GBP/USD intraday technical levels and trading recommendations for November 5, 2014

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Overview:


The GBP/USD pair has been moving downwards respecting the depicted downtrend line since July 15 when the ongoing downtrend was initiated.


Many bearish impulses were previously initiated around 1.7180, 1.6630, and 1.6400 where the downtrend line came to meet the pair then.


The price zone of 1.6060 - 1.6090 constituted a transient daily support that paused the bearish movement for a few days since September 9. However, bears quickly managed to push below reaching down to 1.5890 (depicted on the chart).


Price level of 1.5890 provided a solid daily support level that provided evident bullish recovery. Thus, bulls have pushed above the downtrend line.


Bullish fixation above 1.6060 was essential to maintain the bullish scenario. However, bears have failed to do so. Instead, the market moved towards the backside of the broken trend line once again.


The 4H chart shows a sideway consolidation range initiated in October. There lower limit of this range is located around 1.5870 where the backside of the broken downtrend line is also located.


Trading recommendations:


Price action should be watched around the current prices (1.5870-1.5890). A valid BUY entry may be offered today if sufficient bullish rejection is expressed. Stop Loss should be set as daily closure below 1.5835.


Bullish fixation above the price level of 1.6025 ( Thursday's highest level ) and 1.6075 confirms this bullish position. The target level would be located around 1.6150 initially.


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USD/CAD intraday technical levels and trading recommendations for November 5, 2014

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Overview:


Two months ago, the price levels around 1.0620 (corresponding to the lower limit of the channel) initiated the current strong bullish swing.


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


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 where bullish recovery was expressed.


Today, the bulls have a solid Intraday Support level located around 1.1300-1.1350 where the most recent daily top is located. A valid Buy entry may be offered if retesting occurs sooner than a new bullish breakout.


Today, the bulls have pushed further above price level of 1.1400. The market is showing quite strong bullish momentum. However, the upper limit of the movement channel is located around 1.1490 where bearish rejection should be anticipated. Thus, a good short position may be offered there.


Recommendations:


Price zone of 1.1490-1.1500 will probably offer a valid SELL entry with SL located just above 1.1550.


Target levels should be set as 1.1430 then 1.1350.


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Elliott wave analysis of EUR/NZD for November 5 - 2014

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Today's support and resistance levels:


R3: 1.6162


R2: 1.6138


R1: 1.1618


Current spot: 1.6093


S1: 1.6072


S2: 1.6058


S3: 1.6038


Technical summary:


The decline to 1.5992 has once again complicated things here. At this point it is almost impossible to tell, whether we are in a very complex correction or in an impulsive rally higher. We are still slightly in favor of the impulsive count, but if this is the case, then resistance at 1.6207 should be taken out, without any trouble for a rally towards 1.6269 and above for a continuation higher to 1.6446. Only a break below support at 1.5992 and, more importantly, a break below support at 1.5957 will shift the focus towards the expanding diagonal count.


Trading recommendation:


Our stop at 1.6025 was hit and we will stay neutral to the picture clears.


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Elliott wave analysis of EUR/JPY for November 5 - 2014

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Today's support and resistance levels:


R3: 143.44


R2: 143.26


R1: 143.16


Currnt spot: 143.13


S1: 142.85


S2: 142.50


S3: 142.18


Technical summary:


EUR/JPY is just powering ahead higher, but we think that red wave iii ended at 143.44 and after a correction towards 141.83 in red wave iv, red wave v will take over for the next rally higher towards 144.64. In the short term, a break below support at 143.04 will confirm that the correction in red wave iv is unfolding. After a powerful rally like what has been seen in red wave iii, we should only expect a minor correction in red wave iv.


Trading recommendation:


We bought EUR at 142.25 and will lift our stop to 143.00 and if done, we will re-buy EUR at 142.00 with a stop at 140.30.


