Technical analysis of USD/JPY for November 03, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with a bullish bias after hitting a near-seven-year high 112.98 this morning. Liquidity was thin in Asia as financial markets in Japan were shut for a public holiday. USD/JPY is underpinned by the weak yen sentiment after Bank of Japan on Friday unexpectedly announced it would expand its bond purchases to 80 trillion yens a year from the previous target range of 60 trillion yens to 70 trillion yens. The BOJ's surprise stimulus measures widened the gap between U.S. and Japan's monetary policies as the Federal Reserve on Wednesday said it would end its bond-buying program after October and remained on track to raise interest rates next year. USD/JPY is also supported by the positive USD sentiment (ICE spot dollar index last 86.91 versus 86.16 early Friday) as a jump in U.S. October ISM-Chicago PMI to one-year high of 66.2 in October from 60.5 in September and higher final University of Michigan October consumer sentiment index of 86.9 versus preliminary reading of 86.4 overshadowed a surprise 0.2% on-month drop in U.S. September personal spending (versus forecast +0.1%); higher U.S. Treasury yields (10-year at 2.335% versus 2.305% late Thursday), yen-funded carry trades amid positive investor risk appetite (VIX fear gauge eased 3.37% to 14.03, S&P closed up 1.17% at 2,018.05 Friday) on BOJ's unexpected stimulus measures and Japan Government Pension Investment Fund's plans to increase its allocation to domestic stocks from 12% to 25%. But the risk sentiment dented by the surprise drop in China's official manufacturing PMI to 50.8 in October from 51.1 in September (versus forecast for no change at 51.1). USD/JPY gains are also tempered by the buy-yen orders from Japan's exporters.


Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is in the overbought zone, five-day moving average is above 15-day MA and is advancing.


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 114.70 and the second target at 115.70. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 110.50. A break of this target would push the pair further downwards and one may expect the second target at 109.40. The pivot point is at 111.45.


Resistance levels:

114.70

115.70

116


Support levels:

110.50

109.45

109


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Technical analysis of USD/CHF for November 03, 2014

USDCHFM30.png


Fundamental overview:


USD/CHF is expected to consolidate with a bullish bias after hitting a four-week high 0.9663 on Friday. It is underpinned by the positive USD sentiment (ICE spot dollar index last 86.91 versus 86.16 early Friday) as a jump in U.S. October ISM-Chicago PMI to one-year high of 66.2 in October from 60.5 in September and higher final University of Michigan October consumer sentiment index of 86.9 versus preliminary reading of 86.4 overshadowed a surprise 0.2% on-month drop in U.S. September personal spending (versus forecast +0.1%), higher U.S. Treasury yields (10-year at 2.335% versus 2.305% late Thursday) and dovish Swiss National Bank's monetary policy and contagion from weak EUR on CHF. But USD/CHF gains are tempered by the franc demand on buoyant CHF/JPY cross.


Technical comments:

Daily chart is positive-biased as stochastics is in bullish mode, MACD is turning bullish.


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 0.9695 and the second target at 0.9750. 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 0.9535. The pivot point is at 0.9600.


Resistance levels:

0.9695

0.9750

0.98

Support levels:

0.9575

0.9535

0.95


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EUR/NZD analysis for November 03, 2014

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Overview:


In our last analysis, EUR/NZD has been trading upwards. The price tested the level of 1.6143 in an average volume. EUR/NZD is in a bullish corrective phase, so I have placed Fibonacci retracement to find potential resistance. I got Fibonacci retracement 61.8% at the price of 1.6145 (currently on the test). According to the 4H time frame, we can observe a bullish corrective phase (abcd). We also got an absorption volume in the background, which makes EUR/NZD very risky for mid-term buying.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6102


R2: 1.6138


R3: 1.6196


Support levels:


S1: 1.5987


S2: 1.5951


S3: 1.5894


Trading recommendations: Be careful when buying EUR/NZD pair since our Fibonacci retracement 61.8% is on the test


