Elliott wave analysis of EUR/JPY for November 11 - 2014

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Today's support and resistance levels:


R3: 145.20


R2: 144.82


R1: 144.22


Current spot: 143.82


S1: 143.54


S2: 143.22


S3: 142.92


Technical summary:


Red wave iv ended early at 142.05. We should ideally see a break above 144.22 soon for a continuation higher towards 145.60 in red wave v. Only a break below support at 142.77 will indicate, that the correction in red wave iv is not over yet and will call for a new decline to 142.05 and possibly even lower to 141.70 to end red wave iv and set the stage for a final rally in red wave v towards 145.21.


Trading recommendation:


We bought EUR at 143.62 and will raise our stop to 142.75 and place our take profit at 145.40.


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Intraday technical levels and trading recommendations for EUR/USD for November 11, 2014

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A bullish engulfing daily candlestick emerged off price level of 1.2500 one month ago. A resulting bullish movement towards 1.2850 was contained within the depicted channel.


The upper limit of the movement channel (1.2880-1.2900) was targeted. However, bearish pressure was applied earlier around 1.2800-1.2840 where the depicted head and shoulders reversal pattern was initiated.


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


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


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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 1.2450.


Recommendation:


As anticipated, daily closure below 1.2480 offered another SELL signal for risky traders. Target levels were located at 1.2440, 1.2370 (already reached) and 1.2290.


Another Short position was offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500 ( also corresponding to the upper limit of the channel ). Stop loss can be set as a daily closure above 1.2520.


Bearish targets are located at 1.2370 and 1.2290 as long as the recent top at 1.2500 remains defended by bears.


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Technical analysis of NZD/USD for November 11, 2014

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Trading recommendation :



  • The NZD/USD pair is trading below its resistance at the level of 0.7817 which represents the ratio of 50% Fibonacci retracement levels in H1 char. It is likely to trade in a lower range as far as it remains below its strong resistance. Short position is recommended with the first target at 0.7781. A breach of this target will move the pair further downwards to 0.7733. The supports stands at 0.7733 and 0.7700. In case the price moves in the opposite direction and bounces back from support level, and then it moves above its supports it is likely to move further to the upside. In that scenario, a long position is recommended with the first target at 0.7773 and the second target at 0.7815.


Notes :



  • We expect a new range about 64 pips today.

  • The support of the NZD/USD pair has already set at 0.7733. Moreover, the weekly support 1 will set at the same level.

  • The price of 0.7766 represents the daily pivot point and 0.7814 is going to form a double top. So, the key level will set at the level of 0.7817.


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Technical analysis of USD/CHF for November 11, 2014

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Overview :



  • The trend of USD/CHF pair has been ascending for several weeks. Due to the previous events, the price is still between the levels of 0.9630 and 0.9714. Besides, resistance will set at the level of 0.9714 and the double top has already placed at 0.9742. So, the area of 0.9714-0.9742 represents strong resistance today. From this point, it will be wide to sell in this area 0.9714-0.9742 with the first target at 0.9670 in order to try to break the minor support. Then, the price will be able to continue in downtrend towards 0.9626 (the level of 0.9626 coincides with the ratio of 61.8% Fibonacci retracement levels in H1 chart). On the other hand, stop losses should be placed above 0.9768.


Notes :



  • Major support will set at the level of 0.9626.

  • Major resistance has already set at the area of 0.9714-0.9742.

  • We expect a new range about 57 pips today and 139 this week.

  • The level of 0.9770 will confirm the bullish market.

  • The strength of the currency will be defined as follows: USD is in the uptrend and CHF is in the downtrend.


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Technical analysis of USD/CAD for November 11, 2014

General overview for 11/11/2014 11:30 CET


The current situation on this pair is not clear for both bulls and bears due to equally possible labeling that have a slightly different outlook. The key level however is still the green count invalidation line at the level of 1.1220. As long as the currency pair is trading above this level, another upward leg is still possible. Please notice that the price is not testing the red trend line from the downside and any failure here might be a first clue the top is really in place as per main count. Otherwise, any breakout higher would mean that the last wave (v) green is in progress and new highs can be made.


