EUR/NZD analysis for November 12, 2014

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Overview:


In our last analysis, EUR/NZD has been trading downwards. As we expected, the price was tested from the level of 1.5800. According to the 4H time frame, we can observe strong supply on the market in an ultra high volume (selling climax), which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is on the test, so be careful when selling at this stage. If the price breaks the level of 1.5800 in a high volume, we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%), Anyway, if we see larger reaction from buyers around the level of 1.5800, a bullish corrective phase will be possible.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.6052


R2: 1.6088


R3: 1.6146


Support levels:


S1: 1.5937


S2: 1.5907


S3: 1.5844


Trading recommendations: Be careful when selling EUR/NZD since our Fibonacci expansion 100% is on the test


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Gold : analysis for November 12, 2014

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Overview :


Since our last analysis, gold has been trading upwards. As we expected, the price rejected from the level of 1,149.00 and tested the level of 1,173.11 in an average volume. I have placed Fibonacci retracmeent from the most recent swings to find potential support levels. I got Fibonacci retracment 61.8% at the price of 1.149.00 (successful held). We also got support level at the price of 1,160.00 (currently on the test). 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:


R1:1,170.64


R2: 1,177.02


R3: 1,187.33


Support levels:


S1: 1,150.02


S2: 1,143.64


S3: 1,133.33


Trading recommendations: Selling gold at this stage looks risky since we got strong rejection from Fibonacci retracmeent 61.8%.


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Elliott wave analysis of EUR/JPY for November 12 - 2014

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Today's support and resistance levels:


R3: 144.08


R2: 143.80


R1: 143.65


Current spot: 143.44


S1: 143.25


S2: 142.93


S3: 142.55


Technical summary:


Red wave v and wave iii seem to have ended early at 144.70 and that means a correction in wave iv currently is unfolding towards 142.46 and maybe even slightly lower to 142.06. At this point, only a quick rally above 144.43 will call for a continuation higher towards 145.21 to end wave iii, but at this point that outcome seems quite unlikely.


Trading recommendation:


We are long in EUR from 143.62 and will close our position here at 143.44 with a minor loss. We will re-buy EUR at 142.20 with a stop at 141.75.


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Technical analysis of EUR/JPY for November 12, 2014

General overview for 12/11/2014 11:00 CET


It looks like five impulsive waves on the larger 4H time frame have been made and now the market should start a corrective cycle. There is a clear one to one price and time ratio between wave 1 and wave 5 and bearish divergence supports the view as well. On lower time frames, the key support is at the level of 142.10 and breakout lower is the first clue that the short-term top is in place.


Support/Resistance:


144.68 - Swing Top|Technical Resistance|


144.60 - WR1


143.68 - Intraday Resistance


143.03 - Intraday Support


142.49 - Weekly Pivot


142.11 - Technical Support | Key Level|


Trading recommendations:


Day traders should consider to sell orders from the level of 143.68 with SL above the level of 144.68 and TP at the level of 142.11 with a possible downward extension to the level of 141.36.


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Technical analysis of USD/CAD for November 12, 2014

General overview for 12/11/2014 10:30 CET


The red trend line downside test has failed and the price has been rejected from the level of 1.1400. Currently there are two intraday count possible: alternative count indicated more upside in order to complete the last leg to the upside and the invalidation of this count is at the level of 1.1298. On the other hand, the main count suggests more downside extension in impulsive fashion if the level of 1.1298 is broken. Moreover, the next important near-term invalidation line is at the level of 1.1220. Breakout lower or violation of the levels is the first clue that the immediate-term top is in place at the level of 1.1464.


Support/Resistance:


1.1464 - Swing Top


1.1446 - Technical Resistance


1.4000 - Intraday Resistance


1.1344 - Weekly Pivot


1.1298 - Intraday Support|Blue Intraday Count Invalidation Line|


1.1266 - Technical Support


1.1220 - Green Alternate Count Invalidation Line


Trading recommendations:


Day traders should consider to open buy orders only in the level of 1.4000 is broken and sell orders only if the level of 1.1298 is violated. Otherwise, please refrain from trading until the market decides which way it wants to move.


