaForex Companies Group  Born in 1988, obtained his professional degree of accounting (chartered Accountant). In 2007 to enhance his exposure and to excel in Accounting and auditing field he has obtained professional certification of CIA (certified Internal Auditor) from Institute of Internal Auditors USA. Acquired his First Experience as a Analyst of stock exchange in investment company. In 2007 Started Trading Forex online and managed some big accounts. He wrote many articles about forex trading in business magazines and analysis. In 2009 Completed his first book that covered topics related to technical analysis. In 2010 founded his own company providing its clients with complete overview and ease of trading through Forex technical research and analysis. Mohamed Nour Elden Beshir - Official analytic of InstaForex Companies Group  Born November 18, 1966, in Egypt. In 1990 graduated from the Faculty Of Engineering, Alexandria University. In 2000 started to follow financial markets. Took a higher diploma in investing and finance in 2008 and also CMT in 2009. Started at the Financial World as an analyst, then worked as a technical analysis consultant at Misr Financial Investments Co. Since 2005 has been working on the Stock Exchange. Has been familiar with Forex since December 2005. Being a member of the Egyptian Society of Technical Analysis, attends seminars and conferences dedicated to financial markets. Is a member of the American Market Technicians Association.
Interests: football, reading, volleyball, swimming, movies Albert Fitoussi - Official analytic of InstaForex Companies Group  Born in December, 1977. I made my economic studies in the sorbonne (Paris) I integrated broking firms such as pinatton, ODB or Dexia securities making recommendations of technical analysis for the institutional on shares. In 2006 creations of Fx Office desk of analysis forex who supplies with the analysis to the biggest institutions of forex world. Andrey Syrbu - Official analytic of InstaForex Companies Group  Born 5 April 1977. Graduated from the Technical University of Moldova with Information Technologies specialty. Andrey has been trading on Forex since 2005. He has also been studying various trading strategies, tactics, and theories including the Elliott wave system for many years. Nowadays Andrey is interested in analyzing forex options. Option data is provided by the Chicago Mercantile Exchange. Besides trading, Andrey is engaged in developing and improving his trading system, writing analytical reviews and market forecasts. Interests: web programming, web development and promotion. Your success depends on your own decisions. John Rockefeller Never invest in a business you cannot understand. Warren Buffet Gerardo Porras Palomino - Official analytic of InstaForex Companies Group  Born August 30, 1980, in Huancayo, Peru. Since 1999 studied Maintenance Mechanics, specializing in fluids engineering (SENATI). In 2005 entered the foreign exchange market and started dealing with investments and studying Technical Analysis. Since 2007 devoted all his time to Forex world. Passed the advanced course of Forex trading (UdeForex) at University of Forex and thus aquired the following qualification: Operator and Analyst in the foreign exchange market. Carried out many other studies; among them there are the Waves of Elliot, the famous theory of Fibonacci etc. Presently seeks to operate his own money on the market, to carry out Technical and fundamental analysis and also to instruct beginners helping them to gain consistency in trading.Interest: reading, music, playing chess, operating on Forex. Daily Trading Forecasts (October 24, 2012) 2012-10-24 EURUSD: This pair was bearish yesterday, and further continuation of this bias could lead to a confirmed ‘sell’ signal. The support line at 1.2950 is being besieged – as it stands the chance of being breached to the downside. The RSI 14 period is far below the level 50. 
USDCHF: USDCHF was bullish yesterday – almost significantly. A continuation of this bullish pressure would eventually lead to a valid ‘buy’ signal later today. The nearest resistance level is at 0.9350 (with a possibility of being tested). The RSI 14 period is far above the level 50. 
GBPUSD: The cable has continued showing weakness as the EMA 11 remains below its EMA 56 counterpart. That said, the Williams’ % Range is now in the oversold region, so a short-lived pullback would not be a surprise. The psychological level at 1.6000 was eventually violated on the downside. The next target is the accumulation zone at 1.5900. 
USDJPY: The supply territory at 80.00 still proves formidable for the price on this market. USDJPY has shown its unwillingness to pull back significantly. That supply territory is being besieged, and may yield to bulls’ attack as the northward pressure resumes. The price is far above the EMA 56, and the RSI 14 is in a perpetual oversold condition. 
