Weekly technical levels of GBP/USD for November 10-14, 2014

The weekly technical levels of GBP/USD pair:


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Intraday trading recommendations :



  • According to the previous events, the price of GBP/USD has still been trapped between 1.5933 and 1.5816. The level of 1.5998 will indicate strong resistance (the weekly resistance 1). Moreover, the price will form a new top at this level of 100% Fibonacci retracement levels (1.6021). Therefore, it will be very gainful to sell at 1.5998 with the first target at 1.5878, then it will continue towards 1.5789 in order to test the last week bottom. It should be noted that a double bottom will be set at the level of 1.5789 (00% Fibonacci retracement levels) in H1 chart.



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Observations :



  • If the trend is buoyant, then the strength of the currency will be defined as following: EUR is in the uptrend and USD is in the downtrend.

  • Fibonacci retracement is used for determining accurate psychological levels of support and resistance. The period of time should be taken into account.

  • Fibonacci is in a range trade; it looks like the trend is trapped moving up or down. If you sell or buy in the long-term period, you will surely lose your profit.


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Weekly technical levels of EUR/USD for November 10-14, 2014

The weekly technical levels of EUR/USD pair:


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Trading recommendations :



  • The weekly technical levels of the EUR/USD pair on November 10, 2014. The market has moved between 1.2441 and 1.2568. Consequently, we expect the following scenarios:

  • First outlook: buy (buy limit) above 1.2441 with the first target of 1.2500, it might resume towards the first resistance at 1.2568.

  • Second outlook: below the level of 1.2440 (sell stop) look for further downside with the 1.2412 and 1.2357 targets. Also, it should be noted that the double bottom will set at the price of 1.2357.


Notes :



  • Stop loss should never exceed your maximum exposure amounts.

  • New weekly range: 287 pips.

  • Risk of 191 pips must make a profit of 287 (a risk to reward ratio of 1:1.5 is recommended)

  • As a rule, the market is highly volatile if the previous day had a huge volatility.

  • Volatility: 245.76, therefore the market indicates the higher volatility.


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Elliott wave analysis of EUR/NZD for November 10 - 2014

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Today's support and resistance levels:


R3: 1.6058


R2: 1.6028


R1: 1.6000


Current spot: 1.5981


S1: 1.5961


S2: 1.5935


S3: 1.5903


Technical summary:


We have entered the support-zone between 1.5903 - 1.5958, which we expect will protect the downside for a new rally towards 1.6273. However, it will take a break either below 1.5903 or a break above 1.6273 to break out of the last two months deadlock and get a more clear picture of what has been going on.


Trading recommendation:


We will buy EUR at 1.5925 with a stop at 1.5875.


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Elliott wave analysis of EUR/JPY for November 10 - 2014

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Today's support and resistance levels:


R3: 143.05


R2: 142.88


R1: 142.65


Current spot: 142.27


S1: 142.05


S2: 141.95


S3: 141.70


Technical summary:


The correction from 144.22 towards 141.70 is still unfolding. However, once this correction is over, look for a new rally towards the first target for red wave v at 145.21 to end wave iii and set the stage for yet another correction in wave iv. We still have some upside to cover, but will soon enter the final phase of the rally of the 134.14 low. Short term, only a break above 143.06 will confirm that the correction is over.


Trading recommendation:


We will buy EUR at 142.00 or upon a break above 143.62 with a stop at 140.50 and place take profit at 145.00.


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Technical analysis of USD/CAD for November 10, 2014

General overview for 10/11/2014 10:40 CET


The impulsive wave progression of the internal sub-cycle has been invalidated due to wave -ii- overlapping wave -i- and the overall count has been updated. Currently, it looks like the top for blue wave 5 might be in place but the confirmation comes when the market will violate the level of 1.1220. Otherwise, another leg higher can not be ruled out just yet on intraday timeframe. Moreover, please notice that any breakout below the level of 1.1120 will Chablis the long term high at the level of 1.1464 and a meaningful corrective cycle can start developing to the downside.