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Technical analysis of EUR/USD for November 12, 2014

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Trading recommendations :



  • The price of the EUR/USD pair is going to turn to the bearish bias from the level of 1.2568. The level of 1.2568 represents the weekly resistance 1. Also, tt should be noticed that the range of the last week was narrow and formed a rectangle. Then, support will set at the level of 1.2350, but the double bottom is going to set at 1.2357; and resistance had already placed at the level of 1.2568. Accordingly, it will be a good sign to sell below 1.2568 with the first target of 1.2462 to test a minor support at this price (it represents the weekly pivot point too). So, it will call for a downtrend in order to continue its bearish movement towards 1.2357. However, the stop loss should be placed above 1.2568 at the price of 1.2571. Equally important, the support will set at the 1.2350 level. Additionally, it should be noted that the range today will be about 219 pips this week.


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#USDX Technical analysis for November 12, 2014

The Dollar index made a double top and got rejected. This pullback might be part of a bigger correction towards 87 or even below it. The longer-term trend remains bullish and our bullish flag target of 91 is still in play. Bulls need to be very cautious as we might see a pull back towards 86.70. I believe this will be another buy opportunity.


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The Dollar index remains inside the upward sloping channel and above the cloud support. The 38% retracement is at 87 and the 50% retracement at 86.70. Short-term support is found at 87.40 and resistance at 87.75. Whichever side the index breaks, I expect a follow-through.


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The bullish flag pattern has given us 91 as a target. Can we see a pullback towards 85-84 before this target is reached? Yes it is possible and that is why bulls will need to be very cautious specially if support at 87 is broken. The Dollar index has a daily support at 87.16 and at 86.35. So, we need to be very carefull if we close below any of those two levels.


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Gold Wave analysis for November 12, 2014

Gold price has bounced from $1,146 low towards the previous high of $1,178. Gold price has managed to reach the 78.6% Fibonacci retracement but did not manage to make a higher high. This upward move could continue higher towards $1,195 if yesterday's high at $1,174 is broken. Otherwise, we might have started a new downward move and the upward bounce is finished.


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Gold price in the short-term chart as shown above has reached the 78.6% retracement and got rejected. As long as price is above the short-term support of $1,159, bulls will be in control with increased chances of moving towards $1,195 if resistance at $1,170-74 is broken. My longer-term view remains bearish with $1,050 as a target. I prefer to open short positions as price breaks below certain support levels.


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In the 4-hour chart, we see Gold price has entered the Ichimoku cloud neutral level. Support is found at $1,159-$1,155 and at the low at $1,146. Breaking below these support levels will confirm that a new downward move has started. I remain bearish and looking for opportunities to sell.


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Technical analysis of GBP/USD for November 12, 2014

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Overview :



  • The GBP/USD pair has set a strong support at the level of 1.5893 around the weekly pivot point. Also, be aware of the supports at 1.5893 and 1.5844. On the other hand, resistance has already placed around the double top at the point of 1.5995 in H1 chart, because minor resistance has set at 1.5972; and the prices of 1.5995-1.6021 represent strong resistance. So, if the trend is of an upside character, then the strength of the currency will be defined as following: GBP is in the uptrend and USD is in the downtrend. Therefore, buy above the level of 1.5893 which represents the weekly pivot point with the first target at the 1.5970 price. Moreover, if the trend does not fail to close above the level of 1.5970, it will call for an uptrend in order to continue its bullish movement towards 1.5995 in order to test this strong resistance (it should be noted that the price of 1.5995 is going to form the weekly resistance 1 and the double top will set at the level of 1.6021). At the same time, the stop loss should be placed at the level of 1.5816.


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GBP/USD intraday technical levels and trading recommendations for November 12, 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 1.5800-1.5790 at the last time of retesting that took place on Friday.


The GBP/USD pair looked quite oversold on the 4H chart. Bullish correction was anticipated despite the bearish outlook on the daily chart.


Bullish fixation above price zone of 1.5890-1.5900 is mandatory to keep the ongoing bullish momentum.