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Technical analysis of NZD/USD for November 3, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to trade in a lower range. It is undermined by the positive USD sentiment (ICE spot dollar index last 86.91 versus 86.16 early Friday) as a jump in U.S. October ISM-Chicago PMI to one-year high of 66.2 in October from 60.5 in September and higher final University of Michigan October consumer sentiment index of 86.9 versus preliminary reading of 86.4 overshadowed a surprise 0.2% on-month drop in U.S. September personal spending (versus forecast +0.1%); higher U.S. Treasury yields (10-year at 2.335% versus 2.305% late Thursday) and Kiwi sales on buoyant AUD/NZD cross. But NZD/USD losses are tempered by the Kiwi demand on buoyant NZD/JPY cross amid positive risk sentiment and NZD-USD interest differential.


Technical comment:
Daily chart is negative-biased as stochastics is in a bearish mode, MACD is turning bearish.


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 0.77. A break of this target will move the pair further downwards to 0.7670. The pivot point stands at 0.78. 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 0.7880 and the second target at 0.7950.


Resistance levels:

0.78780

0.7950

0.8010

Support levels:


0.77

0.7670

0.76


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Technical analysis of GBP/JPY for November 03, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is to consolidate with a bullish bias. It is supported by the weak yen sentiment after Bank of Japan on Friday unexpectedly announced it would expand its bond purchases to 80 trillion yen a year from the previous target range of 60 trillion yen to 70 trillion yen and sterling demand on soft EUR/GBP cross. But GBP/JPY gains are tempered by sell-GBP orders from Japan's exporters.


Technical comment:
Daily chart is positive-biased as MACD and stochastics are bullish, although the latter is in the overbought zone, five-day moving average is above 15-day MA and is advancing.


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 183 and the second target at 184.05. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 177.80. A break of this target would push the pair further downwards and one may expect the second target at 177. The pivot point is at 178.95.


Resistance levels:

184.05

183

182.45

Support levels:

177.80

177

176.25


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Gold: analysis for November 03, 2014

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Overview:


Since our last analysis, gold has been trading sideways around the price of 1,170.00. We got supply in an ultra high volume (selling climax) and sideways movement is normal arfter strong selling pressure. Our swing low at the price of 1,183.00 is broken, so we may expect testing the level of 1,147.00 (major Fibonacci expansion 161.8%). We are facing very low activity on the market, so we are waiting for a larger volume and stronger price action. According to the 1H timeframe, gold is in a weak bullish corrective phase. I have placed Fibonacci expansion to find potential resistance levels and I got Fibonacci expansion 100% at the price of 1,174.00 and Fibonacci expansion 161.8% at the price of 1,182.00.


Daily pivot Fibonacci points:


Resistance levels:


R1:1,169.79


R2: 1,171.67


R3: 1,174.33


Support levels:


S1: 1,163.77


S2: 1,161.79


S3: 1,158.73


Trading recommendations: Buying gold at this stage looks risky since the price has broken swing low.


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Technical analysis of EUR/JPY for November 3, 2014

General overview for 03/11/2014 11:10 CET


The previous count that indicated a somewhat extended corrective cycle in wave B black has been invalidated when the market made a new high above the wave (xx) brown high. That means the wave (Z) brown of the correction has been completed and now it looks like the market has started a new impulsive wave to the upside. This assumption will be confirmed if all supply levels on a daily chart are violated. Those levels are: 142.02 - 142.42, 143.35 - 143.85 and 144.98 - 145.65 zone. On lower time frames, we can see an impulsive wave development to the upside that starts with waves 1 and 2 blue, then waves (i) and (ii) green and currently wave (iv) green is in progress. The support comes at the level of 140 and any breakout higher above the level of 143.36 is bullish.


Support/Resistance:


143.36 - Swing High


140.11 - Weekly Pivot


140.00 - Intraday Support


138.87 - WS1


135.35 - WS2


Trading recommendations:


Day traders should consider to open short orders at the current price levels with SL just above the level of 143.37 in order for a corrective cycle in wave (iv) green to continue to the downside a little bit. TP orders should be placed at the level of 140.11.


