Intraday technical levels and trading recommendations on GBP/USD for November 28, 2014

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Previously around 61.8% - 50% Fibonacci levels ( Price zone between 1.6240 and 1.6350 ), a long-term bearish trend was initiated almost two months ago.


The market successfully pushed below 1.6100 shortly after. Prominent bullish DEMAND existed around price zone of 1.5940 - 1.5880. This paused the bearish momentum for almost 20 days before it was resumed.


Then, price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone. The pair has moved sideways until recent bearish breakout took place.


Daily fixation below 1.5870 has put further bearish pressure on the pair to reach 1.5780, 1.5700 and 1.5650 where the back side of the mentioned bearish channel is located.


The previous daily candlesticks represented intraday DEMAND offered around 1.5650 after such a strong bearish momentum. Sideway movement has been taking place for a whole week.


Today, the market is pushing above 1.5800 further beyond the downtrend line that has been respected for 20 days now. The GBP/USD pair has a solid Intraday SUPPLY around 1.5800-1.5820 where many important Fibonacci Levels are located.


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4H chart reveals long period of downside movement roughly maintained within the limits of the depicted channel.


Last week, the bears managed to break below the recent low around 1.5790. This exposed the potential target at 1.5700 and 1.5650 where the backside of the broken channel is roughly located.


As anticipated, risky traders could have taken a BUY position around 1.5600-1.5650. It has achieved most of its targets by now.


This week, conservative traders were instructed to wait for a bullish pull-back towards 1.5820-1.5860 for a low-risk SELL entry.This position was triggered Yesterday as anticipated. It's already running in profits now.


Stop Loss should be lowered to 1.5860 ( slightly above entry levels ). This is now a risk-free position.


Price level of 1.5650 is the first target where profits should be taken until the next destination of the pair gets clear.


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Technical analysis of USD/JPY for November 28, 2014

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Fundamental overview:


USD/JPY is expected to trade in a higher range. It is underpinned by the broadly firmer dollar undertone (ICE spot dollar index last 88.00 versus 87.67 early Thursday) as oil prices plunge after OPEC's decision to stick to its existing target for oil production rather than cutting it in response to tumbling oil prices. USD/JPY is also supported by the demand from Japan's importers and Bank of Japan's large-scale easing policy. But USD/JPY gains are tempered by Japan's export sales and positions adjustment ahead of the weekend. Financial markets in U.S. were close early Friday after Thanksgiving.


Technical comment:
Daily chart is mixed as MACD and stochastics are bearish, but five-day moving average is meandering sideways above rising 15-day moving average.


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 118.90 and the second target at 119.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 117.60. A break of this target would push the pair further downwards and one may expect the second target at 117. The pivot point is at 117.85.


Resistance levels:

118.90

119.30

119.75


Support levels:

117.60

117

116.65


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Technical analysis of USD/CHF for November 28, 2014

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Fundamental overview:


USD/CHF is expected to trade in a higher range. It is supported by the broadly firmer dollar undertone (ICE spot dollar index last 88.00 versus 87.67 early Thursday) as oil prices plunge after OPEC's decision to stick to its existing target for oil production rather than cutting it in response to tumbling oil prices and ultra-loose Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the positions adjustment ahead of the weekend.


Technical comments:

Daily chart is mixed as MACD is bearish but stochastics is neutral.


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 0.9670 and the second target at 0.970. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9575. A break of this target would push the pair further downwards and one may expect the second target at 0.9545. The pivot point is at 0.9610.


Resistance levels:

0.9670

0.97

0.9720



Support levels:
0.9575

0.9545

0.9515


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Technical analysis of GBP/JPY for November 28, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate with a bullish bias. It is supported by the firmer USD/JPY undertone and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and soft EUR/USD and Bank of Japan's large-scale easing policy. Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.


Technical comment:

Daily chart is mixed as MACD and stochastics are turning bearish, but five-day moving average meandering sideways above rising 15-day moving average.


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 186.15 and the second target at 186.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 157.70. A break of this target would push the pair further downwards and one may expect the second target at 184. The pivot point is at 185.10.