Trading recommendations:


Bullish fixation above the price zone of 1.5890-1.5900 ( significant Key-level ) and 1.6025 ( previous weekly high ) indicates a bullish corrective movement.


If so, the bullish target level would be initially located around 1.6150.


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Intraday technical levels and trading recommendations for GBP/USD for November 12, 2014

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


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. Hence, the pair has been moving sideways with some bearish tendency.


Despite the bullish breakout off the depicted bearish channel on the daily chart, daily fixation above price levels of 1.5870 ( already occurred ) and 1.5945 is still essential to pursue towards further targets initially around 1.6140 and 1.6300.


On the other hand, daily fixation below 1.5870 puts further bearish pressure on the pair to reach 1.5800-1.5780 where bullish recovery should be anticipated ( Note Friday's daily candlestick ).


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


Two weeks ago, 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 was suggested around 1.5830-1.5800 with Stop Loss located just below 1.5770. It's running in profits now. A 123 bullish reversal pattern will be confirmed once the market pushes above 1.5915 which is the recent top established this week.


Bullish fixation above 1.5950 is needed to resume the bullish swing.


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 with Stop Loss located just below 1.5870.


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Intraday technical levels and trading recommendations for EUR/USD for November 12, 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.


Yesterday, after testing of price level of 1.2500, the bears failed to show enough bearish momentum. Instead, an ascending bottom around 1.2400 was established. This applies bullish pressure on SUPPLY zone located around 1.2500 where the upper limit of the channel is located.


Recommendation:


Based on the new data mentioned above, a bullish breakout is a new probability. 4H closure above 1.2500 gives an early confirmation. Projection target would be located around 1.2600.


On the other hand, a valid short position was offered at retesting of the recently broken DEMAND zone at 1.2450-1.2500. Stop loss can be set as a daily closure above 1.2500.


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Technical analysis of EUR/JPY for November 12, 2014


Technical outlook and chart setups:


The EUR/JPY bullish took off stops placed at the 144.50 level yesterday. The pair is trading around the 144.00 mark at the moment and recommendations are to remain flat for a while and watch for a reaction towards the 143.00 levels. A break below the immediate trend line support and subsequently the 142.00 level would confirm that a meaningful retracement is due. On the flip side, if the pair bounces off the trend line support around 143.00, it would be safe to enter long positions, with risk at 142.00. Interim resistance is at 144.50 while support is seen at 143.00, followed by 142.00, 140.50 and lower respectively. Bulls should remain in control till prices stay above 142.00.


Trading recommendations:


Remain flat for now.


Good luck!


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Technical analysis of GBP/CHF for November 12, 2014


Technical outlook and chart setups:


The GBP/CHF pair test estimated resistance around 1.5360/80 and backs off. High probability direction from here, is a break below the 1.5300 levels. Resistance is seen at 1.5475, followed by 1.5550 for several days, while support is seen at 1.5300 (interim), followed by 1.5210/20, 1.5125, 1.4975 and lower respectively. It is still recommended to remain short, with risk above the 1.5550 levels. A break below 1.5300 now would accelerate downside, since the event would be considered as a falling wedge breakout. Bears are expected to remain in control till prices remain below 1.5450 levels in general.


Trading recommendations:


Remain short, stop at 1.5560, the target is open.


Good luck!


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Technical analysis of Silver for November 12, 2014


Technical outlook and chart setups:


Silver bounced off the $15.40/50 levels yesterday, which is fibonacci 0.50 support of the rally between $15.00 to $15.90. At the moment, the metal is seen to be trading around $15.70 mark, looking to push through $16.00 levels. Resistance is seen at $16.40, followed by $17.50, $17.80/18.00, while support is seen at $15.20/30, followed by $15.00 and lower respectively. As seen here, the metal remains very much in the sell zone of the sloping down trend lines and it actually needs to break above $17.50/80 levels to confirm that a bottom is in place.


Trading recommendations:


Remain long for now, stop at $4.75, the target is at least $16.40.


Good luck!