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eurjpy_h4.jpgeurjpy_h1.jpgThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for November 3, 2014

General overview for 03/11/2014 10:45 CET


Only three waves are taking place right now and another push to the upside is being expected when the corrective cycle is completed. The current anticipated pattern for this correction is a triangle pattern with support level at weekly pivot at the level of 1.1251. Please notice that the level of 1.1330 is expected to be violated and the current target is at the level of 1.1384. Only a sustained breakout below the level of 1.1163 would make downward intraday trend to continue and test the level of 1.1121.


Support/Resistance:


1.1121 - Swing Low


1.1170 - WS1


1.1251 - Weekly Pivot


1.1263 - Intraday Support


1.1330 - Intraday Resistance


1.1380 - WR1


1.1384 - Swing High


Trading recommendations:


All buy orders advised last week should still be kept open and any breakout above the level of 1.1330 provides another opportunity to add to existing buy orders. Sl should be moved just below the level of 1.1162.


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Elliott wave analysis of EUR/NZD for November 3 - 2014

2014-11-03-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.6167


R2: 1.6121


R1: 1.6085


Current spot: 1.6063


S1: 1.6033


S2: 1.6000


S3: 1.5958


Technical summary:


Our preferred count is still valid. We saw an important bottom at 1.5903; since that low we have seen the first impulsive rally to 1.6216 and this impulsive rally was followed by an expanded flat correction to 1.5958, which ideally will protect the downside for the next impulsive rally above 1.6121 and more importantly above 1.6263 for a rally towards 1.6446. However, a break below 1.5958 will challenge this scenario, but only a break below 1.5903 will shift the odds towards the alternative count calling for a decline to 1.5700 in an expanded diagonal.


Trading recommendation:


We will buy EUR at 1.6020 or upon a break above 1.6085 with a stop at 1.5955.


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Elliott wave analysis of EUR/JPY for November 3 - 2014

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Today's support and resistance levels:


R3: 141.88


R2: 141.38


R1: 141.12


Current spot: 140.86


S1: 140.65


S2: 140.40


S3: 139.98


Technical summary:


With the break above important short term resistance we know that wave [2] ended at 134.14 and wave [3] is developing. If wave [3] is going to be equal in length to wave [1], then we should see wave [3] rally to 186.04. If we zoom in on the short term picture, we have seen a strong rally in wave iii, which has broken above the resistance-line of the base-channel as we would expect. This is a strong indication, that the rally of the 134.14 low is impulsive. The first target for wave iii is at 142.06. Short term, we will look for support near 140.40 for the next rally higher, but even if support at 140.40 should be broken, the next support will be found just below at 139.98, which is likely to protect the downside for the rally to at least 142.09.


Trading recommendation:


We will be looking to buy EUR at 140.50 with a stop at 139.50.


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#USDX Technical analysis for November 3, 2014

The Dollar index remains in a strong up trend and has broken as expected towards new highs. The bullish flag pattern that I noted a couple weeks ago is progressing according to the plan and should bring the index towards 91. Dollar strength is evident and pull backs should be treated as buy opportunities.


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The Dollar index remains in a strong up trend in the short-term chart as shown above. Price is above the Ichimoku cloud and all cloud indicators remain bullish. Short-term support is found at 86.75 and at 86.25. A pull back towards 86.75 should not be ruled out as this was the previous high. So after making a new higher high, we could see a back test of the break out area.


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Orange line = previous high broken


The Dollar index remains fully bullish in the daily chart as well. The bullish flag is unfolding and I expect the longer-term trend to remain strong and push the index towards our target of 91. A back test of the break out area and the previous high at 86.75 is possible and should be bought. Stop for longs should be the 85 level in case the new high was a fake break out. I give little or no chances for this scenario but in every case we should protect our positions.