Resistance levels:

186.15

186.50

186.75

Support levels:

184.70

184

183.35


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EUR/NZD : analysis for November 28, 2014

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Overview:


In our last analysis, EUR/NZD has been trading upwards. As we expected, the price tested the level of 1.5896 in an average volume. According to the 4H time frame, we can oberve weak demand on the market, which is a sign that buying EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential resistance levels and I got Fibonacci retracement 38.2% at the price of 1.5870 (currently on the test) and Fibonacci retracement 61.8% at the price of 1.5920. According to the daily time frame, we got absorption volume but from the other side we got strong resistance around the price of 1.6030.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5886


R2: 1.5911


R3: 1.5951


Support levels:


S1: 1.5805


S2: 1.5780


S3: 1.5739


Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background buy pay attention on the 1.6030 level


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Elliott wave analysis of EUR/NZD for November 28 - 2014

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Technical summary:


We are still looking for wave c to take off soon. However, a break above minor resistance at 1.5900 and more importantly a break above resistance at 1.5972 is needed to confirm, that wave c higher is developing for a continuation towards 1.6273 on the way higher to 1.6446 and 1.6800. If however, resistance at 1.5900 protects the upside for a break below minor support at 1.5830 the expected rally higher will be delayed for a new test of 1.5788 before the next rally higher can be expected.


Trading recommendation:


We are long in EUR from 1.5830 with stop place at 1.5775. If you are not long in EUR yet, then buy a break above 1.5900 with the same stop.


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Elliott wave analysis of EUR/JPY for November 28 - 2014

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Technical summary:


Our preferred count is still calling for a move lower soon, but the failure to break clearly lower does open for an alternative count calling for a rally past resistance at 147.42 calling for wave b higher towards 148.20 before wave b is over and wave c will be ready to take over for a decline towards 143.88. As long as resistance at 147.42 protects the upside, we will be looking for signs of a wave c lower, but only a break below support at 146.69 will confirm that wave c is developing.


Trading recommendation:


We are short in EUR from 146.90 with with stop at 147.50. If our stop is taken out, we will sell EUR again at 148.10 with stop at 149.25.


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Daily analysis of Silver for 28 November, 2014

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Overview


As it is seen in today's H4 chart, the metal is stabilizing above the Support level of 16.00 after breaking the Support level of 16.50 yesterday. Currently, we should wait for retesting the Support level again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the Support level till testing the next Support level of 15.70. Therefore, we can consider our first target few pips above this Support level, but as long as the price is still above the Support level of 16.00, this cancels the bearish move scenario.


Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)


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Daily analysis of GBP/JPY for November 28, 2014

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Overview


Proceeding from the today's H4 chart, the pair is still trading between the Support level of 184.40 and the Resistance level of 186.00. Currently, the pair has failed again to break the Resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend and we will get a good opportunity to buy again above the Resistance level till closing 4H above the Resistance level of 186.60 as a target. Then, we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level of 187.00. On the other hand, if the pair fails to break the Resistance level of 186.00 and bounces from it, it may take a downward trend, which will enable the Support level of 184.40 again, Therefore, we suggest waiting for the next closing before making the decision.


Resistance and support levels: R3 (187.00) R2 (186.60) R1 (186.00), S1 (184.40), S2 (183.30), S3 (181.00).






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Technical analysis of USD/CAD for November 28, 2014

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Overview :



  • The USD/CAD pair has already formed strong resistance at the level of 1.1465; furthermore, the same level coincides with the ratio of 100% Fibonacci retracement levels. Equally important, it should be noticed that minor support will be set at the level of 1.1323 around the 61.8% Fibonacci retracement levels in H4 chart. As shown, the price of the USD/CAD pair has been moving between 1.1320 and 1.1412. It should be also noted that the price moved lower to 1.1320 and turned higher. So, the range will be about 73 pips today. Additionally, the RSI and the moving average (100) are still calling for an uptrend. Consequently, the market is going to indicate bullish opportunities at the levels of 1.1320 and 1.1350; with the first target of 1.1408 and continuing towards 1.2465 in order to test resistance. On the other hand, if the price falls to close above the level of 1.1465, hence the price will call for a bearish market to go further towards the daily pivot point at 1.1307.


Intraday technical levels:


Date: 28/11/2014


Pair: USD/CAD



  • R3: 1.1499

  • R2: 1.1427

  • R1: 1.1379

  • PP: 1.1307

  • S1: 1.1259

  • S2: 1.1187

  • S3: 1.1139


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Technical analysis of EUR/USD for November 28, 2014

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Overview :



  • The price of the EUR/USD pair is still moving between the levels of 1.2570 and 1.2360. Moreover, it should be noted that the market is not so stable. So is the trend because the market is wobbling, the range will be around 92 pips pips next week. Additionally, the value of 100% Fibonacci retracement levels is 1.2600 (double top). The key level of 1.2600 is present to confirm a bearish market. This level will act as strong resistance because it coincides with the weekly resistance 2. Therefore, sell deals are recommended below 1.2600 or 1.2570 with the target at the level of 1.2417. It will resume towards 1.2360 in order to form a double bottom at this level. Moreover, the price will call for a bearish market to go further towards the level of 1.2330 to test the last support on November 28, 2014. However, it should be noted that the stop loss should never exceed your maximum exposure amounts. So, the best location to set the stop loss should be above the double top.


