EUR/NZD analysis for November 07, 2014

EURNZDDaily07.png


EURNZDH107.png


Overview:


In our last analysis, EUR/NZD has been trading downwards. As we expected, the price tested and rejected from the level of 1.6268 in a high volume. Our Fibonacci expansion 100% at the price of 1.6250 held successfully, which is a sign that buying looks risky. According to the daily time frame, we can observe absorption strong up-thrust bar in a volume above the average, which is a sign that buying EUR/NZD looks risky. According to the 1H timeframe, we can observe potential end of bullish corrective phase (abcd), so be careful when buying EUR/NZD and watch for potetnial selling opportunities.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6222


R2: 1.6272


R3: 1.6352


Support levels:


S1: 1.6061


S2: 1.6011


S3: 1.5930


Trading recommendations: Be careful when buyingEUR/NZD pair since we got successful rejection from our Fibonacci expansion 100%


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

Analysis of gold for November 07, 2014

GOLDDaily07.png


GOLDH107.png


Overview :


Since our last analysis, gold has been trading sideways around the price of 1,145.00. We are waiting for a larger volume and stronger price action. Our major Fibonacci expansion 161.8% at the price of 1,146.00 is on the test, so be very careful when selling gold at this stage. According to the 1H time frame, we can observe absorption volume and demand on ultra high volume (buying climax) in the background, which is sign that selling gold at this stage looks risky. Be careful when selling gold and watch for potential buying opportunities. Anyway, if the price breaks the level of 1,146.00 in a high volume and strong price action, we may see a possible testing of the level of 1,035.00 (swing high like support).


Daily pivot Fibonacci points:


Resistance levels:


R1:1,147.44


R2: 1,150.22


R3: 1,154.73


Support levels:


S1: 1,138.42


S2: 1,135.64


S3: 1,131.13


Trading recommendations: Selling gold at this stage looks risky since price is near our support level


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

GBP/USD intraday technical levels and trading recommendations for November 7, 2014

gbpdailly.jpggbp4hh.jpg


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 wide bearish channel that was initiated in October. There lower limit of which is located around 1.5820.


On Wednesday, the GBP/USD pair was rejected obviously at 1.5870. Significant bullish was manifested in the daily candlestick. Yet, the bears managed to hit new lows around 1.5800.


Note that the current prices corresponds to the lower limit of the 4H movement channel. The GBP/USD looks quite oversold on the 4H chart. Bullish correction should be anticipated despite the bearish outlook on the daily chart.


Trading recommendations:


Price action should be watched around the current prices (1.5800-1.5820). A valid BUY entry may be offered today if sufficient bullish rejection is expressed. Stop Loss should be set as daily closure below 1.5770.


Bullish fixation above the price level of 1.5890 ( significant Key-level ) and 1.6025 ( previous weekly high ) confirms this bullish position. The target level would be located around 1.6150 initially.


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

Intraday technical levels and trading recommendations for EUR/USD for November 7, 2014

eurusddaily.jpg


Two weeks ago, the EUR/USD pair looked oversold before the bullish engulfing daily candlestick emerged off price level of 1.2500 one month ago.


The upper limit of the movement channel (1.2880-1.2900) was targeted. However, bearish pressure was applied earlier around 1.2800-1.2840.


A bearish breakout off the bullish channel took place shortly after, thus confirming a Flag continuation pattern. Initial daily target level was located around 1.2490.


Since no fixation above 1.2760-1.2780 took place on a daily basis, the EUR/USD pair remained under bearish pressure.


Now we can see another possible continuation pattern. Continuation of Head and Shoulders pattern to be watched on daily basis. Obvious daily closure below 1.2490 (the origin of the previous bullish swing expressed one month ago) can theoretically extend the bearish targets towards price level of 1.2200.


eur4h.jpg


The market expressed quite strong bearish momentum that went further below the lower limit of the previous bullish channel.


As depicted on the chart, the EUR/USD pair has been respecting the limits of the current bearish channel so far.


As anticipated, price levels around 1.2750 (upper limit of the channel) provided a valid SELL entry. Quick decline took place towards price level of 1.2460 (the origin of the most recent bullish movement).


Recommendation:


The SELL entry offered around 1.2730-1.2760 is running in profits now. Stop Loss can be advanced to 1.2510 to secure more of the achieved profits.


Daily closure below 1.2480 offered another SELL signal for risky traders as suggested yesterday. Stop Loss to be set as daily closure again above the entry levels. Target levels located at 1.2440, 1.2370 (already reached) and 1.2290 (being approached).