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Technical analysis of EUR/JPY for November 5, 2014

General overview for 05/11/2014 10:00 CET


The five impulsive waves to the upside that were a part of bigger wave 3 blue has been completed and the price has hit the larger time frame supply zone (daily chart). Currently, a corrective cycle is needed and the first support levels are intraday support at the level of 142.55 and technical support at the level of 141.69. The current pattern of the corrective cycle is unknown but it is very possible that wave 4 blue will be in the shape of a triangle formation.


Support/Resistance:


143.78 - 143.47 - Supply Zone


143.67 - WR1


142.55 - Intraday Support


141.69 - Technical Support


141.36 - Technical Support


Trading recommendations:


The advised buy orders should still be in play but the SL level should be moved just below the level of 143.00. The TP level has not been hit yet (20 pips miss), but is it still possible that it will be hit later today.


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Technical analysis of USD/CAD for November 5, 2014

General overview for 05/11/2014 09:40 CET


The wave progression is developing as anticipated with the price making new higher highs. The projected target level of daily chart is the price zone between the levels of 1.1548 - 1.1590. Please notice that this target might be extended even higher to the level of 1.1650 before any meaningful corrective cycle takes place.


Support/Resistance:


1.1650 - Long Term Target


1.1548 - 1.1590 - Mid-Term Target


1.1462 - WR2


1.1425 - Intraday Support


1.1384 - Technical Support


1.1380 - WR1


Trading recommendations:


All buy orders advised last week should still be kept open and SL should be moved just below the level of 1.1425. First projected TP is at the level of 1.1462, it might be hit at the end of the week.


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#USDX Technical analysis for November 5, 2014

The Dollar index remains in an up trend and is looking strong despite the shallow pull back we saw yesterday below 87. The decline was short-lived and the up trend resumes. Support at 87 was held on a daily basis and this means we can see soon another new higher high towards 88.


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The Dollar index remains in the up trend above the Ichimoku cloud. Ichimoku indicators remain fully bullish. Support is found at 86.90 and resistance at 87.50. There are increased chances of seeing new higher highs towards 88 today. In case a pull back occurs and price breaks below 86.90 we should expect a deeper correction towards 86.


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Orange line = previous high/resistance


The Dollar index is also fully bullish in the daily chart as shown above. The upward move from 84.40 I believe is incomplete and we could reach the 88 even today to complete this move. The bullish flag target remains at 91 and after a deeper pull back I believe we can see that level. Pull backs are buy opportunities. Price is above the cloud support and as long as this is the case, the trend remains bullish.


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Gold Technical analysis for November 5, 2014

Gold price has broken below the triangle consolidation and has given a new short-term sell signal as expected by our analysis. The tend remains bearish and so I still continue to expect Gold price to eventually reach $1,050. The short-term target of the decline that started at $1,255 is $1,140.


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Gold price is now in its 5th wave that started at $1,274 and is moving lower as expected. The decline is impulsive as it should be and I continue to remain bearish with $1,140 short-term target. Price is below the Ichimoku cloud and we should note that once the 5th wave is over, we should expect a sharp bounce maybe towards $1,180-$1,200.


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Red line = resistance


Gold price remains in a clear bearish trend as shown in the daily chart above. All ichimoku cloud indicators remain bearish as price has broken below the triple bottom at $1,180 and is now moving into uncharterred area since 2010. The decline is expected to unfold towards $1,050 or even below $1,000 as long as price is below $1,255. Daily Ichimoku resistance is found at $1,190. I could not rule out a back test of the break out area at $1,160-70 or even of the triple bottom at $1,180.


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Daily analysis of major pairs for November 5, 2014

EUR/USD: The EUR/USD pair is currently in the bear market – in spite of the current rally in the market. The rally is still shallow enough to pale into insignificance when compared to the extant bearish outlook. Unless the price crosses the resistance line at 1.2600 to the upside, it would be assumed that price will fall from here.


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USD/CHF: This is a bull market, despite the bearish retracement that is currently happening in the market. Unless the price breaks the support level at 0.9550 to the downside, it would be expected that the pair would rise again, reaching the resistance level at 0.9650, which has already been tested many times this week. The ultimate target remains at the resistance level of 0.9700.