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#USDX Technical analysis for November 28, 2014

The Dollar index has held support and is breaking above the sideways channel once again. Is this time for real or is this the last chance for bears to reverse the market? I remain bullish targeting 91. The weekly chart is getting better and better and with EUR/USD and GBP/USD weakness I believe we can see a nice long tail in the weekly chart that confirms the strength of Dollar bulls.


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The bullish flag within the bullish flag pattern remains intact and I remain bullish targeting at least 91. The trend remains bullish and the weekly candle means that the red body makes a push higher and a long tail implies how bullish the next week can be. Support is held for now and if resistance at 88.35-88.50 is broken we should expect an explosive rise towards 90-91 which is the target of the bllish flag patterns.


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In the shorter-term, on the 4-hour chart we observe how price has held above the thin ichimoku cloud and how bulls are trying once again to break above the trading range. Resistance is at 88.45 and support is at 87.80. Bulls continue to have the upper hand and I remain bullish and positive as long as we hold above 87.50.


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Technical analysis of USD/CAD for November 28, 2014

General overview for 28/11/2014 09:20 CET


The level of 1.1368 has been violated and that means the ending diagonal idea is now invalidated. Currently, the main count has been invalidated as well and the alternative count is in play right now. This count indicates more impulsive wave development to the upside as the market broken out from the golden corrective channel. The first major target area is the supply zone between the levels of 1.1445 - 1.1465, but more advanced impulsive structure that is being expected is the zone is broken.


Support/Resistance:


1.1504 - WR3


1.1445 - 1.1465 - Supply Zone


1.1437 - WR2


1.1389 - 1.1395 - Wave iii Target Zone


1.1367 - Intraday Support


Trading recommendations:


Traders should consider buying the dips as the market has finally broke out of the corrective channel. All SL should be placed below the level of 1.1224.


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Gold Technical analysis for November 28, 2014

Gold price continues to look weak as it has broken below $1,190 and is making lower lows and lower highs. The rounding top at the 61.8% retracement is an early bearish signal that will get confirmed if $1,174 is broken. The short-term target will be $1,140.


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Red line = resistance


Blue line = critical support


Black lines = trend support


Gold price has broken the short-term support of $1,189 and is now going to test the second and most important support at $1,174. The topping formation looks like a rounding top with the neckline at $1,174 where the previous low was and where the black trend line is found. The short-term target if prices break $1,174 support is at $1,140.


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Black lines = triangle pattern


Red line = support


Gold price has clearly broken down and out of the triangle and is inside the medium term ichimoku cloud support confirming that the trend has changed from bullish to neutral and that soon we could see this change to bearish. If the red trend line fails to hold, the trend will change to bearish. As I said in yesterday's post, I prefer to be short with $1,208 stop as I believe an important top is at that level. We could be at the early stages of a new downard move towards $1,050. I remain bearish.


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Technical analysis of EUR/JPY for November 28, 2014


Technical outlook and chart setups:


The EUR/JPY has been clearly trading sideways between 146.30 and 147.30 since it broke below the immediate trend line support. Please note that the back side of the trend line support is now providing enough room to rally past the 149.00 levels. A more likely probability from here is to break higher towards 151.00 and 154.00 respectively. On the flip side, a break below 145.50 could see the pair further correcting towards 142.00 levels, towards the outer trend line support as seen here. Immediate resistance is seen at 149.00 levels, while support is seen at 145.50 respectively.


Trading recommendations:


It is recommended to remain long now, stop is at 145.50, the target is open.


Good luck!


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Technical analysis of GBP/CHF for November 28, 2014


Technical outlook and chart setups:


The GBP/CHF pair is trading at the 1.5170 levels for now and could be looking to push higher towards at least 1.5270, which is also the fibonacci 0.618 resistance of the drop from 1.5450 to 1.4950 levels earlier. Also note that 1.5300 is past support turned resistance now and hence a reaction could be expected there. Immediate resistance is at 1.5300, followed by 1.5450, 1.5475 and higher while support is seen at 1.5120, followed by 1.5020, 1.4950 and lower respectively. It is recommended to remain long for now, with risk at 1.5000 levels. Bulls could remain in control till at least 1.5300 if not higher.