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Gold Technical analysis for November 3, 2014

Gold price has made a short-term low at $1,160 and now is trading $10 higher. The short-term consolidation could produce an upward bounce towards $1,190 where the 38% retracement is found. The trend remains bearish. So, we expect Gold price to eventually reach $1,050.


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As long as price is above $1,160 we should expect a bounce towards $1,190 at least. Price is below the Ichimoku cloud and all indicators remain bearish. The extended decline in Gold on Friday is expected to be followed by a short-term relief bounce and then another move lower towards $1,100. The trend will change if price breaks above $1.240.


goldd.jpg

Black line= support


Blue line = resistance


The weekly chart remains fully bearish specially now that we have broken below the triple bottom at $1,180. A back test of the break out area is very possible but my longer-term view remains fully bearish towards $1,050. Any bounce should be seen as an opportunity to sell. Weekly resistance is at $1,213 and a weekly close above it could signal a bigger bounce towards $1,260. As long as Gold price is below the cloud and below the blue trend line resistance I remain bearish with targets below $1,100.


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Technical analysis on GBP/USD for November 03, 2014

The stronger US data and BOJ surprise action added fuel to the US dollar. The pair closed above 20- day high. The pair is trading near the strong multi resistance zone. In Switzerland later this month November 30, voters will vote on gold referendum. The current month volatility will lead the pair. On the monthly chart, the 80.0 fib level exists at 0.9715 above 0.9750 July 2013 high and 0.9838 May 2013 high. The pair gave an upside breakout on the monthly chart aiming for 1.0175 100Msma levels. This view is for medium term basis (2 to 3 months). On a monthly closing basis, in case the pair closes above 0.9764, we can expect a new upswing towards our positional targets at 0.9972 and 1.0175 levels. On the down side, the pair has support at 0.9620 below 0.9540 levels. Profit booking will take place below 0.9540 levels. The monthly support exists between 0.9400 and 0.9360 levels.


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This week, the cable has support at 1.5950 and resistance exists at 1.6050, 1.6100 and 1.6200 levels. In the h4 chart, the price has been facing strong resistance at 324hrsma. Until the h4 candlestick closes above the descending trendline, selling on a rise will is likely to bring profits. We recommend fresh selling below 1.5850 for targets at 1.5760 levels. For an hourly view, the cable made a minor support at 1.5935 5hr low and resistance exists at 1.6011. From the speculative point of view, traders should buy above 1.6015 for target at 1.6039, 1.6050 and 1.6075. Selling below 1.5900 for targets 1.5855 and panic are likely to trigger below 1.5850 levels.


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Forecast and trading recommendations on USD/CHF for November 03, 2014

The stronger US data and BOJ surprise action added fuel to the US dollar. The pair closed above 20- day high. The pair is trading near the strong multi resistance zone. Later this month November 30 Switzerland, voters will vote on gold referendum. The current month volatility will lead the pair. On the monthly chart, the 80.0 fib level exists at 0.9715 above 0.9750 July 2013 high and 0.9838 May 2013 high. The pair gave an upside breakout on the monthly chart aiming for 1.0175 100Msma levels. This view is for medium term basis (2 to 3 months). On a monthly closing basis, in case the pair closes above 0.9764, we can expect a new upswing towards our positional targets at 0.9972 and 1.0175 levels. On the down side, the pair has support at 0.9620 below this 0.9540 levels. Profit booking will take place below 0.9540 levels. The monthly support exists between 0.9400 and 0.9360 levels.


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The pair made a high at 0.9691 in Asia's session, but rejected at higher levels. Currently the pair is trading at 0.9662 levels. The higher level rejection indicating some weakness for an hour and intraday session. We recommend fresh buying above 0.9675 and safe buying only above 0.9695 for an upside targets 0.9715, 0.9730 and 0.9750 levels. Traders can wait patiently for a dip buying between 0.9600 and 0.9550 sl 0.9530. Aggressive traders can buy above 0.9675 levels.


