This Week Market Analysis : How to Trade -

This Week Market Analysis : Binary Options Trading Recommendations

Binary Options Trading Recommendations for the upcoming week – Know How to trade in binary options This week (29 October,2012 – 2 November,2012)

S&P 500: While overall long term bias for the S&P 500 is to the downside, we are seeing prices validate some critical short term support that makes the index ripe for hourly CALL options. Bullish bias stays as long as 1390 holds, but a downside break brings us back to long term PUTS.

Gold: Gold prices are bouncing off of daily Fibonacci support levels, creating a bullish bias as long as prices hold above the psychological 1700 level. Weekly CALL options are preferred here but if we see a downside break of Fibonacci support, wait for a drop back to 1630 before getting bullish again. 1740 is the next upside target on the shorter term time frames.

Oil: Oil continues to maintain its foothold at the 61.8% retracement of the move from 77.30, which makes the structure constructive and targets an eventual rise back into the 92.60 region before any stalling is expected. Very high probability CALLS can be taken at current levels, preferably on daily or weekly time frames.

EUR/USD: The Euro is trading in subdued ranges into the middle of the week, just above critical support levels at 1.2955. While its not surprising to see some consolidation in this area, any break to the downside will likely trip stop losses and send prices to a test of 1.2880 into next week.

USD/JPY: The USD/JPY is finding itself in a holding pattern and the immediate term direction at this stage is relatively unpredictable. Long term, the bias is clearly bullish but when looking to place trades this week, we would like to see a drop back to post a test of 72.90 before entering into new weekly CALLS. It is possible we will not see these levels again, however, as the currency pair did come within 15 points of this region. But without these favorable entry levels, options positions are too risky at this stage. Better to wait on the sidelines until more ideal trading setups present themselves.

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