Trading recommendations:


Remain long, stop is at 1.5, the target is at 1.53.


Good luck!


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Technical analysis of Silver for November 28, 2014


Technical outlook and chart setups:


Silver remains structurally constructive for bulls till prices are above $15.90 levels and also in the buy zone of the support trend line. The metal is trading at $16.11 at the moment, after testing sub $16.00 levels today. Immediate support is seen at $15.90 levels, followed by $15.30, $15.00 and lower while resistance is seen at $17.40/50, followed by $17.80/18.00 levels and higher respectively. It is recommended to remain long, with risk around $15.50. The overall structure is no doubt bearish but the metal could possibly push higher till $15.90 remains intact.


Trading recommendations:


Remain long for now, stop at $15.50, the target is open.


Good luck!


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Technical analysis of Gold for November 28, 2014


Technical outlook and chart setups:


Gold has retraced further towards $1,180.00 levels, and is looking to form base ahead of $1,175.00. Please note that the support trend line is also passing just below $1,180.00 levels for now. Only a break below trend line would suggest that a meaningful top is in place and that the metal is looking to reverse lower below $1,130.00. Immediate support is seen at $1,175.00, followed by $1,145.00, $1,130.00 and lower while resistance is seen at $1,208.00(interim), followed by $1,235.00, $1,255.00 and higher respectively. It is still recommended to remain long, with risk below $1,175.00 levels for a possible extended rally towards $1,240.00 and $1,255.00 respectively. Break below $1,175.00 would negate the bullish view in near future.


Trading recommendations:


Remain long for now, stop at $1,170.00, the target is open.


Good luck!


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Technical Analysis of Gold for November 28, 2014

After 4 days of consolidation at 50Dsma at the previous session, the metal fell to the 1185.00 levels. Today, the metal opened on a bearish note as well. The metal has strong resistance between $1,205.00 and $1,207.00. Until the metal closes below above these levels, bears have an upper hand. This week, we can expect high volatility in the metal prices. The Swiss gold referendum will take place on November 30, 2014. The nearest weekly resistance exists at $1,213.50, above this $1,240 and $1,243.00 are major resistance levels. Bulls will regain strength in case if the metal prices close above $1,207.00. From an intraday view, the prices have support at $1,180.00, below this $1,177.00 and $1,174.50 are major support levels. In the hourly chart, the metal is making higher highs and higher lows. We can expect panic selling below the $1,174.50 levels. In case if the metal prices fall below $1,174.00, we can declare broadening top in the near term. We recommend fresh selling below the $1,180.00 levels. In case if the metal bounces from the support levels, use every rise to sell up to $1,197.00 levels.


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Technical Analysis of GBP/JPY for November 28, 2014

The pound sterling has been consolidating for 7 sessions in a row. It tried to breach 186.15 multiple times, but failed to breach that. As of now, this week the pair made a triple top at 186.15. Ahead of the Japanese data, the JPY looks very weak. The cross opened on a bullish note, opened lower at 185.21. As of now, in Asia's session, the cross made high at 185.87. Safe buying will take place above 186.20. The pound is continuing its winning streak for 6 weeks. The pair has support at 185.00 and 183.99. In case if the prices close above 186.15 on a daily basis, the pair challenges 186.90, 187.45, and 188.30. On the hourly charts, the cross is forming an ascending triangle. The height of the triangle is 2.16 pips. The support levels are rising, representing further initial bullishness. In case if the prices give an upside breakout, we can expect further green bars the next week as well. In case, if the prices again rejected at the higher levels between 186.00 and 186.15, we can expect panic selling towards 185.00; huge panic will be created below 185.00. While I am preparing this article, the prices are facing strong resistance at 185.87 (8hr high). The hourly RSI is indicating further bullishness. We recommend traders waiting patiently for a clear confirmation of a breakout on the higher side. Today, the pound sterlinglooks weak against the US dollar.


Trade:


Buying above 186.20.