EURJPY: There was a conspicuous pullback on this cross yesterday. The supply zone at 104.50 rejected further bullish attempts. The price closed at the demand zone of 103.50, and later bounced up. The signal on this cross is still a "buy", especially considering the situation on the Williams’ % Range period 20. 
EUR/USD Intraday Technical Levels for October 24, 2012 2012-10-24 
TODAY's TECHNICAL LEVELS: Breakout BUY Level: 1.3036. Strong Resistance: 1.3028. Original Resistance: 1.3016. Inner Sell Area: 1.3004. Target Inner Area: 1.2973. Inner Buy Area: 1.2942. Original Support: 1.2930. Strong Support: 1.2917. Breakout SELL Level: 1.2910. DESCRIPTION: Today EUR/USD has support and resistance at 1.2930 and 1.3016. The pair is accompanied by strong support at 1.2917 and by 1.3028 as strong resistance.
If EUR/USD breaks out and closes below 1.2910 level today, then it will indicate considerable bearish strength. Meanwhile, if EUR/USD manages to break out and closes above 1.3036 level, then it will denote high bullish strength. Alternatively, for advance traders, you can trade in a way to open a BUY position at the level of 1.2942 and at 1.3004 - a SELL position. In this case both targets should be located at the level of 1.2973. Best regards, Arief Makmur Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com USD/JPY Intraday Technical Levels for October 24, 2012 2012-10-24 
TODAY's TECHNICAL LEVELS: Resistance 3: 80.28. Resistance 2: 80.18. Resistance 1: 79.96. Support 1: 79.78. Support 2: 79.62. Support 3: 79.46. DESCRIPTION: Please, pay attention to the levels of support 3 (79.46) and resistance 3 (80.28). In general, when a level is touched, USD/JPY will rebound from the previous minimum by 10 to 20 pips, but if the levels are broken through by over 50 pips, then it will be a sign that these currencies have found trends today. Best regards,
Arief Makmur
Official Analyst of InstaForex Companies Group
InstaForex Companies Group
http://instaforex.com
E-mail: Arief.jakarta@indo.instaforex.com
GbpChf Resistance Placed Around 1.4910/50 2012-10-24 
Technical Outlook and Chart Setups: The single currency pair has been bouncing off between 1.4800/10 and 1.4880/90 levels lately. As it was depicted above, the trend line seems to be broken but price is holding 1.4800 level. The bears must be targeting the next support which is placed at 1.4700 level. Resistance should be met around 1.4920/50 levels. It is recommended to take maximum or all profits on earlier short positions taken and wait for a clear directional movement for now. A break past 1.4800 will target 1.4700 level. Trading Recommendations: Book profits on all short positions taken earlier. Flat for now. Good Luck! EurJpy Hits 104.50 Level Before Pulling Back 2012-10-24 
Technical Outlook and Chart Setups: The single currency pair hit 104.50 levels yesterday before pulling back sharply. Maximum or all profits on long positions should have been booked by now. As it was depicted above, 103.10/30 levels are immediate support now. Bulls may be targeting 104.70 level as last spike before finally giving it up. Intermediary resistance is now placed at sub 104.50/60 levels. If any long positions or fresh longs were taken earlier, the risk should be just below 103.00 level. A break of 103.00 would further confirm that a meaningful top is in place at 104.50. We should observe if the pair is short henceforth. Trading Recommendations: 1. If all profits were booked at 104.50, flat for now. Wait for the next clear signals.
2. If long positions are being held, or fresh longs were taken, move stop loss to 103.00 and target at 104.70. Good Luck! USD/JPY: Technical Analysis 2012-10-24 
Overview:
USD/JPY is consolidating after hitting three-and-a-half month high of 80.02 on Tuesday, as markets are awaiting 01:45 GMT October HSBC China flash manufacturing PMI data and 18:15 GMT U.S. FOMC interest rate decision. USD/JPY is undermined by flows to safe-haven JPY and unwinding of JPY-funded carry trades amid heightened risk aversion (VIX fear gauge surged 13.3% to 18.83) as Wall Street tumbled overnight (DJIA down 1.82%) on fears of prolonged U.S. economic slowdown after disappointing third-quarter earnings results from U.S. blue chip companies. USD/JPY is also weighed by Japan exporter sales; lower U.S. Treasury yields; and concerns about U.S. "fiscal cliff" that could throw the U.S. economy back into recession. But USD/JPY downside is limited by demand from Japan importers and weak JPY sentiment on expectations for further monetary easing from Bank of Japan at its Oct. 30 meeting.