Another SELL entry may be offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500. The stop loss can be set as a daily closure above 1.2520.


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

Intraday technical levels and trading recommendations for GBP/USD for November 7, 2014

gbpdaily.jpg


Previously around 61.8% - 50% Fibonacci levels depicted on the chart, a Shooting Star daily candlestick occurred. A valid SELL position was suggested then and it got triggered few days later. The market successfully pushed below 1.6100 shortly after.


Bullish rejection was once expressed when the market pushed below 1.6100 and 1.6060 on September 9. However, another bearish leg dipped further below 1.6060 during the current month.


Bullish recovery was expressed off price levels of 1.5940 and 1.5880. Bullish engulfing daily candlesticks emerging off these levels are depicted on the chart.


On the other hand, the price zone of 1.6100-1.6140 constituted a prominent SUPPLY zone where considerable bearish pressure was applied many times.


Note the bullish breakout off the depicted bearish channel on the daily chart. However, since then, the pair has been moving sideways within this congestion zone.


Daily fixation above price levels of 1.5870 and 1.5945 was essential to pursue towards further targets initially around 1.6140 and 1.6300.


On the other hand, daily closure below 1.5870 puts further bearish pressure on the pair to reach price zone of 1.5800-1.5830 where the backside of the broken channel is now located.


gbp4h.jpg

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


Last week, bulls managed to push beyond the upper limit of the channel. However, the GBP/USD pair was trapped between the backside of the channel (1.5860) and price level of 1.6140.


A low risk BUY entry can be taken around 1.5830-1.5800 with Stop Loss located just below 1.5770. Bullish target is located around the upper limit of the congestion zone around 1.6140.


A higher-risk BUY position can also be offered after fixation above 1.5950 occurs.


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

Technical analysis of AUD/USD for November 7, 2014

audusdh4.png

Overview :



  • According to the previous events, the price was still moved between the levels 0.8690 and 0.8523. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bearish signs because the resistance has been at the level of 0.8670 since yesterday. In other words, it will be a good sign to sell below 0.8670 (it should be noted that the level of 0.9203 is acting as strong resistance and a double top) with the first target at 0.8562, and the price will fall towards 0.8509 in order to form the lowest price for forming a new double bottom this week. However, if the pair fails to break 0.8510, the market will indicate a bullish opportunity above 0.8510. Then the level will really act as strong support. It will be a good sign to buy above 0.8510 with the first target at 0.8558 and it will call for an uptrend in order to continue bullish movement towards 0.8601.


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

Technical analysis of EUR/JPY for November 07, 2014


Technical outlook and chart setups:


The EUR/JPY has formed an indecision candle (shooting star type) pattern on the daily chart yesterday after reversing from 144.20 levels. Probability remains high from this point, for the bulls to take a pause and retrace towards at least 139.00/140.00 levels before rallying further up. Resistance is seen at 145.50 while support is spread across 140.00, followed by 138.00, 135.20 and lower respectively. It is recommended to remain short from what was discussed yesterday, with risk above 144.50/60 levels. More conservative trading approach would be to enter buying at lower levels. Bears could take control for a while, towards 140.00 levels at least.


Trading recommendations:


Remain short, stop at 144.50, target 139.00/140.00


Good luck!


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

Technical analysis of EUR/JPY for November 7, 2014

General overview for 07/11/12014 09:50 CET


Just as anticipated yesterday, the market has made three wave correction to the level of 142.18 that will be acting as an intraday support now. It doesn't look like the corrective cycle has been finished and at least one more wave down is being expected here to complete the cycle. The intraday resistance at the level of 142.89 should not be broken and market should make another leg down to the level of 141.70 before any meaningful bounce occurs. Please notice that the corrective cycle might evolve into more complex and time consuming correction in a shape of a triangle.


Support/Resistance:


144.90 - WR2


144.22 - Swing High


143.67 - WR1


142.89 - Intraday resistance


142.18 - Intraday Support


141.70 - Technical Support


Trading recommendations:


Day traders and swing traders should wait for the corrective cycle to complete before opening buy positions again.


eurjpy_h1.jpg


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

#USDX Technical analysis for November 7, 2014

The Dollar index gave a new higher high yesteray and I believe bulls should be very cautious and raise their stops to protect long positions. Although my bullish flag pattern gives 91 as target, I think the current upward move is overextended and we should expect a pullback towards at least 87 in the short-term.


usdx.jpg

The Dollar index has support at 87.65 and at 87.05. I believe that if the first support is broken, we should expect a pullback towards the 38% retracement. Long-term trend remains bullish with 91 as target as I have noted several times before due to the bullish flag pattern I showed.


usdxd.jpg

In the very short-term view, the Dollar index shows signs of fatigue and 87.85-87.65 cloud support will be tested. If this support area is broken, we will see a deeper pull back towards 87. Breaking above 88.05 will be a bullish sign that could produce a new upward move towards 88.50 to give a new high. Concluding, longer-term remains bullish with 91 as target, but bulls should be very cautious as this could turn any time.