Support/Resistance:


1.1464 - Swing High| Wave 5 Blue Top?|


1.1446 - Intraday Resistance


1.1426 - WR1


1.1369 - Intraday Support


1.1344 - Weekly Pivot


1.1310 - Intraday Support


1.1263 - Technical Support| Previous Wave Four Support|


1.1222 - WS1


Trading recommendations:


Day traders should consider opening buy positions if the level of intraday support is not broken (with SL just below 1.1368), targeting new highs in this pair. Swing traders should consider closing longer-term buy orders if the level of 1.1220 is violated.


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Technical analysis of EUR/JPY for November 11, 2014

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


There is not enough evidence to assume the recent wave development is a completed corrective cycle in blue wave 4. Now, the new impulsive wave to the upside has started. The reason is that the corrective cycle can still be labeled as a more complex and time-consuming cycle in the shape in an irregular flat correction (alternative labeling). Only a clear breakout above the level of 144.22 would put this possibility into question.


Support/Resistance:


44.59 - 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:


Yesterday buy orders have not been triggered and now the outlook is still uncertain, so traders should refrain from trading until clear pattern emerge.


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#USDX Technical analysis for November 11, 2014

The Dollar index has held above 87 and bounced strongly towards its previous highs. The upward move is fragile and I will not be surprised to see a rejection at 88 and a pullback below 87 towards 86. 87.50 is important short-term support that if broken will confirm the trend reversal towards 87 at least.


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The Dollar index remains inside the upward sloping channel and above the Ichimoku cloud. However, the pullback did not reach the 38% retracement and that is why I give more chances for a pullback than the continuation of the uptrend. Breaking below short-term support of 87.50 will give me a sell signal with 87 as 1st target and 86.70 as 2nd target.


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The bullish flag formation remains valid and so our longer-term target of 91. This does not mean we could not see a pull back towards even 85-84 levels. A longer-term trend is bullish as long as price is above the Ichimoku cloud in the daily chart. At current price levels, I prefer to remain neutral and wait for the pull back.


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Gold Wave analysis for November 11, 2014

Gold price has broken the short-term support at $1,169 and pushed lower but deeper than expected. This means that the entire upward bounce could very well be over and complete at $1,178 as the decline could be seen as a 5 wave impulsive decline to $1,146. I remain bearish for the longer-term targeting $1,050.


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After the decline from $1,178 to $1,146 we should expect a bounce towards $1,158 or towards $1,166. This will be a sell opportunity with $1,178 as stop. Gold price remains in a longer-term downtrend and I look for opportunities to sell.


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If however Gold price breaks above $1,178, we should expect the move to reach $1,195 at least if not $1,210. Gold price is below the Ichimoku cloud, the trend remains bearish. Important resistance is found at $1,162 and $1,171. Support is at $1,146 and at $1,130. I remain longer-term bearish looking for selling opportunities. If we bounce to $1,156 or $1,160, I will look to sell with $1,178 as stop.


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Technical Analysis of GBP/USD for November 11, 2014

The US dollar started gaining momentum after the publication of the nonfarm payroll report. The US dollar is the top performer against most major currencies. In yesterday's session, the pair fell 40 pips and closed at the lowest point of the day. In case, the cable closes below 1.5830 levels on a daily basis, the free fall mode will be triggered towards 1.5750. The pair has resistance at 1.6040, 1.6147, and 1.6220. 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 a rise. The cable has strong resistance between 1.6227 and 1.6183. Use every rise to sell, until the prices close above these resistance levels. The monthly resistance exists at 1.6030 50M sma. The pair has weekly resistance at 1.6025; above this we can expect 1.6092 and 1.6200. For an intraday view, the prices are closed and trading below 35DEMA at the 1.5860 levels. The pair has resistance at the 1.5839 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 1.5835 with the targets at 1.5825 and 1.5800 levels.


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Technical analysis of EUR/JPY for November 11, 2014


Technical outlook and chart setups:


The EUR/JPY pair seems to be retracing its fall from 144.21 to sub 142.00 levels for now. The resistance (fibonacci 0.618), is around 143.40 levels and it is expected to reverse lower from there on. Resistance is at 144.21(interim), followed by 145.50, while support is seen at 140.30, followed by 139.20/30 and lower respectively. A 3 wave correction can be expected, till prices remain below 144.21 levels here. Bears are expected to resume its 3rd leg lower from around current price action (143.40). It is recommended to remain short, risk remains at 144.50 levels. Downside extensions are pointing towards at least 140.00/139.00 levels.