Selling below 185.00. GBPJPYH1.png


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Technical Analysis of USD/CAD for November 28, 2014

Oil prices have been weighing against the CAD recently. During yesterday's OPEC meeting, oil prices plunged to a 4-year low. The cartel decided not to cut oil output. As we recommended on Wednesday, above 1.1325 the price will be supported by buying. The pair is facing resistance at 1.1369. In case if the price manages to breach this, it can extend its upswing movement towards the resistance zone between 1.1396 and 1.1402. We can see the real strength above 1.1402 towards 1.1450 and 1.1467. Today, in case if the pair closes above 1.1330, this will become the highest ever close for 5-years on a weekly basis. In case the pair manages to close above 1.1402 on a daily basis, it can challenge 100 and 140 odd pips in a day or two. As we recommended earlier, the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685 in the medium term and 1.1900, 1.2350 in the long term perspective. The pair has resistance at 1.1425 on a daily closing basis. Today, the focus shifts to GDP data. The pair formed a strong base between the 1.1230 and 1.1200 levels. This pair favours using every dip to buy .


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Technical Analysis of EUR/USD for November 28, 2014

The pair rejected at the descending trend line and closed below the 20Dsma. The US dollar was supported at yesterday's session even in the holiday- thinned trade. Today, the pair opened below 20Dsma, made a low at 1.2457. On the down side, the pair has support at 1.2440 and 1.2400. We recommend safe selling below 1.2400 and risk trades can sell below 1.2440 with the targets at 1.2375, 1.2360, and 1.2325. Speculators sell can at the current market price 1.2465, sl 1.2475 with the targets at 1.2455 and 1.2444. Below 1.2440, we can expect the 1.2410 and 1.2400 levels. The pair will go through strong selling pressure below 1.2400 towards 1.2360 and panic will be triggered below 1.2320. In case, the prices close above 1.2600, further 200 pips upswing will ignite. For the near term, 1.2600 is the key level on the bullish front and 1.2350 and 12320 are the key support levels on the support side. The panic will be triggered below 1.2320 with the targets at 1.2250 and 1.2226. In case if the prices close below 1.2226, the pair can extend its fall up to 1.2100. Today, focus shifts to German retail sales, French consumer spending, core CPI estimate, unemployment data, and mainly CPI flash estimates. At yesterday's session, the euro fell after the weak inflation report. Any negative readings released, we can expect 1.2400 and 1.2360 again at today's session.


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Daily analysis of USDX for November 28, 2014

On the daily chart, the USDX remains in a consolidation phase, between 88.63 and 87.35. During today's session, the USDX could move with very low liquidity, since today is a day off after Thanksgiving holiday in the US. So, the USDX will not have significant changes affecting its current trend. The MACD indicator is moving into the negative territory.


Dailychart's resistance levels: 88.63 / 90.40


Dailychart's support levels: 87.35 / 86.20


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The USDX has managed to consolidate above the 200 SMA on the H1 chart, so the next target in the bullish road would be the resistance level of 88.15. However, the USDX could suffer a bearish pressure next week, although the MACD indicator could give it a bullish momentum. This instrument could climb above the 88.15 level and achieve the target level of 88.43.


H1 chart's resistance levels: 88.15 / 88.43


H1 chart's support levels: 87.86 / 87.58


USDXH1.png


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 88.15, take profit is at 88.43, and stop loss is at 87.86.


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Daily analysis of GBP/USD for November 28, 2014

The GBP/USD pair made a pullback at the level of 1.5811 on H4 chart, because this pair lost bullish force during yesterday's session, in which the American markets had low liquidity due to the celebration of Thanksgiving Day. The GBP/USD pair is likely to make a rebound on the bearish trend line that is located at the 1.5700 level, although this area is very weak at the technical level. On the bearish road, the GBP/USD pair finds support at the 1.5589 level. The MACD indicator is moving into the negative territory.


H4chart's resistance levels: 1.5811 / 1.5874


H4chart's support levels: 1.5698 / 1.5589


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On the H1 chart, the GBP/USD pair still finds support on the 200 SMA, which could give it a bullish momentum. So, this pair is to climb to the resistance level of 1.5810. However, we must be very careful with the level of 1.5729 which could act as strong resistance on the H1 chart, bring down GBP/USD and made it fall to the level of 1.5686 in the short term. The MACD indicator is entering the oversold zone.


H1 chart's resistance levels: 1.5739 / 1.5810


H1 chart's support levels: 1.5686 / 1.5632


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Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the GBP/USD pair breaks a bearish candlestick; the support level is at 1.5739, take profit is at 1.5686, and stop loss is at 1.5795.