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

Gold wave analysis for November 7, 2014

Gold price made a new lower low at $1,130 and I believe there are increased chances we could see a strong upward bounce now as the downward move is most probably will complete from $1,255. Trend remains bearish but I expect a corrective upward move.


gold.jpg

Gold price is testing the short-term resistance at $1,145 and there are increased chances of a move higher towards the 38% retracement. I expect a bounce towards the $1,170-$1,180 level before resuming lower towards $1,100 and $1,050 which is my longer-term target.


goldh4.jpg

In ichimoku cloud terms, trend remains fully bullish. In the 4 hour chart as shown above, resistance is found at $1,152 and then at $1,180. Gold price has already broken the tenkan-sen resistance at $1,140 and this is a sign of short-term bullishness. I remain longer-term bearish but I see a strong bounce coming.


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

Technical analysis of GBP/CHF for November 07, 2014


Technical outlook and chart setups:


The GBP/CHF pair is stalling in a range for now. Support of the range is 1.5300 and resistance is around the 1.5450 mark. The pair needs to break out of the above boundary to accelerate moves on either side. It is still recommended to remain short with risk above 1.5550. The pair could accelerate downside on a break below 1.5300/1.5200 levels. Resistance is fixed at 1.5475 and 1.5550 while support is fixed at 1.5300, followed by 1.52/1.51, 1.4975 and lower respectively. On the other hand, a break above 1.5475 could break through fresh highs.


Trading recommendations:


Remain short, stop above 1.5550, target is open.


Good luck!


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

Technical analysis of Silver for November 07, 2014


Technical outlook and chart setups:


Silver has formed yet another low today at $15.00 levels before raising back into $15.40 levels. The metal seems to be preparing for at least a pullback/retracement if not a reversal from here on. Support is seen a $14.50 levels and lower while resistance is seen at $17.50, followed by $17.80/18.00 and higher respectively. Today's candlestick signal could be a hammer, indicating a possible reversal ahead. The metal could initially face resistance into the mid $16.00 levels. Only a push through $17.50 and subsequently $17.80 levels would confirm that silver is out of woods, and that the rally could extend further.


Trading recommendations:


Remain flat for now. Aggressive trade setup can be used for long positions, stop at $14.70, target is open.


Good luck!


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

Technical analysis of Gold for November 07, 2014


Technical outlook and chart setups:


Gold has made fresh lows at $1,130.00 level before pulling back into $1,142.00/43.00 levels again. The metal is not completely out of the bearish momentum, but a push above $1,150.00/55.00 levels would be at least a breather for bulls to produce a counter-trend rally. Please also note that $1,150.00 level is the 0.618 Fibonacci support of the entire rally between $680.00 to $1,900.00 respectively. Yesterday there was an indecisive candle on daily chart and a Hammer is being produced today. These are indications that there might be a counter-trend rally as a short-term relief for the yellow metal. On the flip side, a push through $1,250.00 levels could confirm a reversal.


Trading recommendations:


Remain flat for now. Aggressive trade setup could be to initiate long positions, stop at $1,125.50, target is open.


Good luck!


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

Elliott wave analysis of EUR/NZD for November 7 - 2014

2014-11-07-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.6263


R2: 1.6193


R1: 1.6169


Current spot: 1.6114


S1: 1.6096


S2: 1.6072


S3: 1.6060


Technical summary:


Still no news here. We are still locked within a very complex correction and we are waiting for the clues to what way the next major move will be. We are still slightly in favor of the next major move being to the upside, but we need a clear break above 1.6273 to confirm that outcome. Until a break above 1.6273 is confirmed, then the risk remain a new test of support at 1.6044 and more importantly support at 1.5903.


Trading recommendation:


We will place a EUR buy-order at 1.5925 with a stop at 1.5875.