Trading recommendations:


Remain short, stop at 144.55, target is open.


Good luck!




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Technical Analysis of EUR/USD for November 11, 2014

The stronger US dollar pushed the Euro to lower levels. The pair closed at the lowest point of the day. The pair has been making lower highs on the monthly chart for 5 months. The pair has weekly resistance at 1.2580, 1.2630, and 1.2770. Until the prices close below 1.2500 on a daily basis, bears will have an upper hand. As we recommended earlier, sell on every upswing with downside initial targets at 1.2300 and 1.2230. As we know, President Draghi said the ECB would soon start 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. For an intraday view, the prices are taking support at 35DEMA. But the pair has strong hourly resistance at 1.2445. Above this 1.2470 will act as another resistance level. On the down side, the pair has support at the 1.2410 and 1.2366 levels. In case if the pair corrects below 1.2400 again, the selling pressure will increase. The panic will be triggered below the 1.2358 levels. On a positional basis, we recommend selling on every upswing.


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Technical Analysis of Gold for November 11, 2014

The stronger US dollar again pushed the metal prices to lower levels. The positive impact on the expanding US economy has helped the US dollar rally. In yesterday's session, the metal opened on a bearish note and fell $30.0 closed at the lowest levels. As we recommended in our yesterday's article, my buying price was not activated, but the selling recommendation was activated and gave good money. We recommended selling at $1,167.00 with the targets at $1,158.00, below this at $1,152.00 and $1,146.00 levels. The metal made a low at $1,147.00. The near term was capped at the $1,178.50 levels. The weekly trading pattern is framed between $1,178.50 and $1,140.00. The US dollar is doing well. As a counterpart, Gold is also doing well to the downside.


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


Support: $1,147.00,$1,131.00$1,102.00


For an hourly basis, the prices are closed below 35DEMA and 12ema levels. The prices have strong resistance at the $1,157.60 levels. In case if the prices breach above 12ema $1,157.50, we recommend selling at $1,158.00 with the targets at $1,161.00 and $1,164.00. Until the prices are closed below $1,166.00, use every rise to sell on intraday basis. The panic will be triggered below the $1,147.00 levels.


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Daily analysis of GBP/USD for November 11, 2014

The GBP/USD pair found strong resistance at the 1.5883 level, because this pair is trying to perform corrective movements. The bearish trend could extend to the level of 1.5746 support in the medium term. However, the weakness of this pair could last for several more days due to the fact that GBP/USD still remains below the 200 SMA and MACD indicator remains in the negative territory.


Daily chart's resistance levels: 1.5883 / 1.6046


Dailychart's support levels: 1.5746 / 1.5642


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During the Asian session yesterday, the GBP/USD pair record some gains above the 1.5871 level. Some hours later, the pair made a pullback to the 1.5910 level. Now, the GBP/USD is trying to fall back to the support level of 1.5810 in the H1 chart. If the pair manages to make a breakout at that level, the next target would be the level of 1.5739.


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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USD/CAD intraday technical levels and trading recommendations for November 10, 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.


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


Bulls have a solid Intraday Support level located around 1.1280-1.1310 where the most recent daily top is located.


Recommendations:


Price zone of 1.1470-1.1490 offered a valid SELL entry with SL located just above 1.1550. This position is running in profits now. Target levels was reached at 1.1430 then 1.1320.


Price action should be watched at price level of 1.1290 for a possible BUY entry. Otherwise, the pair may continue trending down towards 1.1220 ( significant Fibonacci Level ) without correction.


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GBP/USD intraday technical levels and trading recommendations for November 10, 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 wide bearish channel that was initiated in October. There lower limit of which was located around 1.5810 at the last time of retesting.


Last week, the GBP/USD pair was rejected obviously at 1.5870. Significant bullish bias was manifested in the daily candlestick. Yet, bears managed to hit new lows around 1.5790.


The GBP/USD pair looked quite oversold on the 4H chart. Bullish correction should be anticipated despite the bearish outlook on the daily chart. Fixation above price level of 1.5890 is mandatory.