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GBP/USD: The GBP/USD pair is weak in a positive correlation to its EUR/USD counterpart. The EMA 11 is below the EMA 56 and the RSI period 14 is below the level 50, which means that there is a Bearish Confirmation Pattern in the market. The price could test the accumulation territory at 1.5950 again, even breaching it to the downside.


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USD/JPY: This currency trading instrument continues its upwards journey. The price is currently moving towards the supply level at 114.50.


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EUR/JPY: The continuous upwards strength in the EUR/JPY pair comes as a result of a very strong weakness in the JPY. From the demand zone at 135.50, the cross has moved upwards by roughly 800 pips, almost reaching the supply zone at 143.50. This supply zone at 143.50 has now become an easy target for the bulls, for it would be breached to the upside as the bulls aim for another supply level at 144.00.


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Technical analysis of USD/CHF for November 05, 2014

The pair drifted on the soft US data. The pair made a double top and started moving lower. As of now, today the pair made a low at 0.9584, support exists at 0.9575 and 0.9558 levels. The intra week support exists at 0.9520. In the h4 chart, we can observe higher lows and higher high swings. But in ten-hour chart, lower lows and lower swings are forming. It represents mixed views in a tight range. The support zone exists between 0.9500 and 0.9477 levels. For an intraday session, the pair looks weak below 0.9578 levels. Speculators can buy at a market price of 0.9592 with sl 0.9580 and targets at 0.9605, 0.9620, above this, 0.9640 and 0.9660 levels. We recommend selling below 0.9578 for targets at 0.9560, 0.9545 and 0.9500 levels. Traders today eye the US jobs data. The pair will regain strength above 0.9610 levels on an intraday basis.


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Forecast and trading recommendations on Gold for November 05, 2014

The yellow metal bounced back from a 3-day low. The US dollar shifted to a profit booking mode after a huge rally which aided a mild bounce in the yellow metal prices. The metal prices are trading in a tight range. Traders today eye the US jobs data. Today's key level exists between $1,155.00 and $1,150.00 levels. A positive reading in ADP non-farm payroll data puts pressure on the yellow metal to retest $1,161.00 levels, below this, $1,155.00 and $1,150.00 are the immediate support zones. In case, if the metal falls below $1,150.00 it can extend its fall towards $1,138.00. 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. 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 for intra week basis. As we recommended earlier, last Friday, and in this Monday'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 in the longer term view. Risky buying on Monday's session met all our targets at $1,173.00, it made high at $1,174.30 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


In the h4 chart, the prices are consolidating between $1,161.00 and $1,174.30 in a tight range of $13. The prices are closed above 35DEMA in the h4 chart. In the hourly chart, we can observe higher highs and lower lows. We recommend buying above $1,175.00 for targets at $1,177.00, $1,180.00, $1,182.00 and $1,185.00 levels. We recommend fresh safe selling below $1,160.00 or selling at the current market price of $1,168.50 for targets at $1,160.00, $1,155.00, $1,150.00 levels. Until the prices close below $1,192.00, 34hrsma, bears will try to drag the metal on every upswing.


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Trade:


Selling below $1,160.0


Risky sellers, selling at a market price of $1,168.50


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Technical analysis of USD/JPY for November 05, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with risks skewed lower. It is undermined by the softer USD sentiment (ICE spot dollar index last 86.95 versus 87.29 early Tuesday) after wider-than-expected U.S. September trade deficit of $43.03 billion (versus forecast $40.6 billion deficit), sharp drop in U.S. ISM-NY current-business index to 54.8 in October from 63.7 in September; lower U.S. Treasury yields (10-year at 2.335% versus% 2.346% late Monday), diminished investor risk appetite (VIX fear gauge rose 1.09% to 14.89, S&P 500 closed 0.28% lower at 2,012.1 overnight) as caution prevails ahead of U.S. nonfarm payrolls report Friday, the European Commission cut its GDP growth forecasts for the eurozone, and oil prices hit three-year lows--extending losses from Monday after Saudi Arabia announced it would cut its selling price for crude to the U.S.--reinforcing expectations that inflation will remain subdued. USD/JPY is also weighed by Japan exporter sales. But USD sentiment is soothed by the rise in U.S. IBD/TIPP Economic Optimism Index to 46.4 in November from 45.2 in October. USD/JPY losses are also tempered by the demand from Japan importers and weak yen sentiment after the Bank of Japan's unexpected announcement of fresh stimulus on Friday.