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

Elliott wave analysis of EUR/JPY for November 7 - 2014

1415345646_2014-11-07-EURJPY-8H.png

Today's support and resistance levels:

R3: 143.62

R2: 143.28

R3: 142.90

Current spot: 142.77

S1: 142.47

S2: 142.17

S3: 141.70



Technical summary:The correction in red wave iv is still unfolding and we are still looking for a decline to 141.70 before the next impulsive rally higher towards 146.15 to end wave (iii). Short-term minor resistance at 142.90 should protect the upside for the decline to 141.70, but only a break above resistance at 143.62 confirms that red wave iv is over and red wave v is developing.



Trading recommendation:We will still buy EUR at 142.00 or upon a break above 143.62 with a stop at 140.50.


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

Technical analysis of GBP/USD for November 07, 2014

The cable extends its fall after the BoE held interest rates and the stronger US data was printed. The cable plunged to 1.5825 and closed at the lowest level. As we recommended in our earlier articles, fresh selling below 1.5850 for targets at 1.5750, 1.5620 and even 1.5500 within strong support at 1.5720 levels would be preferable. The monthly resistance exists at 1.6030 (50M). The pair has weekly resistance at 1.6025, above this, we can expect 1.6092 and 1.6200 levels. Until the prices close below 1.6200 use every rise as an opportunity to sell. A positive non-farm payroll reading will hit the pair again towards new lows. The pair has been facing strong resistance at 1.5856 (10hr high). The prices are trading in a tight range between 1.5856 and 1.5825. In case, if the prices fall below 1.5825 it can extend its fall towards 1.5800, 1.5760, 1.5750 and 1.5725 levels. The sellers will mint the money, until the prices closed below 1.5970 levels.


GBPUSDH4.png


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

Technical analysis of EUR/USD for November 07, 2014

When the European market opens, some economic news will be released such as German Industrial Production m/m, German Trade Balance, French Industrial Production m/m, French Gov Budget Balance, French Trade Balance. The US will release the economic data too such as the Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Consumer Credit m/m, so amid the reports, EUR/USD will move with medium to high volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2439.

Strong Resistance:1.2432.

Original Resistance: 1.2420.

Inner Sell Area: 1.2408.

Target Inner Area: 1.2379.

Inner Buy Area: 1.2350.

Original Support: 1.2338.

Strong Support: 1.2326.

Breakout SELL Level: 1.2319.

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.


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

Technical analysis of USD/JPY for November 07, 2014

!USDJPY.jpg


In Asia, Japan will not release any economic data, but the US will release some important economic reports such as Non-Farm Employment Change, Unemployment Rate, Average Hourly Earnings m/m, Consumer Credit m/m. So there is a big probability the USD/JPY will move with low volatility during the Asian session, but with medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 115.79.

Resistance. 2: 115.56.

Resistance. 1: 115.33.

Support. 1: 115.06.

Support. 2: 114.83.

Support. 3: 114.60.


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

Trading recommendation and review on EUR/JPY for November 07, 2014

The euro fell against the US dollar to a 27-month low as well as versus the yen. After a huge volatile session, the cross finally made a near-term top at 143.15 on a daily closing basis. In case if the pair closes above 143.15, then only we will recommend buying. In yesterday's session the cross managed to hold the support at 143.00 levels. Multiple times it tested that, but finally fell below that and made a low at 142.18 levels. In the h4 chart, the cross formed a huge distribution pattern between 143.40 and 143.51 levels. It is not safe to buy until the h4 candle closes above 143.60 levels. On the down side, it has support between 142.44 and 142.18 (8hr low) levels. We recommend safe selling below 142.18 for targets at 141.75, 141.50. The panic will be triggered below 141.70 for an intraday session. Risky traders can buy above 142.75 for a target at 142.95 and 143.35 levels.


EURJPYH1.pngThe material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for November 07, 2014

Once again the US dollar stood high against its peers after stronger US data and dovish comments from the ECB. The double strong performance of the US dollar pushed USD/CHF to a fresh 1-year high. In yesterday's session the pair gave a strong close of 90 pips. The pair made a high at 0.9738. Today traders eye the Swiss SECO consumer confidence data and US non-farm pay rolls. The parallel monthly resistance exists at 0.9751, above this, it can move towards 0.9838, 0.9972 and 1.0176 levels. We have been recommending the same targets for last month (October 06, 2014). In the daily chart, again the pair gave an upside breakout of 300 pips. The pair has support at 0.9680, below this, 0.9580 will act as the near-term support. In the weekly chart, the pair took support from the falling wedge upper trend line.