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Technical analysis of EUR/USD for November 28, 2014

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When the European market opens, some economic news will be released such as German Retail Sales m/m, French Consumer Spending m/m, Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate, CPI Flash Estimate y/y, Core CPI Flash Estimate y/y, Unemployment Rate, and Italian Prelim CPI m/m. The US will not release any economic reports. So, in this context EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2513.

Strong Resistance:1.2505.

Original Resistance: 1.2493.

Inner Sell Area: 1.2481.

Target Inner Area: 1.2451.

Inner Buy Area: 1.2421.

Original Support: 1.2409.

Strong Support: 1.2397.

Breakout SELL Level: 1.2389.


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Technical analysis of USD/JPY for November 28, 2014

!USDJPY.jpg In Asia, Japan will release the Household Spending y/y, Tokyo Core CPI y/y, National Core CPI y/y, Unemployment Rate, Prelim Industrial Production m/m, Retail Sales y/y, and Housing Starts y/y. The US will not release any economic reports. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the Asian session, but with low volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.81.

Resistance. 2: 118.58.

Resistance. 1: 118.35.

Support. 1: 118.06.

Support. 2: 117.83.

Support. 3: 117.60.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.


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USD/CAD intraday technical levels and trading recommendations for November 27, 2014

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Overview:


Three months ago, the price levels around 1.0620 initiated the current strong uptrend on July 2.


Recently, bulls were pushing towards the upper limit of the movement channel (1.1370) in mid-October. Immediate bearish rejection was expressed as anticipated after such a long bullish swing resulting in a bearish correction towards 1.1200.


4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) temporarily allowed bears to push towards 1.1100 ( the lower limit of the bullish channel ) where extensive bullish support was offered.


Recently, bulls have pushed further above price level of 1.1400. However, the upper limit of the movement channel was located around 1.1470 where bearish rejection was anticipated.


Despite the significant bullish SUPPORT offered around price level of 1.1275, the USD/CAD pair spiked down to price level of 1.1190 ( the lower limit of the ongoing channel ).


On the other hand, the price level of 1.1320 ( corresponding to the upper limit of the the movement channel ) once provided enough bearish pressure to push towards 1.1220 ( temporary bearish breakout of the depicted channel was achieved then ).


Bullish breakout off the depicted channel took place earlier today. This enhances the bullish side of the market.


Trade Recommendations:


The market will probably offer a valid BUY entry at retesting of price level of 1.1275 ( backside of the broken channel ). Stop Loss should be set as daily closure below 1.1222.


Potential long-term bullish target is located at 1.1500 ( the upper limit of the depicted movement channel ).


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Intraday technical levels and trading recommendations on EUR/USD for November 27, 2014

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The price zone of 1.2880-1.2900 ( corresponding to the upper limit of the previous broken channel ) was being targeted one month ago. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was initiated.


A bearish breakout off the bullish channel took place shortly after, thus confirming a Flag continuation pattern. Bearish projection target was already reached around 1.2490.


Daily fixation below 1.2490-1.2500 (the origin of the previous bullish swing expressed one month ago) theoretically extends the bearish targets towards the price level of 1.2200.


As we mentioned, the EUR/USD bears needed to obviously fixate below 1.2490 soon enough ( took place already on Friday ).


Price level of 1.2200 corresponds to the projection target of the current bearish flag pattern as long as the bears keep defending the current price zone of 1.2470-1.2490 as their recent SUPPLY zone.


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Few ascending bottoms around 1.2400 and 1.2430 ( within the borken depicted bullish channel ) were established. This applied temporary bullish pressure that's why, the EUR/USD pair managed to fixate above price level of 1.2500 for a few 4H candlesticks before the bears managed to apply enough bearish pressure on Friday.


The bearish flag scenario should now be considered for the longer-term positions. Bears should be looking for a solid SUPPLY ZONE to SHORT the EUR/USD pair around ( review Trade recommendations below ).


On the other hand, the EUR/USD pair has a bearish projection target ( the Flag pattern ) roughly located around price levels of 1.2200.


Trade recommendations:


Price zone of 1.2470-1.2490 should now be considered for SELLING the pair at considerable prices. This price zone corresponds to a previous swing low ( established on October 6) as well as significant Fibonacci level of the most recent bearish impulse.


Stop Loss should be located above 1.2575. Target levels should be set at 1.2430 and 1.2370 respectively.