Technical comment:
Daily chart is mixed as MACD is bullish, 5 and 15-day moving averages are advancing but stochastics is turned bearish at overbought zone, inside-day-range pattern was completed on Tuesday.


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 112.30. A break of this target would push the pair further downwards and one may expect the second target at 111.45. The pivot point is at 112.85.


Resistance levels:

114.70

115.70

116


Support levels:

112.30

111.45

111


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Technical analysis of USD/CHF for November 05, 2014

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Fundamental overview:


USD/CHF is expected to trade in a lower range. It is undermined by softer USD sentiment (ICE spot dollar index last 86.95 versus 87.29 early Tuesday) after wider-than-expected U.S. September trade deficit of $43.03 billion (versus forecast $40.6 billion deficit), sharp drop in U.S. ISM-NY current-business index to 54.8 in October from 63.7 in September; lower U.S. Treasury yields (10-year at 2.335% versus% 2.346% late Monday); diminished investor risk appetite (VIX fear gauge rose 1.09% to 14.89, S&P 500 closed 0.28% lower at 2,012.1 overnight) as caution prevails ahead of the U.S. nonfarm payrolls report Friday, spillover strength from rebounding EUR on CHF and franc demand on buoyant CHF/JPY cross amid weak yen sentiment. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.


Technical comments:

Daily chart is mixed as MACD is bullish, five-day moving average is above 15-day moving average and is advancing but stochastics is turning bearish at overbought zone.


Data focus:

0815 GMT Switzerland October CPI. .


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:

0.9695

0.9750

0.98

Support levels:

0.9575

0.9535

0.95


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Technical analysis of NZD/USD for November 05, 2014

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Fundamental overview:


NZD/USD is expected to trade in a higher range. It is supported after New Zealand 3Q adjusted employment rose 0.8% on-quarter and 3.2% on-year (versus forecast +0.6% on-quarter, +3.1% on-year). NZD/USD is also buoyed by softer dollar sentiment; Kiwi demand on buoyant NZD/JPY cross amid weak yen sentiment, NZD-USD interest differential and Kiwi demand on soft AUD/NZD cross. But NZD sentiment is dented by the 0.3% drop in Fonterra's GDT Price Index at the latest GlobalDairyTrade auction. NZD/USD gains are also tempered by the subdued investor risk appetite.


Technical comment:
Daily chart is tilting positive as MACD histogram bars are turning positive, stochastics is turning bullish at oversold zone.


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 0.7880 and the second target at 0.7950. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7745. A break of this target would push the pair further downwards and one may expect the second target at 0.77. The pivot point is at 0.7785 .


Resistance levels:

0.7880

0.7950

0.8010

Support levels:


0.7745

0.77

0.7665


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Technical analysis of GBP/JPY for November 05, 2014

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Fundamental overview:


GBP/JPY is expected to consolidate with bullish bias.It is supported by the weak yen sentiment and demand from Japan importers. But GBP sentiment is dented by bigger-than-expected drop in CIPS/Markit U.K. construction PMI to a five-month low of 61.4 in October from 64.2 in September (forecast 63.7). GBP/JPY gains are tempered by the Japan exporter sales and receding investor risk appetite.


Technical comment:

Daily chart is positive-biased as MACD and stochastic are bullish, although the latter is at overbought zone, the five-day moving average is above the 15-day moving average 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 183.05 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 179.00. A break of this target would push the pair further downwards and one may expect the second target at 177.80. The pivot point is at 180.55.