Preference:
Buy above 79.65 with first target 80 and if it exceeds further, than second target is 80.10.
Resistance Levels:
R1 - 80.00
R2 - 80.09 (July 5 high)
R2 - 80.35
Alternative scenario:
If price crosses below the pivot point 79.65, look for further downside with 79.4 and 79.1 as targets.
Support Levels:
S1 - 79.4
S2 - 79.14 (Friday's low)
S3 - 78.91 (Thursday's low)
Technical Comment:
The pair stands above its support and remains on the upside. USD/JPY daily chart is positive-biased as MACD and stochastics are bullish. Although, latter it was overbought; five-day moving average is above 15-day MA and rising. USD/CHF: Bullish Bias Above 0.9285 2012-10-24 
Overview:
USD/CHF is consolidating with bullish bias after hitting six-day high of 0.9343 on Tuesday. The rate is underpinned by broadly stronger demand for safe-haven USD amid higher risk aversion. However, USD/CHF gains tempered by positions adjustment before U.S. FOMC monetary policy announcement.
Preference:
Buy above 0.9285 with first 0.9345 and 0.936 in extension.
Resistance Levels:
0.9343 (Tuesday's high)
0.9371 (Oct. 15 high)
0.9418 (Oct. 11 high)
Alternative scenario:
Below 0.9285 look for further downside with 0.927 and 0.9245 as targets.
Support Levels:
S1 - 0.927
S2 - 0.9244 (Monday's low)
S3 - 0.9210 (Oct. 17 low)
Comment:
The pair is rebounding and should post further advance as the RSI is well directed. Daily chart is positive-biased as stochastics is rising from oversold, MACD has turned bullish.
Gold Holds Above 1,700.00. Short Time Charts Indicate A Reversal 2012-10-24 
Technical Outlook and Chart Setups: Gold holds support region around the 1,700.00 range. It is also reinforced by the past resistance turned support area as seen on the charts (dotted price line). Furthermore, the 1,690.00 region is also strong support and our stops are just below that region at 1,680.00. Short-term charts (15min-1hour) are showing signs of a reversal; currently prices are around 1,711-1,712 region and a push through 1,725-30 levels today will confirm a bullish reversal. Immediate resistance is at 1,730.00 level now. Long for now. Trading Recommendations: Stay long for now. Stop at 1680.00. Target open (new highs). Good Luck! Silver Holding 31.60/80 Levels. Short-term Charts Signalling A Possible Bullish Reversal 2012-10-24 
Technical Outlook and Chart Setups: As depicted above, silver is still holding support region around 31.60/80 levels. Furthermore, strong support is around 30.20 levels. Short-term charts (15min-1hour) are beginning to show signs of reversals, but resistance which is now placed at the 32.50 region needs to be broken to confirm a bullish reversal. The long-term trend set-up should be taken into consideration. It is still recommended to stay long and add positions on dips. Our risk is around 31.00 region for now. Trading Recommendations: Stay long for now. Stop at 31.00. Target open (fresh highs). Good Luck! GOLD Wave Analysis for October 24, 2012 2012-10-24 .png)
GOLD Elliott Wave
Since our last analysis Gold was trading in a downward move, impulsive wave 5 (coloured blue) of the bigger wave (C) (coloured green) was developing. Yesterday during the European session we could observe descending movement from 1,729.38 towards the 1,705.38 level. Therefore, during the New York session we could observe gold reaching a new daily low at 1,703.17 level and we can consider this move as the end of the corrective wave (4) (coloured orange). Today this commodity is trading around 1,706 level and we are expecting to see price around 1,813.60 level soon. In accordance with our wave rules and taking into account that the wave 5 should retrace 100% of the wave 1, we can define the potential targets with measuring wave 1, with take profit at 1,813.59 (100% of wave 1). To reduce the risk, we can use invalidation at 1,704.00 level as stop loss.