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Technical analysis of Gold for November 12, 2014


Technical outlook and chart setups:


Gold has bounced off from the expected support region around $1,150.00 yesterday. At the moment, the metal is trading around $1,169.00/70.00 levels and is looking to challenge $1,180.00/85.00 immediately. A break above those levels could see the metal easily rallying up to the $1,208.00 mark at least. Resistance is at $1,250.00, followed by $1,290.00/1,300.00, while support is seen at $1,140.00 (interim), followed by $1,030.00 (interim) and lower respectively. It is recommended to remain long for short term and watch for price action around the $1,208.00 levels. Please note that the metal has to at least break through $1,250.00/55.00 levels, to challenge further highs.


Trading recommendations:


Remain long, stop at $1,140.00, the target is at least $1,208.00.


Good luck!


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Technical Analysis of EUR/JPY for November 12, 2014

Ahead of the key euro zone's data, the cross is trading with a mild negative stance. The weaker than expected Japanese data adds some more pressure on JPY along with the BOJ's surprise decision. The Consumer confidence fell to 38.90 from 39.90 levels. Today, traders are keeping an eye on the euro zone's industrial data. The cross is trading near the parallel resistance at 144.84 of January 2014 high; above this 145.65 is an open target. The JPY is trading at 7-year low against the USD. In case if the pair breaches the 144.84 resistance level, fresh buying will added for a new target at the 145.65 levels initially. For an intraday session, we recommend selling below 143.70 with the targets at 143.00, 142.35, and 142.09. The panic will be triggered below the 143.00 levels. In case if prices correct below 142.09, 141.70 is also possible. On the higher side, we recommend buying above the 144.40 levels.


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Technical Analysis of GBP/JPY for November 12, 2014

Ahead of the key economic data, BOE's quarterly inflation report, the pound is looking weak against JPY. At the latest session, the pair breached the previous high 184.33, but was unable to close above that. In case if the prices close above 184.33, it can challenge 185.50 and 187.50 in the near term. In today's session, we can expect huge volatility in the European market. Most people are expecting the dovish inflation report. In the early hours of today's session, the cross made high at 184.67, but rejected there and is trading below the opening price. The cross has hourly support at the 183.30 level. We recommend fresh buying above 184.40 with the targets at 184.67, 185.00, and 185.50 levels. On the down side, we recommend selling below 183.30 with the targets at 182.80 and 182.40 levels.


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Technical analysis of EUR/USD for November 12, 2014

1415759001_!EURUSD.jpg When the European market opens, the economic calendar will be updated with German WPI m/m and Industrial Production m/m. The US will release the economic data too such as the Wholesale Inventories m/m and 10-y Bond Auction. Therefore, amid the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2519.

Strong Resistance:1.2511.

Original Resistance: 1.2499.

Inner Sell Area: 1.2487.

Target Inner Area: 1.2457.

Inner Buy Area: 1.2427.

Original Support: 1.2415.

Strong Support: 1.2403.

Breakout SELL Level: 1.2395.

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 12, 2014

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In Asia, Japan will release the Tertiary Industry Activity m/m and M2 Money Stock y/y. The US will also publish some economic data such as Wholesale Inventories m/m and 10-y Bond Auction. So, there is a big probability the USD/JPY pair will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 116.31.

Resistance. 2: 116.09.

Resistance. 1: 115.86.

Support. 1: 115.58.

Support. 2: 115.35.

Support. 3: 115.13.

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 12, 2014

Ahead of the key economic data, the pound looks weak in the early hours on Wednesday. In yesterday's session, the pound rose against the US dollar and closed at 2-day high. As per the 4-day closing data, the pair has support at the 1.5830 level. In case if the cable closes below 1.5830 at the end of today's session, the cable can extend its fall to 1.5750 and 1.5720 immediately. The cable has weekly resistance at 1.6025, above this we can expect 1.6092 and 1.6200. The unemployment rate and inflation report will decide the fortune of the cable. The unemployment rate has been falling from 8.4% to 6.0% level. On the downside, 1.5750 will act as strong support; below this 1.5620 and 1.5500 are open targets on a positional basis. Today in Asia's session, the cable is unable to breach the previous high. The pair has multiple resistance between the 1.6010 and 1.6025 levels. Until the h4 candle closes above 1.5835, the cable can challenge the 1.5960 levels. The panic will be triggered below 1.5830 levels. We recommend selling below 1.5835 levels.