Support/Resistance:


1.1464 - Swing High| Wave 5 Blue Top?|


1.1426 - WR1


1.1369 - Intraday Resistance


1.1344 - Weekly Pivot


1.1310 - Intraday Support


1.1263 - Technical Support| Previous Wave Four Support|


1.1222 - WS1


Trading recommendations:


Swing traders should consider closing longer-term buy orders if the level of 1.1220 is violated.


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#USDX Technical analysis for November 10, 2014

The Dollar index has broken below the short-term support levels and has started a deeper downward correction as I warned last week. In my previous analysis, I suggested that bulls should be very cautious and raise their stops as the Dollar index was near completing the rise from 85.


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The Dollar index has started a short-term reversal that is heading towards the short-term support at the 38% retracement at 87.10. At 86.75 we find the cloud support that will be tested if we break below 87.10.


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In the daily chart the Dollar index is showing signs of reversal and that the upward move from 84.40 is complete. So, we could see a pullback towards 86 where the 61.8% retracement is found. This scenario does not cancel the target of the bullish flag pattern. This pullback is seen as a back test of the break out highs at 86, so I consider it as another buy opportunity. The longer-term trend remains bullish.


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Gold Wave analysis for November 10, 2014

Gold price has made a sharp upward reversal on Friday as expected by our analysis towards our short-term target of $1,170-$1,180. This bounce has been expected since last week as the sequence of 5 waves down was completed at $1,130. The bounce is of a corrective nature and once the upward correction ends, we should see a resumption of the down trend towards our longer-term target of $1,050.


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In ichimoku cloud terms, the trend remains bearish as price remains below the Ichimoku cloud although it has broken above the kijun-sen and tenkan-sen. In Elliott wave terms, the upward bounce should consist of 3 waves as this is expected to be a corrective bounce against the longer-term downtrend. This bounce is expected to be another opportunity to sell Gold.gold.jpg


Gold price is consolidating near its highs as can be seen in the short-term chart above. Short-term support is found at $1,169 and short-term resistance is at $1,178. Breaking either level will give a move towards $1,150 or $1,195. The form of the rise from the $1,130 lows looks unfinished. I believe we can see a move higher towards $1,195-$1,200 where the weekly resistance in Gold price is set. This back test of the break down level is something we anticipated. My longer-term view remains bearish with $1,050 as a target.


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Technical analysis of EUR/JPY for November 10, 2014

General overview for 10/11/2014 09:35 CET


The corrective cycle displayed by blue wave 4 is developing into a complex correction. The first support is at the level of 141.66, but it might be easily broken if the last wave of the correction accelerates to the downside. In that case, next support would be at the level of 140.79. When the corrective cycle is completed, another wave to the upside is expected.


Support/Resistance:


144.59 - WR1


144.22 - Technical Resistance


142.91 - Intraday Resistance


142.50 - Weekly Pivot


142.19 - Intraday Support


141.66 - Intraday Support


140.79 - WS1


138.62 - WS2


Trading recommendations:


Day traders should consider opening buy orders from the level of 141.66, with SL below the level of 141.36 and TP at the level of 142.91.


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Technical analysis of EUR/JPY for November 10, 2014


Technical outlook and chart setups:


The EUR/JPY pair has is ready to follow up lower after after producing a shooting star on Friday. The pair has made an interim top at the 144.21 levels and is on its way to 140.00/139.00 at least. Resistance is now seen at 145.50, while support is seen at sub 140.00, followed by 139.00, 138.00, 135.00 and lower respectively. It is recommended to remain short, with risk at 144.50 levels for now. As seen here, the trend line supports are passing through 140.50 and 138.50 respectively and bulls are expected to resume rally from any one of these. The pair seems to be on its way to print fresh highs above 145.50 after the pullback is done.


Trading recommendations:


Remain short for now, stop at 144.50, the target 140.00.