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Forecast and trading recommendations on Gold for November 03, 2014

The surprise BOJ's action and the stronger US data pushed the metal prices to a 4 -year low. The yellow metal finally closed below the multi- support monthly trend line. The previous day's close is the last trading day in the month of October. Bears managed to break below the 200Msma and a 1.5-year support trend line. The height of the symmetric triangle is 253.00, it comes to $927.00 levels. As we recommend earlier and on Friday's article as well, we still remain for our targets at $1,150.00,$1,100.00, $1,024.00, $927.00 and $850.00-$800.00. The metal has strong resistance at the broken support trend line above this, $1,188.00 200MSma and $1,212.00 200MEma. The monthly resistance exists at $1,233.00.


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For the weekly view, the metal opened on a bearish note. As of now, today, the prices are unable to breach the previous week's closing price $1,172.30, just made a high at $1,171.10 levels. In Asia's session the metal made a low at $1,161.40, held the previous day's low $1,161.00. We recommend selling below $1,161.00 with new lower targets at $1,157.50 and $1,152.00. In case, if the metal falls below $1,150.00 it can extend its fall towards $1,138.00. We request traders fresh selling below $1,161.00 or selling on up move. The daily and hourly momentum indicators are at oversold levels. For an intraday view, the metal has resistance exists at 1286.00. We recommend risky buying with sl $1,161.00 with targets at $1,168.00 and $1,173.00. This view is only for speculators. On the down side, we recommend selling below $1,160.00 for targets at $1,157.50, $1,155.00, $1,152.00 and $1,150.00 levels.


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Resistance:$1,186.00,$1,201.00$1,212.00


Support:$1,161.00$1,152.00$1,138.00


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Technical analysis of GBP/CHF for November 03, 2014


Technical outlook and chart setups:


The GBP/CHF pair rallied to 1.5435 levels and is pulling back on the 4H chart view seen here. Please note that the pair has hit fibonacci 0.786 resistance (of the fall between 1.5550 to 1.4975), and a bearish reversal confirmation here would resume its 3rd wave on the lower side. The counter trend line is passing through 1.5200/50 levels for now, and a break there would accelerate downfall. Resistance is seen at 1.5450 and 1.5550, while support is seen at 1.5225, followed by 1.5100, 1.4975 and lower respectively. It is recommended to remain short, risk remains above 1.4550 and also look to add fresh positions at current levels. Bears are expected to regain control till prices stay below 1.5550.


Trading recommendations:


Remain short, set stop at 1.5550, target is open.


Good luck!


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Technical analysis of Silver for November 03, 2014


Technical outlook and chart setups:


Silver droppeds to $15.75 levels in the early hours today before pulling back to $15.94/95 levels. The metal is producing a hammer on the daily chart view, which indicates a potential bottom. Yet, recommendations are to remain on sidelines and wait for a confirmation. Support is around $14.60 and lower, while resistance is seen at $17.80/$18.00, followed by $18.80 and higher respectively. Bears seem to be firmly in control till prices stay below $17.50 and subsequently $17.80. The larger time frame chart views indicate a potential bottom formation around $16.00 levels. It can be confirmed on a bullish reversal signal on the daily chart.


Trading recommendations:


Remain flat for now.


Good luck!


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Weekly forecast and trading recommendation on EUR/USD for November 03-07, 2014

The pair saw a fourth monthly consecutive decline. During the previous week the FED finished its QE program and BOJ surpriseŠ² markets with its QE program. The US dollar has been dominating against its peers. The pair has downside support at 1.2300 and 1.2270, 200Msma. The pair opened on a bearish note in the brand new month. This is the fourth consecutive month opened on a bearish note. This week the key economic data will be released on Thursday, November 06, 2014. The ECB will release its monetary policy stance.