Support and Resistance
(S3) 1671.7 (S2) 1688.2 (S1) 1698.3 (PP) 1714.8 (R1) 1724.9 (R2) 1741.4 (R3) 1751.5
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1,714.20 with stop loss 1,704.00 and take profit at 1,813.59 are recommended.
AUD/USD Wave Analysis for October 24, 2012 2012-10-24 .png)
AUD/USD Elliott Wave
Yesterday the AUD/USD pair was trading in a downward move, impulsive wave 5 (coloured blue) of the bigger wave (1) (coloured green) was developing. During the Asian and European sessions we could observe strong descending movement from 1.0338 towards the 1.0265 level. Therefore, during the early New York session the AUD/USD pair continued trading in a bearish mood reaching a 1.0235 level and we can consider this move as the end of the wave (1) (coloured green). At the moment this currency pair is developing corrective wave (2) and we are expecting to see price higher today. In accordance with our wave rules and taking into account that the wave 2 should retrace 61.8% of the wave 1, we can define the potential targets with measuring wave 1, with take profit at 1.0344 (61.8% of wave 1). To reduce the risk, we can use support at 1.0293 level as stop loss.
Support and Resistance
(S3) 1.0176 (S2) 1.0215 (S1) 1.0240 (PP) 1.0279 (R1) 1.0318 (R2) 1.0343 (R3) 1.0382
Trading Forecast
Proceeding from Elliott Wave rules today, the trend is expected to begin the upward movement. That is why long positions at level 1.0315 with stop loss 1.0293 and take profit at 1.0344 are recommended. EUR/USD Intraday Technical Analysis 2012-10-24 
The spot rate is currently testing the intermediate resistance of its medium-term bearish channel at 1.3000. It seems a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1.3060.
Technical indicators do not provide clear signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.
The spot rate is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1.3000 with the 1st objective at 1.2940 and then at 1.2920. A breakthrough of 1.3020 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.3000 with the 1st objective at 1.3060 and then at 1.3080. A breakthrough of 1.2980 will invalidate this scenario. GBP/USD Intraday Technical Analysis 2012-10-24 
The spot rate approaches the intermediate resistance of its medium-term bearish channel at 1.6040 and It seems a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1.6150.
Technical indicators provide buy signals, but until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.
The spot rate is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1.6040 with the 1st objective at 1.5980 and then at 1.5960. A breakthrough of 1.6060 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy the spot rate as soon as it is broken through its resistance of 1.6040 with the 1st objective at 1.6100 and then at 1.6120. A breakthrough of 1.6020 will invalidate this scenario. GOLD Intraday Technical Analysis 2012-10-24 .png)
Gold is currently testing the intermediate resistance of its medium-term bearish channel at 1,713. It seems a decline was initiated. However, a break of these levels will free a large potential and reach the upper limit of its channel at 1,733.
Technical indicators do not provide clear signals and evolves in oversell zone supporting the hypothesis of a rebound. But until the resistance is not broken the assumption of a decline is most likely. Bollinger bands are much discarded as a result of a strong decline these days. Stabilization is expected in the short term.
Gold is currently testing the intermediate resistance of its channel, we suggest 2 scenarios. The first one is the hypothesis of a decline where we recommend a sell on the level of 1,713 with the 1st objective at 1,703 and then at 1,700. A breakthrough of 1,716 will invalidate this scenario. The second scenario is a break of its resistance where we advise a “buy stop” which means to buy gold as soon as it is broken through its resistance of 1,713 with the 1st objective at 1,725 and then at 1,730. A breakthrough of 1,710 will invalidate this scenario. EUR/JPY Intraday Technical Analysis 2012-10-24 
The spot rate is currently testing the lower limit of its medium-term bullish channel at 102.90 suggesting a rebound. However, a break of these levels will free a large potential and initiate a violent bearish channel.
Technical indicators provide sell signals, but until the support is not broken the assumption of a rebound is most likely. Bollinger bands have greatly tightened in the recent days showing a decline in volatility and the imminence of a violent movement. Furthermore, the spot rate evolves on the levels of the inferior band supporting the hypothesis of a rebound.