Good luck!


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Technical analysis of GBP/CHF for November 10, 2014


Technical outlook and chart setups:


The GBP/CHF pair has pulled back from resistance at 1.5450 levels, as discussed earlier. Furthermore, the pair has broken below the counter trend line support as seen here. Currently trading at the 1.5340/45 levels, the pair is expected to face resistance around 1.5375/80 levels. Higher resistance is seen at 1.5450, followed by 1.5550 while support is seen at 1.5200, followed by 1.5125, 1.4975 and lower respectively. It is still recommended to remain short and expect the pair to drift further lower. On the flip side, a rally back towards 1.5450 and above would turn maters in favor of bulls.


Trading recommendations:


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


Good luck!


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Technical Analysis on USD/CAD for November 10, 2014

The soft US data pushed the prices to a 4-day low. At the end of the previous week, the pair closed at the highest level. The pair has been enjoying its upswing with higher lows in the weekly chart for 2-years. As we recommended earlier, in case if the pair closes above 1.1279 on a weekly closing basis, the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685 in the medium term and 1.1900 and 1.2350 in the long-term perspective. We are still recommending the same. The weekly support level exists between 1.1275 and 1.1260 levels. The pair has resistance at 1.1425 on a daily closing basis. After making a new swing high, the pair is likely to take 14 days to make another new high. On August 06, 2014 the pair made a new high at 1.0986, after this high it corrected up to 1.0860 and made a new high at 1.0998 on August 23, 2014. The same repeated on October 15, 2014, high was made at 1.1386, then corrected up to 1.1122 and new high was reached at 1.1467 14 days later.


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For an intraday session, the support level exists at 1.1300. We recommend safe selling only below 1.1300 with the targets at 1.1293, 1.1264, and 1.1255. Below 1.1255, the panic will be triggered towards 1.1225, 1.1200, and 1.1185 levels. The prices are closed below 12ema and 35DEMA, which means some weakness after a sharp upswing. We recommend safe buying above 1.1400 with the target at 1.1450.


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Technical analysis of Silver for November 10, 2014


Technical outlook and chart setups:


Silver bounced off the $15.00 levels on Friday and closed around the high of the day at $15.75, producing a morning star on the daily chart view. It is recommended to remain long and also continue to buy on dips. Resistance is seen at $16.20 levels, followed by $17.40, $17.80/18.00 while support is seen at $15.00 levels respectively. Bulls want to target at $16.20 as an immediate target before pulling back. Also note that $16.20/25 is the fibonacci 0.382 resistance level of the drop between $17.50 and $15.00 levels respectively. Breaking the $16.20 resistance, Silver could be bought again after dips around $15.50 region.


Trading recommendations:


Remain long in the metal for now. Stop at $14.75.


Good luck!


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Technical analysis of Gold for November 10, 2014


Technical outlook and chart setups:


Gold has rallied from $1,130 to $1,180.00 levels, as expected. It is recommended to take profit on long positions taken on Friday, at the current levels ($1,172.00). The metal had paused at fibonacci 0.382 resistance for now and can possibly print a new high (just by a few points), before pulling back to retrace. Resistance is seen at $1,208.00, followed by $1,235.00, $1,250.00 while support is seen at $1,130.00 respectively. It remains possible that the current rally could extend above $1,250.00 but at the moment it is too early to confirm. Looking for a pullback around $1,150.00 levels to again initiate long positions.


Trading recommendations:


Exit long positions. Re-enter around $1,150.00, stop at $1,125.00, the target is open.


Good luck!