Resistance levels:

183.05

184.05

184.65

Support levels:

179

177.80

177


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Technical analysis of EUR/JPY for November 05, 2014

This week's major event is the Thursday ECB press conference. This time we are not expecting further easing in the EU. In this case the euro will recover against USD and JPY. Today traders eye the BOJ monetary policy meeting minutes. The EUR/JPY cross has been trading on a highly bullish note for 4 weeks. The cross has parallel resistance between 143.44 and 143.78. In the weekly and monthly charts the cross gave an upside breakout. We can expect strong momentum only above 143.78 levels. As of now, today the cross made a high at 142.79 levels. After a huge spike, the prices are corrected well and again are moving higher. We expect the prices to move towards 143.40 and 143.50 levels. We recommend fresh intraday buying only above 142.79 levels. The intraday support exists at 142.20, below this, 141.70 levels. We recommend safe selling below 141.70 for targets at 139.75 levels. Risky traders can sell below 141.90 levels.


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Technical analysis of EUR/USD for November 05, 2014

When the European market opens, some economic news will be released such as Spanish Services PMI, Italian Services PMI, Final Services PMI, Retail Sales m/m. The US will release the economic data too such as the Retail Sales m/m, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories, so amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2618.

Strong Resistance:1.2610.

Original Resistance: 1.2598.

Inner Sell Area: 1.2586.

Target Inner Area: 1.2556.

Inner Buy Area: 1.2526.

Original Support: 1.2514.

Strong Support: 1.2502.

Breakout SELL Level: 1.2494.

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 05, 2014

In Asia, Japan will release the Monetary Base y/y, Average Cash Earnings y/y, 10-y Bond Auction, and the US will release some economic data such as Retail Sales m/m, Final Services PMI, ISM Non-Manufacturing PMI, Crude Oil Inventories. So there is a big probability the USD/JPY will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 114.26.

Resistance. 2: 114.04.

Resistance. 1: 113.81.

Support. 1: 113.54.

Support. 2: 113.32.

Support. 3: 113.09.

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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Forecast and trading recommendations on EUR/USD for November 05, 2014

EUR/USD


The euro surged to a weekly high at 1.2577 levels ahead of the ECB press conference. The euro took the support at the 80.0 fib level in the weekly chart. Traders eye today's Spanish and Italian services PMIs and retail sales, the major events ahead of Thursday's ECB press conference. This time we are not expecting further easing in the EU. In case if the same thing happens, the euro will recover against USD and JPY. In case of chances of further easing the euro will go down further towards 1.2300 and 1.2270 levels, 200Msma. If the ECB does not deliver further easing in the tomorrow's meeting, on the December 4 meeting there is a chance for further easing. In the daily chart, the pair made a minor base at 1.2480 levels.




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Ahead of the ECB press conference, the euro is looking strong against USD and JPY. The EUR/USD pair is trading above the previous swing low of 1.2500 in the daily chart. As of now, today the pair is trading above the previous close, but has not yet crossed the previous high at 1.2577 levels. The pair has resistance between 1.2616 and 1.2670, the 20Dsma level. On the other side, it has support at 1.2480 and 1.2440, below this, panic will be triggered for targets at 1.2300, 1.2270 and 1.2240 levels. In the H4 chart, we can clearly see the triangle breakdown and closing below that. 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. The pair has resistance at 1.2606, 34hrsma, above this, 1.2670 will act as strong resistance levels. On the other hand, the support level exists at 1.2540 and 1.2500 levels.


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Support: 1.2540, 1.2500, 1.2440


Resistance: 1.2610, 1.2670, 1.2720


Trade:


Selling below 1.2500, panic will be triggered below 1.2440


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Daily analysis of USDX for November 05, 2014

At the H4 chart, the USDX continues to find strong resistance at the 87.35 level, and now, the USDX is finding support in the bullish trend line, at the level of 87.00. This area could give a new bullish momentum to the USDX, so it is advisable to be aware of a possible rebound. The MACD indicator remains in negative territory.