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Weekly forecast for November 03-07


The pair has weekly resistance at 1.2606 and 1.2686 levels. As we recommended earlier the pair favors selling on every rise. Our short-term targets exist at 1.2200 and 1.18 in the long term. The same we have been recommending for the last couple of months. In the H4 chart, we can clearly see the triangle breakdown and closing below it. The height of the triangle is 280 pips. As the triangle height from the base, the downside target exists at 1.2325 levels. Until the prices close below the descending trend line in the h4 chart, use every rise to sell for the downside targets at 1.2480, 1.2440, 1.2400, 1.2360 and 1.2325 levels. On the other side, the pair has resistance at 1.2583, 35DEMA, above this, 1.2632 and 1.2660 will act as strong resistance levels.


EURUSDH4.png

Support: 1.2480 1.2360 1.2325


Resistance: 1.2583 1.2632 1.2660


Trade:


Selling for targets 1.2480, 1.2440, 1.2400, 1.2360 and 1.2325


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Technical analysis of Gold for November 03, 2014


Technical outlook and chart setups:


Gold dropped to $1,160.00 levels taking out long positions yet again. A weekly chat view has been presented here for a larger trend view. A support trend line connecting the 2004/05 and 2008/09 lows is passing through the $1,150.00/$1,160.00 levels. The fibonacci 0.618 support of the rally between $680.00 and $1,900.00 is also passing through the $1,154.00 levels as depicted here. Furthermore, a past resistance turned support is also converging at the same levels. With all the above views, probabilities are high that the metal should bottom out between $1,150.00 and $1,160.00 levels. A bullish reversal signal should be watched for on the daily chart before confirming the same.


Trading recommendations:


Remain flat for now. Signal confirmation is required between $1,150.00 and $1,160.00 levels.


Good luck!


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Technical analysis of EUR/USD for November 03, 2014

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When the European market opens, some economic news will be released such as Spanish Manufacturing PMI, Italian Manufacturing PMI, Final Manufacturing PMI. The US will release the economic data too such as the Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, Total Vehicle Sales, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2521.

Strong Resistance:1.2514.

Original Resistance: 1.2502.

Inner Sell Area: 1.2490.

Target Inner Area: 1.2461.

Inner Buy Area: 1.2432.

Original Support: 1.2420.

Strong Support: 1.2408.

Breakout SELL Level: 1.2401.

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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Technical analysis of USD/JPY for November 03, 2014

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In Asia, Japan will not release any economic statistics, but the US will release some economic data such as Final Manufacturing PMI, ISM Manufacturing PMI, Construction Spending m/m, ISM Manufacturing Prices, Total Vehicle Sales. So there is a big probability the USD/JPY will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 113.29.

Resistance. 2: 113.07.

Resistance. 1: 112.85.

Support. 1: 112.57.

Support. 2: 112.35

Support. 3: 112.13.


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Weekly technical levels of EUR/USD for November 3-7, 2014

Weekly technical levels for the EUR/USD pair.


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Trading recommendations :



  • The price of the EUR/USD pair is going to continue to bearish sentiment from the level of 1.2600. Also, it should be noted that the minor resistance will set at the price of 1.2592 which coincides with the weekly pivot point for November 3-7, 2014. Accordingly, it will be a good sign to sell below 1.2592/1.2600 with the first target of 1.2480 to test a minor support at this price. Also, it will call for downtrend in order to continue its bearish movement towards 1.2416. Equally important, the support will set at the 1.2416 level (the weekly support one). Additionally, it should be noted that a range today will be about 71 pips. However, the stop loss should be placed above 1.2600 at the price of 1.2633.



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General idea about the pivot point .



  • Resistance 3 and support 3 are considered to be clear indicators of the maximum range of extreme volatility, though it is possible to pass them through. Pivot lines work well in the sideways markets, as the prices are most likely to be located between the resistance 1 and support 1 lines. Within a strong trend, the price is expected to be lower than the pivot point line and continue moving. If the breaking news released may affect the market, the price is likely to go straight through resistance 1 or support 1 and even reach resistance 2 and resistance 3 or support 2 and support 3. If the trend breaks resistance or support through, it is likely to result in a significant price movement, it is also referred to as breakout.