Trading recommendations:


Price action should be watched around (1.5800-1.5820). A valid BUY entry may be offered if sufficient bullish rejection is expressed. Stop Loss should be set as daily closure below 1.5760.


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.


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Technical analysis of Gold for November 11, 2014


Technical outlook and chart setups:


Gold has retraced to expected levels around $1,150.00, as seen here. Also note that the metal is trading around the fibonacci 0.618 support at the moment. It is recommended to initiate long positions again at current price, risk remains at $1,125.00. Resistance is seen at $1,200.00, followed by $1,235.00, $1,255.00 and higher up while support is seen at $1,130.00 and lower respectively. The metal has broken higher from the recent down trend line and is pulling back after registering highs at $1,180.00 levels. Bulls are expected to remain in control till prices stay above $1,130.00 levels. A bullish reversal from current price ($1,150.00) could see $1,207.00 levels at least on the higher side.


Trading recommendations:


Buy now ($1,150.00), stop at $1,125.00, target is open.


Good luck!




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Technical analysis of USD/CHF for November 11, 2014

The U.S. dollar started gaining momentum after the post jobs data. The U.S. dollar is the top performer against most major currencies. During the previous week, the pair managed to breach the previous high of 0.9688 in intraday session, but was unable to close above that on a weekly basis. We are waiting patiently for a new breakout on the higher side in the weekly chart. In case, if the price closes above 0.9688 on a weekly closing basis, it can challenge for 0.9800, 0.9840, 0.9970 and 1.017 levels. The parallel monthly resistance exists at 0.9751 levels. We have been recommending the same targets for the last month (October 06, 2014 article).


As of now, today the pair is unable to break 0.9688 made a high at 0.9685 levels. We recommend intraday buying above 0.9690 for targets at 0.9715, 0.9726, 0.9740 and finally 0.9800 levels. Please remember the pair has strong parallel resistance exists at 0.9751 levels.


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Technical analysis of EUR/USD for November 11, 2014

There is no economic news to be released in the Euro Zone today, but the US will release economic data such as the NFIB Small Business Index, so amid the reports, EUR/USD will move with low volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2492.

Strong Resistance:1.2485.

Original Resistance: 1.2473.

Inner Sell Area: 1.2461.

Target Inner Area: 1.2432.

Inner Buy Area: 1.2403.

Original Support: 1.2391.

Strong Support: 1.2379.

Breakout SELL Level: 1.2372.

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 11, 2014

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In Asia, Japan will release the Current Account, Bank Lending y/y, 30-y Bond Auction, Consumer Confidence, Economy Watchers Sentiment, Prelim Machine Tool Orders y/y, and the US will release some economic data such as NFIB Small Business Index. So there is a big probability the USD/JPY will move with low to medium volatility during the Asian session, but with low volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 115.34.

Resistance. 2: 115.12.

Resistance. 1: 114.89.

Support. 1: 114.61.

Support. 2: 114.39.

Support. 3: 114.16.


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Technical analysis of USD/JPY for November 10, 2014

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Fundamental overview:


USD/JPY is expected to trade in a lower range after hitting seven-year high 115.60 on Friday. It is undermined by the weaker dollar sentiment (ICE spot dollar index last 87.52 versus 88.06 early Friday) after fewer-than-expected 214,000 increase in U.S. October non-farm payrolls (versus forecast +233,000) and less-than-expected 0.1% increase in U.S. October average hourly wages (versus forecast +0.2%), although the unemployment rate slipped to 5.8% from 5.9% in September (versus forecast for no change). USD/JPY is also weighed by Japan's export sales and lower U.S. Treasury yields (10-year at 2.312% versus 2.377% late Thursday) as weaker-than-expected U.S. October jobs growth trimmed odds that the Federal Reserve may raise interest rates sooner than expected, while Fed Chairwoman Yellen said in a conference in Paris on Friday that "supportive policy remains necessary" given the slow and unsteady economic recovery. But USD sentiment is soothed by the larger-than-expected $15.92 billion increase in U.S. total outstanding consumer credit in September (versus forecast +$15.7 billion). USD/JPY losses are also tempered by demand from Japan's importers, ultra-loose Bank of Japan's monetary policy and improved risk appetite after stronger-than-expected 11.6% growth in China October exports (versus forecast +10.0%) and larger-than-expected China October trade surplus of $45.4 billion (versus forecast $42.3 billion).