H4chart's resistance levels: 87.35 / 87.93


H4chart's support levels: 87.00 / 86.75


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The USDX has made a rebound on the 86.90 level, where this instrument has formed a fractal. The next goal on the bullish road continues to be the level of 87.28, but remember that the USDX has lost ground during the last few hours and possibly the USDX is forming a bearish pattern to fall to the level of 86.72. The MACD indicator is entering neutral territory.


H1 chart's resistance levels: 87.28 / 87.58


H1 chart's support levels: 87.00 / 86.72


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 87.28, take profit is at 87.58, and stop loss is at 87.00.


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Daily analysis of GBP/USD for November 05, 2014

On the daily chart, the GBP/USD continues to move in favor of the bearish trend, because this pair encountered strong resistance at the level of 1.6146, an area that has hampered further progress in the GBP/USD, so the nearest target remains the 1.5883 level, a support level having been strong in recent weeks. However, if the GBP/USD hits a breakout at the level of 1.6046, it's expected to rise to the level of 1.6146.


Dailychart's resistance levels: 1.6046 / 1.6146


Daily chart's support levels: 1.5883 / 1.5746


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The GBP/USD has made a rebound on the support level of 1.5980, because this pair has not significantly changed in the current trend. However, the GBP/USD is approaching the 200 SMA on the H1 chart, because this level could serve as dynamic resistance for this pair. the GBP/USD could continue the bearish trend in the short term, if the pair manages to consolidate below the 1.5980 level.


H1 chart's resistance levels: 1.6031 / 1.6075


H1 chart's support levels: 1.5980 / 1.5925


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


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Technical analysis of USD/JPY for November 04, 20144

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Fundamental overview:


USD/JPY is expected to consolidate with a bullish bias after hitting near-seven-year high 114.21 on Monday. It is underpinned by the positive USD sentiment (ICE spot dollar index last 87.29 versus 87.07 early Monday) after surprise rise in U.S. ISM manufacturing PMI to 59.0 in October--its highest level since March 2011--from 56.6 in September (versus forecast for drop to 56.0). USD/JPY is also supported by the higher U.S. Treasury yields (10-year at 2.346% versus 2.335% late Friday) as strong ISM data raised speculation of earlier Federal Reserve tightening than currently priced; demand from Japan importers, weak yen sentiment after Bank of Japan's unexpected announcement of fresh stimulus on Friday. But USD sentiment is dented by the surprise 0.4% drop in U.S. September construction spending (versus forecast +0.8%). USD/JPY gains are also tempered by Japan's export sales and diminished investors risk appetite (VIX fear gauge rose 4.99% to 14.73, S&P 500 closed 0.01% lower at 2,017.81 overnight). 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.


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 112.85.


Resistance levels:

114.70

115.70

116


Support levels:

112.30

111.45

111


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for November 4, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to consolidate with a bearish bias after hitting near-16-month low of 0.7697 on Monday. It is undermined by the positive USD sentiment (ICE spot dollar index last 87.29 versus 87.07 early Monday) after surprise rise in U.S. ISM manufacturing PMI to 59.0 in October--its highest level since March 2011--from 56.6 in September (versus forecast for drop to 56.0) and subdued investor risk appetite. But NZD/USD losses are tempered by the Kiwi demand on buoyant NZD/JPY cross amid weak yen sentiment and NZD-USD interest differential.


Technical comment:
Daily chart is negative-biased as MACD and stochastics are bearish, although the latter is in the oversold zone; five-day moving average is below 15-day MA and is declining.


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:

0.7880

0.7950

0.8010

Support levels:


0.77

0.7670

0.76


The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for November 04, 2014

1415114698_GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to consolidate with a bullish bias. It is supported by the weak yen sentiment and demand from Japan's importers. But EUR/JPY gains are tempered by Japan's export sales and receding investor risk appetite.


Technical comment:

Daily chart is positive-biased as MACD and stochastics are bullish, although 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 183.05 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 179.00. A break of this target would push the pair further downwards and one may expect the second target at 177.80. The pivot point is at 180.55 .


Resistance levels:

183.05

184.05

184.65

Support levels:

179

177.80

177


The material has been provided by InstaForex Company - www.instaforex.com