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EUR/NZD : analysis for November 27, 2014

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Overview:


In our last analysis, EUR/NZD has been trading downwards. The price tested the level of 1.5786 in an average volume. According to the 4H time frame, we can oberve weak supply, which is a sign that selling EUR/NZD at this stage looks risky. I have placed Fibonacci retracement to find potential support and I got Fibonacci retracement 61.8% at the price of 1.5780 (currently on the test). Be careful when selling and watch for potential buying opportunities after retracement (buy on the lows).


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5951


R2: 1.5981


R3: 1.6029


Support levels:


S1: 1.5854


S2: 1.5824


S3: 1.5775


Trading recommendations: Be careful when selling EUR/NZD since we got a strong absorption volume in the background.


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Gold : analysis for November 27, 2014

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Overview :


Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of 1,185.49. According to the daily time frame, we can can observe low activity on the market. Our Fibonacci retracement 61.8% at the price of 1,208.00 is still valid. If the price breaks the level of 1,208.00 in a high volume and healthy price action, we may see futher bullish movement. Otherwise, we may see testing the level of 1,179.00 (Fibonacci retracement 61.8%). Be careful when buying gold at this stage since our Fibonacci retracement is still active.


Daily pivot Fibonacci points:


Resistance levels:


R1: 1,200.57


R2: 1,202.23


R3: 1,204.90


Support levels:


S1: 1,195.23


S2: 1,193.57


S3: 1,190.90


Trading recommendations: Watch for potential buying opportunities after retracement (buy on the lows).


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Daily analysis of Silver for November 27, 2014

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Overview


According to our yesterday's expections, the price closure below the Support level of 16.50 would give new opportunities for sell signals. Currently, the metal has already managed to close below the Support level trading below while it is approaching the next support level. Then, the metal must test the Support level of 16.00 to get more bearish move till reaching 15.70 as the second target. On the other hand, the metal's rebound from the Support level of 18.90 cancels the bearish scenario.


Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)


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Technical analysis of USD/JPY for November 27, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with risks skewed lower. Liquidity was thin later on a trading day as financial markets in U.S. are shut for Thanksgiving Day. USD/JPY is undermined by the lower U.S. Treasury yields (10-year at 2.246% versus 2.261% late Tuesday), weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000), larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%); fewer-than-expected U.S. October new home sales of 458,000 (versus forecast 470,000), unexpected 1.1% drop in U.S. October pending home sales index (versus forecast for 0.5% rise) and weaker-than-expected November University of Michigan final consumer sentiment index of 88.8 versus forecast 90.0 and preliminary reading of 89.4. USD/JPY is also weighed by Japan's export sales. But USD/JPY losses are tempered by the demand from Japan's importers and Bank of Japan's large-scale easing policy.


Technical comment:
Daily chart is tilting negative as stochastics is turned bearish at the overbought levels, MACD histogram bars are turning negative.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 117. A break of this target will move the pair further downwards to 116.65. The pivot point stands at 117.85. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 117 and the second target at 116.65.


Resistance levels:

118.20

118.60

119


Support levels:

117

116.65

116.35


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Technical analysis of USD/CHF for November 27, 2014

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Fundamental overview:


USD/CHF is expected to trade in a higher range. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000); larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%). But USD/CHF losses are tempered by the ultra-loose Swiss National Bank's monetary policy.


Technical comments:

Daily chart is mixed as MACD is bearish but stochastics is neutral.


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 0.9665 and the second target at 0.970. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.9575. A break of this target would push the pair further downwards and one may expect the second target at 0.9545. The pivot point is at 0.9610.


Resistance levels:

0.9665

0.97

0.9720



Support levels:
0.9575

0.9545

0.9515


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Technical analysis of NZD/USD for November 27, 2014

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Fundamental overview:


NZD/USD is expected to trade in a higher range. It is supported by the weaker dollar sentiment (ICE spot dollar index last 87.67 versus 87.89 early Wednesday) after more-than-expected 313,000 U.S. jobless claims in week ended Nov. 22 (versus forecast 289,000); larger-than-expected drop in ISM-Chicago PMI to 60.8 in November from October's 66.2 (versus forecast 64.0); less-than-expected 0.2% increase in U.S. October personal income (versus forecast +0.4%) and 0.2% increase in spending (versus forecast +0.3%), fewer-than-expected U.S. October new home sales of 458,000 (versus forecast 470,000); unexpected 1.1% drop in U.S. October pending home sales index (versus forecast for 0.5% rise), weaker-than-expected November University of Michigan final consumer sentiment index of 88.8 versus forecast 90.0 and preliminary reading of 89.4, Kiwi demand on soft AUD/NZD cross and NZD-USD interest differential. But NZD sentiment is dented by the wider-than-expected New Zealand October trade deficit of NZ$908 million (versus forecast deficit NZ$800 million).