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Technical Analysis of Gold for November 10, 2014

The yellow metal rebounds from the lower levels after the soft US data hit the wires. The overall picture favors bears. In Friday's session, the metal gained approximately $35 and closed above the day's high. Today, the metal opened on a bearish note, opened higher at $1,177.60. We recommend buying only above $1,178.50 levels and strong upmove will underpin above $1,183.00 with the targets at 1,200 .00 and 1,212.00. The weekly support exists at $1,161.00, below this free mode will be triggered. As we recommended earlier, we are still looking at the lower level targets of $1,024.00, $927.00 and $850.00-$800.00 in the longer-term view. The metal has strong resistance at the broken support trend line, above this at $1,188.00 200MSma and $1,212.00 200MEma. The monthly resistance exists at $1,233.00.


Resistance: $1,178.50, $1,182.00, $1,200.00.


Support: $1,161.00, $1,131.00, $1,102.00.


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For an hourly basis, the prices are closed above 35DEMA and 12ema levels. The prices have strong resistance at $1,178.50. We recommend buying above $1,178.50 with the targets at $1,182.00, above this at $1,190.00 and $1,193.00. In case, if the prices break below $1,167.90, the weakness persists. We recommend selling at $1,167.00 with the targets at $1,158.00, below this at $1,152.00 and $1,146.00. Currently, the trading range of the prices is framed between $1,178.40 and $1,167.90 levels. Either side breakout will provide further room for trading.


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Technical analysis of EUR/USD for November 10, 2014

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When the European market opens, some economic news will be released such as Italian Industrial Production m/m, and Sentix Investor Confidence. The US economic calendar will not release any reports today. So, in this context, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2520.

Strong Resistance:1.2512.

Original Resistance: 1.2500.

Inner Sell Area: 1.2488.

Target Inner Area: 1.2458.

Inner Buy Area: 1.2428.

Original Support: 1.2416.

Strong Support: 1.2404.

Breakout SELL Level: 1.2396.

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 10, 2014

!USDJPY.jpg In Asia, Japan will not release any economic data. The US economic calendar does not expect any reports today. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 114.75.

Resistance. 2: 114.53.

Resistance. 1: 114.31.

Support. 1: 114.03.

Support. 2: 113.80.

Support. 3: 113.58.

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 on GBP/USD for November 10, 2014

The pair saw another bearish week. On Friday's session the pair managed to recover 40 pips and closed at the highest point. This week the key economic event to be released on Wednesday is the UK employment data. The pair has resistance at 1.6040, 1.6147, and 1.6220 levels. On the downside, 1.5750 will act as strong support, below this 1.5620 and 1.5500 are open targets. The pair favors selling on the rise. The cable has strong resistance between 1.6227 and 1.6183 levels. Use every rise to sell, until the prices close above these resistance levels. The monthly resistance exists at 1.6030 50M sma levels. The pair has weekly resistance at 1.6025, above this we can expect 1.6092 and 1.6200.


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For an intraday view, the prices are closing and trading above 35DEMA. The prices have resistance at the 1.5896 levels. Above this, 1.5910 and 1.5940 will act as resistance levels. Until the prices close below 1.5940, bears will try to drag the pair to lower levels. In the h4 chart, the prices are making lower highs and lower lows. We recommend selling below 1.5870 with the targets at 1.5845 and 1.5800 levels.


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Technical analysis and trading recommendation on EUR/USD for November 10, 2014

The pair saw another bearish week. On Friday's session the pair managed to recover 80 pips and closed at the highest point. This week, the key economic events falling on Wednesday are Industrial production, Thursday German final CPI, French CPI, and US unemployment claims. The major key events falling on Friday are French and German prelim GDP, French non-farm payrolls, US retail sales and core retails sales. We expect a huge volatility this weekend. The pair has weekly resistance at 1.2580, 1.2630, and 1.2770. Until the prices close below 1.2500 on a daily basis, the bears will have an upper hand. As we recommended earlier, sell on every upswing with the downside initial targets at 1.2300 and 1.2230. As we know, President Draghi said the ECB would soon start the purchases of asset-backed securities for two years. On the downside, the pair has support at 1.2350, below this 1.2226 is the major support level.