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Technical Analysis of USD/CAD for November 12, 2014

As the US dollar fell against most major currencies, investors are likely to take profits. The pair fell towards previous low but managed to make a higher low. The pair has support at 1.1300 ,1.1287, and 1.1279. In case if the pair closes below 1.1287 on a daily basis, then we can expect a further correction towards 1.1260 and 1.1170. In case if the pair closes above 1.1386 on a weekly closing basis, the pair can challenge 260 odd pips. The weekly support level exists between 1.1275 and 1.1260. The pair gave an upside breakout on the previous week and closed above that in the weekly chart. The current dip is a consolidation before a further upswing. As we recommended earlier, the pair will challenge 1.1530 in the near term, 1.1644 and 1.1685 in the medium term and 1.1900, 1.2350 in the long-term perspective.


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For an intraday session, the support level exists at 1.1333 and 1.1318. We recommend safe selling only below 1.1315 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. We recommend buying above 1.1355 with the targets at 1.1380 and 1.1400. In case if the price trades above 1.1400 it can challenge towards the 1.1450 levels.


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Daily analysis of major pairs for November 13, 2014

EUR/USD: This market remains bearish despite the existing rally on it. The price is still below the EMA 56 while the Williams’ Range period 20 is heading towards the overbought area. Only a movement above the resistance line at 1.2550 can render the near-term bearish outlook useless.


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USD/CHF: This pair remains bullish irrespective of the current pullback in the market. There is still a Bullish Confirmation Pattern in the chart, which may be considered invalid when the price goes below the support level at 0.9600.


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GBP/USD: So far this week, this currency trading instrument has been making a serious bullish effort. From the accumulation territory at 1.5850, the price has been going upwards, reaching the distribution territory at 1.5900 and breaking it to the upside. The price may also reach the distribution territory at 1.5950, and break it to the upside, but as long as the price is below the distribution territory at 1.6000, the bearish outlook would be intact.


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USD/JPY: This pair attempted to make another all-time high testing the supply level at 116.00 before the current shallow pullback. There is a possibility that the price may continue to go further upwards, testing that supply level again, and possible breaking it to the upside. Should this happen, the price may begin to target another supply level at 116.50.


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EUR/JPY: The EUR/JPY pair was able to test the supply zone at 144.00, but failed to close above it. With continuous bullish effort, the cross may succeed in breaking that supply zone to the upside, closing above it. Should this become possible, the next target for the bulls would be the supply zone at 144.50.


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Daily analysis of USDX for November 12, 2014

The USDX continues to move in a range above the support level of 87.35, because this instrument could not find a significant point for further progress in the bullish trend support. However, a breakout at the support level of 87.35, could lead the USDX to fall to the level of 86.20. In addition, the USDX has been following a bullish trend line for several weeks.


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 significant drop from the level of 88.00 to the 87.40 level, where this instrument performed a slight rebound. Now, the USDX is trying to make a breakout at the resistance level of 87.58. If successful, it would be expected to rise to the level of 87.86. The MACD indicator remains in the negative territory.


H1 chart's resistance levels: 87.58 / 87.86


H1 chart's support levels: 87.28 / 87.00


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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 87.58, take profit is at 87.86, and stop loss is at 87.30.


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Daily analysis of GBP/USD for November 12, 2014

At the H4 chart, the GBP/USD pair made a bullish consolidation above the support level of 1.5874. The next goal on the bullish road would be the resistance level of 1.5951. We must highlight the fact that this pair has been following the bearish bias for several weeks. So, it's normal to see these corrective movements. The MACD indicator remains in the positive territory.


H4chart's resistance levels: 1.5951 / 1.6004


H4chart's support levels: 1.5874 / 1.5811


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On the H1 chart, we can see that this pair is forming a higher high pattern below the resistance level of 1.5925. The resistance level is located at the 200-day moving average, which is currently serving as dynamic resistance. So, this pair could make a pullback at the current levels and resume the bearish bias. On the other hand, if the pair manages to consolidate above this resistance level, it's expected to rise to the level of 15980.