Technical Comment:

Daily chart is mixed as MACD is bullish, but stochastics is in a bearish mode.


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 0.7945 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 0.7820. A break of this target would push the pair further downwards and one may expect the second target at 0.78. The pivot point is at 0.7845.


Resistance levels:

0.9675

0.9720

0.9740



Support levels:
0.9580

0.9555

0.9515


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Technical analysis of GBP/JPY for November 27, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate with a bearish bias. It is supported by the buoyant EUR/USD and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales and softer USD/JPY undertone. GBP/JPY downside movement is tempered by the soothed sterling sentiment as revised U.K. 3Q GDP came in at +0.7% on-quarter and +3.0% on-year, matching forecasts.


Technical comment:

Daily chart is mixed as MACD is bullish but stochastics is bearish near the overbought levels.


Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as far as it remains below its pivot point. Short position is recommended with the first target at 184.65. A break of this target will move the pair further downwards to 184. The pivot point stands at 185.75. In case the price moves in the opposite direction and bounces back from the support level, then it will move above its pivot point. It is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 186.3 and the second target at 186.75.


Resistance levels:

186.30

186.75

187.25

Support levels:

184.65

184

183.35


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Technical analysis of NZD/USD for November 27, 2014

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Trading recommandations :


In the long term:



  • According to previous events, the NZD/USD pair has still been trapped between the levels of 0.7960 and 0.7785.

  • A strong resistance will be formed at the level of 0.8020 providing a clear signal for sell deals with the target seen at 0.7845.

  • Stop-loss is to be placed above 0.8057.

  • A strong level (support) will be formed at the level of 0.7785 providing a clear signal for buy deals with the targets seen at 0.7960 and 0.8015.

  • Stop-loss is to be placed below 0.7738.


Notes :



  • The double top will be set at the level of 0.8020.

  • We expect a range of 189 pips this week. But it should be noted that the risk of 126 pips must make a profit of 189 pips.

  • Volatility: 275.91. Therefore, the market indicates the higher volatility.

  • The value of 38.6% Fibonacci retracement levels is 0.7791 (it confirms the bullish market).


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Technical analysis of GBP/USD for November 27, 2014

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Overview :



  • The price of GBP/USD pair is going to move with the bullish bias from the level of 1.5666 which represents the weekly pivot point. Additionally, the price of 1.5666 coincides with the double bottom and the ratio of 23.6% Fibonacci retracement levels in H1 chart. Accordingly, it will be a good sign to buy above 1.5666 with the first target of 1.5764 to test a minor resistance at this price and it should be noted that the price of 1.5800 represents strong resistance. Also, it will call for an uptrend in order to continue its bullish movement towards 1.5825. Equally important, the resistance will set at the 1.5825 level. So, it will very useful to take profit at this spot. At the same time, the stop loss should be placed below the double bottom at the price of 1.5633. Furthermore, it should be noted that the range today will be moved between the levels of 1.5732-1.5825.


Intraday technical levels :


Date: 27/11/2014


Pair: GBP/USD



  • R3: 1.5965

  • R2: 1.5885

  • R1: 1.5838

  • PP: 1.5758

  • S1: 1.5711

  • S2: 1.5631

  • S3: 1.5584


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#USDX Technical analysis for November 27, 2014

The Dollar index continues to trade inside the sideways channel. It remains above the cloud support and I believe we are at a critical juncture. The time is up for bulls that will need to step up now in order for the new upward move to start. Until now, bears have managed to push the index back below 88 each time it broke higher.


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Black lines = price channel


The Dollar index has short-term support at 87.50. Price is testing the Ichimoku cloud and manages to close above it. The resistance is found at 88 and 88.35. Bulls will need to hold support but also show some signs of strength in order to start a new upward move. Otherwise, bears will overwhelm this index and push it below 87 eventually. Critical support at 87.15, although I believe that a break below 87.50 will be enough for bears.


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The weekly chart remains bullish according to Ichimoku terms but the weekly candle is showing signs of reversal. A weekly close below 87 will be extremely bearish, while a weekly close above 88.20 and near 88.40 will support the bullish scenario and our target of 91 from the two bullish flags.


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