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For an intraday view, the prices are closed and trading above 12ema and 35DEMA. But the pair has strong hourly resistance at 1.2480. Above this, 1.2505 will act as another resistance level. On the down side, the pair has support at 1.2460, below this at 1.2435, 1.2410, and 1.2366. In case, if the pair correct below 1.2400 again the selling pressure will increase. The panic will be triggered below the 1.2358 levels. We recommend buying only above 1.2485 with the targets at 1.2500 and 1.2530 levels. Risky traders use sl 1.2485 selling on an up move. On a positional basis, we recommend selling on every upswing.


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Daily analysis of major pairs for November 10, 2014

EUR/USD: This pair is still in a weak market, but there is a good possibility that the pair may rally this week. This may happen as a result of the EUR becoming strong versus some other popular currencies, including, of course, the USD. This may happen this week or next week, and therefore we are looking for a rally here.


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USD/CHF: This currency trading instrument closed at 0.9660 (on Friday, November 7, 2014). The price closed lower in the context of a downtrend. Some may see the bearish correction as another opportunity to go long, provided that the price would not go below the resistance level at 0.9600. It is a level where long trades may no longer be sensible.


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GBP/USD: The Cable dropped by 200 pips last week, testing the accumulation territory at 1.5800 before bouncing upwards beyond the accumulation territory at 1.5850. For the bearish trend to continue, the accumulation territory at 1.5800 would be tested again; otherwise the price may go above the distribution territory at 1.5950.


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USD/JPY: The USD/JPY pair tested the supply level at 115.50 several times, but it was unable to break it to the upside. There is an existing bearish pullback in the market, which could be challenged at the demand level of 113.50. Any movement below that demand level may put the bullish outlook in a precarious situation.


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EUR/JPY: This market moved sideways in the last few days of the last trading week, on a consolidation note. The market is consolidating in the context of an uptrend. Any movement above the supply zone at 143.50 would signal the renewal of the bullish trend, but any movement below the demand zone at 141.50 would put the uptrend in jeopardy.


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Daily analysis of USDX for November 10, 2014

The USDX has made an interesting pullback at the level of 87.95 on the daily chart. Because of this bearish pattern, the USDX could make a breakout at the support level of 87.35 and fall to the level of 86.20. However, we must be cautious in the medium term with the USDX, because this instrument could rise to the resistance level of 88.63.


Dailychart's resistance levels: 88.63 / 90.40


Dailychart's support levels: 87.35 / 86.20


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On the H1 chart, the USDX had a fall from the resistance level of 88.15. Now, this instrument is finding support at the 87.58 level. If the USDX manages to make a breakout at that level, the next target would be the 87.28 level. However, our bullish outlook on the USDX still kept alive, because this instrument is located above the 200 SMA. MACD indicator remains in the negative territory.


H1 chart's resistance levels: 87.86 / 88.15


H1 chart's support levels: 87.58 / 87.28


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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 87.86, take profit is at 88.15, and stop loss is at 87.57.


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Daily analysis of GBP/USD for November 10, 2014

At the H4 chart, the GBP/USD pair is forming a bullish pattern above the support level of 1.5811, while the resistance level of 1.5874 has halted future rises in the GBP/USD. This pair is likely to achieve consolidation above this level during this week though GBP/USD remains strong in the current bearish trend. On the downside road, if this pair makes a breakout at the support level of 1.5811, it would be expected to fall to the level of 1.5698 in the medium term.


H4chart's resistance levels: 1.5874 / 1.5951


H4chart's support levels: 1.5811 / 1.5698


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The GBP/USD pair has made a strong bullish rebound at the support level of 1.5810. This pair is likely to make a pullback at the resistance level of 1.5871, because we expect this pair to finish making corrective movements in this area. On the other hand, consolidation above this resistance level, could lead GBP/USD to rise up to the level of 1.5925 in the H1 chart. The MACD indicator remains in the positive territory.


H1 chart's resistance levels: 1.5871 / 1.5925


H1 chart's support levels: 1.5810 / 1.5739


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


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