H1 chart's resistance levels: 1.5925 / 1.5980


H1 chart's support levels: 1.5871 / 1.5810


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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 1.5871, take profit is at 1.5810, and stop loss is at 1.5931.


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Technical analysis of USD/JPY for November 11, 2014

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Fundamental overview:


USD/JPY is expected to trade in higher range.It is underpinned by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday). USD/JPY is also supported by the demand from Japan importers, ultra-loose Bank of Japan's monetary policy and positive investor risk appetite (VIX fear gauge eased 3.43% to 12.67) as S&P 500 hit record-high 2,037.80 overnight before closing up 0.31% at 2,038.26 on steadily improving U.S. economic picture and expectations that Federal Reserve's monetary policy will continue to be supportive for growth. But USD/JPY gains are tempered by Japan's export sales.


Technical comment:

Daily chart is positive-biased as MACD is bullish, stochastics stays elevated in the overbought zone, 5 and 15-day moving averages are 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 116.25 and the second target at 116.90. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 114.40. A break of this target would push the pair further downwards and one may expect the second target at 113.80. The pivot point is at 114.90.


Resistance levels:

116.25

116.90

117.35


Support levels:

114.40

113.80

113


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

Technical analysis of USD/CHF for November 11, 2014

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Fundamental overview:


USD/CHF is expected to trade in higher range.It is underpinned by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday) and dovish Swiss National Bank's monetary policy. But USD/CHF gains are tempered by the franc demand on soft EUR/CHF cross.


Technical comments:

Daily chart is mixed as MACD is bullish, five and 15-day moving averages are advancing but stochastics is bearish in the overbought 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 0.97 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 0.9650.


Resistance levels:

0.97

0.9740

0.9775


Support levels:

0.96

0.9570

0.9535


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

Technical analysis of NZD/USD for November 11, 2014

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Fundamental overview:


NZD/USD is expected to trade in a higher range. It is undermined by the positive dollar sentiment (ICE spot dollar index last 87.77 versus 87.52 early Monday) as investors renewed their bets that the U.S. economy will continue to strengthen faster than other major economies, while U.S. Treasury yields rose overnight ahead of U.S. bond markets closure for Veterans Day on Tuesday (10-year at 2.360% versus 2.312% late Friday) and soft commodity prices. But NZD/USD losses are tempered by the positive investor risk appetite, NZD-USD interest differential and Kiwi demand on soft AUD/NZD cross. Daily chart is mixed as MACD is bearish but stochastics is bullish in the oversold zone.


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 0.7815 and the second target at 0.7840. 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 0.7655. The pivot point is at 0.7735.


Resistance levels:

0.7815

0.7840

0.7880

Support levels:

0.7705

0.7645

0.76


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

Technical analysis of GBP/JPY for November 11, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to trade with a bullish bias. It is supported by the positive investor risk appetite and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export sales. However, GBP/JPY losses are tempered by the sterling demand on soft EUR/GBP cross as well as positive investor risk appetite.


Technical comment:

Daily chart is mixed as MACD is bullish but stochastics is bearish in the overbought 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 184.35 and the second target at 185.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 182.30. A break of this target would push the pair further downwards and one may expect the second target at 181.70. The pivot point is at 182.80.


Resistance levels:

184.30

185.30

186

Support levels:

182.30

181.70

181


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

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

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Today's support and resistance levels:


R3: 1.6058


R2: 1.6028


R1: 1.6000


Current spot: 1.5976


S1: 1.5961


S2: 1.5935


S3: 1.5903


Technical summary:


We are still locked in this very complex consolidation and is currently testing the support-zone between 1.5903 - 1.5958. We expect this support to protect the downside for a break above resistance at 1.6079 for a new run towards strong resistance at 1.6273. Only a break above here will open up the upside for a continuation towards 1.6446 and possibly even 1.6800. On the other hand, a break below 1.5903 will call for a continuation lower to 1.5700 in an expanded diagonal before moving higher again.


Trading recommendation:


We have place a EUR-buy order at 1.5925 or upon a break above 1.6079 with a stop at 1.5875.


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