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Weekly technical levels of GBP/USD for November 3-7, 2014

Weekly technical levels for the GBP/USD pair.


1414964029_gbpusd_pp.png

Trading recommendations :



  • The price of the GBP/USD pair has still moved between 1.6040 and 1.5923. The weekly pivot point is set at the price of 1.6039. Also it should noted that the weekly pivot point will act as a major resistance on November 3, 2014. Consequently, we expect that the trend is going to call for a bearish market at the level of 1.6040 in H1 chart. Additionally, it should be noted that the range today will be about 82 pips. Shortly after that, sell at the price of 1.6040 with the first target of 1.5945 in order to form a double bottom, , it might resume to 1.5900 to test the weekly support 1 today. However, the stop loss should never exceed your maximum exposure amounts. Hence, the stop loss should be placed above the weekly pivot point at the 1.6066 level.


gbpusdh1.png

Date : November 3, 2014.


The trend movement among resistances and supports.



  • If the price is at pivot point, watch for a move back to resistance 1 or support 1.

  • If the price is at resistance 1, expect a move to resistance 2 or back towards pivot point.

  • If the price is at support 1, expect a move to support 2 or back towards resistance 1.

  • If the price is at support 2, expect a move to support 3 or back towards support 1.

  • If the price is at resistance 2, expect a move to resistance 3 or back towards resistance 1.


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Daily analysis of GBP/USD for November 03, 2014

On the daily chart, the GBP/USD continues to find strong bearish pressure at the level of 1.6146, because this pair has formed several fractals in that area. Now, the GBP/USD is consolidating below the level of 1.6046 and the next target in the medium term, it would be the support level of 1.5883. It should be noted that this level is very strong and has slowed further declines in the GBP/USD. The MACD indicator is entering overbought zone.


Dailychart's resistance levels: 1.6046/1.6146


Daily chart's support levels: 1.5883/1.5746


GBPUSDDaily.png


The GBP/USD has made a rebound on the level of 1.5950, an area that has caused this pair performs range movements in the H1 chart. However, it is likely that the GBP/USD make a bullish retracement to the resistance level of 1.6031. But the pair still has plans to make a breakout of the support level 1.5980 and then fall to the level of 1.5925. The MACD indicator remains in positive territory, favoring the completion of a bullish retracement in this chart.


H1 chart's resistance levels: 1.6031 / 1.6075


H1 chart's support levels: 1.5980 / 1.5925


GBPUSDH1.png


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 1.5980, take profit is at 1.5925, and stop loss is at 1.6035.


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USD/CAD intraday technical levels and trading recommendations for October 31, 2014

caddaily.jpg

Overview:


Two months ago, the bearish swing (initiated in March 2014) was stopped at the price level of 1.0620. This price level corresponded to the lower limit of the channel as well as the backside of a steeper bearish one.


A bullish breakout off the movement channel took place in August. Since then, the pair has been trending-up within the depicted bullish channels.


Bulls were pushing beyond the upper limit of the movement channel in mid-October. The USD/CAD pair looked overbought on the daily chart then.


Few days ago, the USD/CAD pair tested the upper limit of the steeper channel. This corresponded to the price level of 1.1370. Immediate bearish rejection was expressed as anticipated after such a long bullish swing resulting in a bearish correction towards 1.1200.


As anticipated, 4H fixation below 1.1230 - 1.1210 ( 50% Fibonacci level ) allowed the bears to push towards 1.1100 where bullish recovery was expressed as anticipated this week.


Today, the bulls have pushed further above price level of 1.1300. Note that price level of 1.1330 corresponds to the backside of the broken channel as well as previous bearish spikes on the daily chart.


Bearish rejection should be anticipated. Thus, a good short position may be offered there.


Recommendations:


The current price levels up to 1.1350 probably offers a valid SELL entry with SL located just above 1.1385.


Target levels should be set as 1.1160 then 1.1100 to come next.


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