The spot rate is currently testing the lower limit of its channel, we suggest 2 scenarios. The first one is the hypothesis of a rebound where we recommend a buy on the level of 102.90 with the 1st objective at 103.50 and then at 103.70. A breakthrough of 102.70 will invalidate this scenario. The second scenario is a break of its support then we recommend a “sell stop” which means to sell the spot rate as soon as it is broken through its support of 102.90 with the 1st objective at 102.20 and then at 102.00. A breakthrough of 103.10 will invalidate this scenario. EUR/JPY Analysis for October, 24 2012-10-24 Daily 
The rate fixed above the correctional level of 50.0% - 102.77 Fibonacci and the bearish candlestick formation Harami was built. The bearish Engulfing pattern had been formed before it. Thus, the quotes may continue downward move towards the level of correction 50.0%. The building of bullish candlestick pattern or consolidation above the level of 61.8% of Fibonacci may enable the growth towards the next level of correction 76.4% - 107.34. The rate may retrace the correctional level of 50.0% as well as it may open up the possibility for the pair to turn in favor of the euro. 4h 
The bearish candlestick pattern enabled the rate to consolidate under the correctional level 100.0% - 103.83 of Fibonacci. The bullish candlestick patterns Harami and Morning Star were built; the price returned to the level of 100% of Fibonacci and the bearish pattern Long-legged Doji was built. As a result, the rate’s consolidation above the correctional level 100% provides a possibility of growth towards the next correctional level 161.8% - 106.44 of Fibonacci. If such a consolidation is not seen, then the rate may continue falling towards the correctional level 76.4% - 102.84 of Fibonacci. Building of a new bullish candlestick pattern gives a reason to consider the consolidation of the rate above the level of 100.0%. AUD/USD Bullish Outlook - For October 24, 2012 (Daily Strategy) 2012-10-24 The AUD/USD pair managed to break its downtrend line on 17 October. It made a pullback to the bearish trend line yesterday; these details may be observed on the chart. Given that the pair is below the 200 day moving average period we cannot ensure that the pair is completely upward. In order to confirm it we should wait for a close above 1.0344. If you have already taken bullish positions on this pair, we recommend keeping it.
Therefore, we recommend buying this pair at current price level, because the pair is above the weekly pivot and it increases the probability of an upward movement. We will place our target at 1.0520.
The technical indicator is showing bullish strength. 
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com If you like my technical analysis, please vote for me, in the portal MT5.com, please login and then vote for me. Thanks. EUR/USD Strong Support 1.2873 For October 24, 2012 (Daily Strategy) 2012-10-24 The EUR/USD pair is very close to the weekly support 1.2893. Below it there is the uptrend line crossing at 1.2873. We believe that before the euro holds up it must break support at these levels. As we mentioned yesterday in our article, the euro has a strong downward pressure below 1.30005. Only a meaningful optimistic data could lead the pair to reach the highs last week.
At a fundamental level, the minutes of FOMC meeting will be released today. Much volatility is expected; therefore we recommend exercise great caution before making a decision.
Therefore, we recommend buying weekly support. It is recommended to buy only if you want to take a position now. You can buy at current price level with low leverage, with targets back to 1.3120.
The technical indicator is approaching a bullish rebound. 
If you need personal consultation, contact me via e-mail: gerardo.porras@analytics.instaforex.com If you like my technical analysis, please vote for me, in the portal MT5.com, please login and then vote for me. Thanks. Subscription's options management Theme's:
Fundamental analysis, Fractal analysis, Wave analysis, Technical analysis, Review, Forecast, Stock Markets
Author's :
Alexander Dneprovskiy, Aleksey Goncharov, Maxim Magdalinin, Stanislav Polyanskiy, Alexey Portnov, Natalia Grigorieva, Aleksey Almazov, Asri Mahmood, Denis Strelkov, Arief Makmur, Gleb Kabanov, Vadim Idrisov, Gerardo Porras Palomino, Albert Fitoussi, Sergey Dushechkin, Mohamed Samy, Vyacheslav Belousov, Oleg Khmelevskiy, Mourad El Keddani, Sergey Litvinenko, Muzammil Hussain Bhatti, Grigory Sokolov, Mohamed Nour Elden Beshir, Yuriy Zaycev, Andrey Syrbu, Harsh Japee, Dmitriy Demidenko, Azeez Mustapha, Nikita Kabanovs, Ahsan Aslam
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