USDCHFDaily.png

Today the pair opened below the previous close and was unable to breach the previous resistance. For an intraday view, we recommend buying above 0.9740 for targets at 0.9760, 0.9800 and 0.9835 levels. The intraday support levels exist between 0.9717 and 0.9700. Below 0.9700 the pair can correct towards 0.9660 levels. Use dips to buy for the higher targets.


USDCHFH1.png The material has been provided by InstaForex Company - www.instaforex.com

Forecast and trading recommendations on EUR/USD for November 07, 2014

The euro fell to 27-month lows after ECB's President Draghi hinted at stimulus. Stronger US data as well pushed the pair to new lows. The euro plunged to 1.2366 and closed near it. Today traders eye the US non-farm payrolls. A positive reading will hit the pair again towards my initial target of 1.2300 and 1.2230 levels. The pair has strong support between 1.2230 and 1.2215 levels. In case, if the prices close below these, it can extend its fall to 1.2115, 1.2045 and 1.1876 levels. We have been recommending the same levels for the last month. The pair has strong resistance at 1.2500, above this, 1.2630 and 1.2753 levels. Until the prices close below 1.2753, use every rise to sell. We are expecting the pair to continue its bear grip for the next 12-18 months.


EURUSDMonthly.png

As of now, today the pair opened above the previous close and managed to trade above that. The intraday support exists at 1.2365 levels. The pair has resistance at 1.2410 levels, above this, 1.2450 and 1.2460 are the strongest resistance levels. We recommend selling on every rise for targets at 1.2335, 1.2305 and 1.2230 levels. The panic will be triggered below 1.2360 levels.


EURUSDH1.pngThe material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for November 07, 2014

The GBP/USD had a bearish session yesterday because the pair made a breakout at the support level of 1.5883. The next goal on the bearish road would be the 1.5746 level. However, the GBP/USD may enter a consolidation phase during today's session. It should also be noted that the GBP/USD still remains very weak below the SMA 200. The MACD indicator is moving into negative territory.


Dailychart's resistance levels: 1.5883/1.6046


Dailychart's support levels: 1.5746/1.5642


1415317167_GBPUSDDaily.png


On the H1 chart. the GBP/USD is forming a bearish pattern below the resistance level of 1.5871, assuming then that this pair is touching new historical low levels. If GBP/USD manages to overcome the 1.5810 level, it would be expected to fall to the level of 1.5739. For now, we must be cautious in the short term for the GBP/USD, because this pair is oversold.


H1 chart's resistance levels: 1.5871 / 1.5925


H1 chart's support levels: 1.5810 / 1.5739


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 1.5810, take profit is at 1.5739, and stop loss is at 1.5881.


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

Intraday technical levels and trading recommendations on EUR/USD for November 6, 2014

eurdaily.jpg


Two weeks ago, the EUR/USD pair looked oversold before the bullish engulfing daily candlestick emerged off price level of 1.2500 one month ago.


The upper limit of the movement channel (1.2880-1.2900) was targeted. However, bearish pressure was applied earlier around 1.2800-1.2840.


A bearish breakout off the bullish channel took place shortly after. Thus, confirming a Flag continuation pattern. Initial daily target level was located around 1.2490.


Since no fixation above 1.2760-1.2780 took place on a daily basis, the EUR/USD pair remained under bearish pressure.


Now we can see another possible continuation pattern. A continuation Head and Shoulders pattern to be watched on daily basis. Obvious daily closure below 1.2490 (the origin of the previous bullish swing expressed one month ago) can theoretically extend the bearish targets towards price level of 1.2200.


eur4hh.jpg


The market expressed quite strong bearish momentum that went further below the lower limit of the previous bullish channel.


As depicted on the chart, the EUR/USD pair has been respecting the limits of the current bearish channel so far.


As anticipated, Price levels around 1.2750 (upper limit of the channel) provided a valid SELL entry. Quick decline took place towards price level of 1.2460 (the origin of the most recent bullish movement).


Recommendation:


The SELL entry offered around 1.2730-1.2760 is running in profits now. Stop Loss can be advanced to 1.2510 to secure more of the achieved profits.


Daily closure below 1.2480 offered another SELL signal for risky traders as suggested yesterday. Stop Loss to be set as daily closure again above the entry levels. Target levels located at 1.2440, 1.2370 (already reached) and 1.2290 (being approached).


Another SELL entry may be offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500. Stop Loss can be set as daily closure above 1.2520.


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