Technical comment:

Daily chart is mixed as MACD is indicator bullish, 5 and 15-day moving averages are advancing but stochastics turned bearish at overbought zone, bearish dark-cloud-cover candlestick pattern was completed on Friday.


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 115.15 and the second target at 115.50. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 113.80. A break of this target would push the pair further downwards and one may expect the second target at 113. The pivot point is at 114.75.


Resistance levels:

115.15

115.50

115.75


Support levels:

113.80

113

112.75


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Technical analysis of USD/CHF for November 10, 2014

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Fundamental overview:


USD/CHF is expected to trade in a higher range after hitting a 16-month high 0.9741 on Friday. No FX reaction to in-line rise in Switzerland unemployment rate to 3.1% in October from 3.0% in September. USD/CHF is undermined by the weaker dollar 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 but stochastics is turning bearish at overbought zone, bearish dark-cloud-cover candlestick pattern was completed on Friday.


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 0.97 and the second target at 0.9740. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.96. A break of this target would push the pair further downwards and one may expect the second target at 0.9570. The pivot point is at 0.9670.


Resistance levels:

0.97

0.9740

0.9775


Support levels:

0.96

0.9570

0.9535


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Gold : analysis for November 10, 2014

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Overview :


Since our last analysis, gold has been trading upwards. As we expected, the price rejection from the level of 1,146.00 and tested the level of 1,178.54 in an ultra high volume. Our major Fibonacci expansion 161.8% at the price of 1,146.00 held strongly, which is a sign that we may see a potential larger bullish phase and even reverse in a mid-term perspective. I have placed Fibonacci retracmeent from the most recent swings. I got Fibonacci retracment 38.2% at the price of 1,179.00 (currently on the test) and Fibonacci retracment 61.8% at the price of 1,207.00. Be careful when selling gold and watch for potential buying opportunities. If the price breaks the level of 1,179.00 in a high volume and strong price action, we may see possible testing the level of 1,207.00.


Daily pivot Fibonacci points:


Resistance levels:


R1:1,175.36


R2: 1,177.24


R3: 1,180.30


Support levels:


S1: 1,169.24


S2: 1,167.36


S3: 1,164.30


Trading recommendations: Selling gold at this stage looks risky since we got strong rejection from our major support.


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Technical analysis of NZD/USD for November 10, 2014

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Fundamental overview:


NZD/USD is expected to trade in a higher range after hitting a two-year low 0.7658 on Friday. It is underpinned by the weaker dollar sentiment (ICE spot dollar index last 87.52 versus 88.06 early Friday) after fewer-than-expected 214,000 increase in U.S. October non-farm payrolls (versus forecast +233,000) and less-than-expected 0.1% increase in U.S. October average hourly wages (versus forecast +0.2%), although the unemployment rate slipped to 5.8% from 5.9% in September (versus forecast for no change) and rebound in commodity prices, improved risk appetite and NZD-USD interest differential.


Technical comment:
Daily chart is mixed as MACD is bearish but stochastics is turning bullish to the oversold zone, bullish outside-day-range pattern was completed on Friday.


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 0.7840 and the second target at 0.7880. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7705. A break of this target would push the pair further downwards and one may expect the second target at 0.7645. The pivot point is at 0.7755.


Resistance levels:

0.7840

0.7880

0.79

Support levels:

0.7705

0.7645

0.76


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Technical analysis of GBP/JPY for November 10, 2014

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Fundamental overview:


EUR/JPY is trading in a range. It is undermined by the weaker USD/JPY undertone and Japan's export sales. But GBP/JPY downside limited by demand from Japan's importers and rebounding GBP/USD and improved risk appetite. GBP sentiment is dented by the wider-than-expected U.K. September global goods trade deficit of GBP9.8 billion (versus forecast GBP9.4 billion).


Technical comment:

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


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 181. A break of this target will move the pair further downwards to 179.85. The pivot point stands at 182.15. 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 182.80 and the second target at 183.45.


Resistance levels:

182.80

183.45

184.30

Support levels:

181

179.85

179


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