Elliott wave analysis of EUR/NZD for November 13 - 2014

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Today's support and resistance levels:


R3: 1.5853


R2: 1.5817


R1: 1.5796


Current spot: 1.5745


S1: 1.5723


S2: 1.5717


S3: 1.5680


Technical summary:


The diagonal support-line should be tested soon. We will be looking for support near 1.5717, which ideally will protect the downside for a break above minor resistance at 1.5796 and more importantly a break above resistance at 1.5853, which will be the first good indication that wave 4 is over and wave 5 higher towards 1.6446 and ideally closer to 1.6800 is unfolding. Even if support at 1.5717 is broken, it will take a break below important support at 1.5526 to invalidate the diagonal count.


Trading recommendation:


We will buy EUR at 1.5720 with a stop at 1.5520.


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EUR/NZD analysis for November 13, 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 1.5720. According to the daily time frame, we can observe strong supply on the market in a volume above average, which is a sign that buying EUR/NZD looks risky. Our Fibonacci expansion 100% at the price of 1.5800 is broken, so we may see possible testing the level of 1.5520 (Fibonacci expansion 161.8%). 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: 1.5930


R2: 1.5982


R3: 1.6068


Support levels:


S1: 1.5759


S2: 1.5707


S3: 1.5622


Trading recommendations: Be careful when buying EUR/NZD since our Fibonacci expansion 100% got broken


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Gold : analysis for November 13, 2014

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Overview :


Since our last analysis, gold has been trading sideways around the price of 1,161.00. I have placed Fibonacci expansion from the most recent swings to find potential support levels. I got Fibonacci expansion 61.8% at the price of 1.153.00 (successful held). According to the 4H time frame, we can observe strong reaction from buyers (buying climax) around the level of 1,153.00. 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:


R1:1,166.60


R2: 1,169.64


R3: 1,174.57


Support levels:


S1: 1,156.74


S2: 1,153.70


S3: 1,148.77


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


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Intraday technical levels and trading recommendations for GBP/USD for November 13, 2014

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Previously around 61.8% - 50% Fibonacci levels depicted on the chart, obvious bearish pressure 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. Since then, the pair has been moving sideways with some bearish tendency.


Despite the bullish breakout off the depicted bearish channel on the daily chart, bulls have failed to fixate above price levels of 1.5870 and 1.5945.


Instead, daily fixation below 1.5870 ( Note Yesterday's full body bearish daily candlestick ) put further bearish pressure on the pair to reach 1.5780 then 1.5700 where bullish recovery should be anticipated.


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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.


Yesterday, bears managed to break below the recent low around 1.5790. This exposes a potential target at 1.5700 where the backside of the broken channel is roughly located.


On the other hand, bullish fixation above 1.5830 and 1.5870 is needed to pause the ongoing bearish momentum.


It's advisable for conservative traders to wait for further price action near 1.5800-1.5820.


Be careful the current bearish movement maybe a bearish trap.


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Technical analysis of AUD/USD for November 13, 2014

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Overview :



  • According to the previous events, the price of AUD/USD has still moved between the levels of 0.8768 and 0.8725. The levels of 0.8768 and 0.8725 coincide with the 61.8% of Fibonacci retracement levels and 50% respectively. Therefore, the first step is to wait for a period of tight sideways market before breakouts. Then, probably, the market is going to start showing bullish signs. In other words, it will be a good sign to buy above 0.8730 with the first target at 0.8770 and the price will climb towards 0.8829. However, if the pair fails to break 0.8770, the market will indicate a bearish opportunity below it, then the level will really act as strong resistance. For that, it wil be a good sign to sell below the 61.8% of Fibonacci retracement (0.8769) with the first target at 0.8740 and it will call for a downtrend in order to continue bearish movement towards 0.8720.


Intraday technical levels:


Date and Time:13/11/2014 12:34


Pair:AUD/USD



  • R3: 0.8828

  • R2: 0.8786

  • R1: 0.8749

  • PP: 0.8707

  • S1: 0.8670

  • S2: 0.8628

  • S3: 0.8591


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Technical analysis of USD/CAD for November 13, 2014

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Overview :



  • Resistances of the USD/CAD pair are set at the level of 1.1466, 1.1395, and 1.1341. Also, it should be noted that the double tops had already been placed at the peak price of 1.1466. Consequently, bears are going to sell below above-mentioned resistances because the trend is going to move between the levels of 1.1365 and 1.1241. So, we should be aware that resistance is set at the level of 1.1340. Therefore, swing trade at the area of 1.1340-1.1315 in order to sell with the target of 1.1300 (the key price) is favorite. It might resume to 1.1240 to retest support in H4 chart. Additionally, the trend will call for a bearish market at the level of 1.1300 in case of breaking this level because there is a bearish channel. It might be informing that the stop loss should never exceed your maximum exposure amounts. Thus, set stop loss above 1.1466. However, the bulls are going to buy above 1.1240 in a short term (61.8% Fibonacci retracement levels) with the first target of 1.1272, it might resume towards 1.1300. In the long term, if the market calls for bearish sentiment, then the price will form a double bottom at the level of 1.1224.


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#USDX Technical analysis for November 13, 2014

The Dollar index is making a sideways triangle consolidation. It is more probable to see a break to the upside and a new higher high. The index remains in a bullish longer-term trend and has formed a bullish flag that targets 91.


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The Dollar index remains inside the upward sloping black channel and is forming a sideways triangle consolidation. The fact that the index is still above the Ichimoku cloud increases the chances of seeing an upward break out rather than a downward break. Resistance is at 88 and if broken we should at least see 88.65 if not higher. Support at 87.60 is critical because if we break it we could see a move lower towards 86.50.


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Blue lines= weekly support levels


The Dollar index as shown above in the weekly chart is following the bullish flag pattern we have noted a couple weeks back. Weekly support is at 86.10. If broken we will push lower towards 84. I believe that if the index reverses lower it will most probably make a bottom around 86 and not move lower towards 84. I remain longer-term bullish and pay close attention to the triangle formation. Triangle formations are usually seen at the end of trends, so the expected new high might reverse any time. Bulls need to be extra cautious if 87.60 breaks.


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Gold Technical analysis for November 13, 2014

Gold price reversed lower on Wednesday towards $1,153 support after breaking short-term support level of $1,159. Short-term trend has changed to bearish as long as price is below $1,171. Next support to watch is at $1,153 and $1,146. Longer-term target of $1,050 remains valid.


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Gold price has made the minimum required upward correction after completing the decline from $1,255 to $1,130. The 38% retracement was reached. Gold price got rejetected at the Ichimoku cloud and this is a bearish sign. However, since price is still inside the cloud bulls are slightly protected. If price falls below the cloud at $1,146 then the bearish trend will get confirmation and Gold price will probably make a new low towards $1,110.


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Red line= resistance


Blue line= support


Short-term resistance is at $1,170 and short-term support at $1,153 and $1,146. Breaking below the two support levels will push the Gold price towards at least $1,110. If resistance is broken, then there is a high probability we see another Gold price spike towards $1,190. My longer-term view remains bearish.


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Technical analysis of EUR/JPY for November 13, 2014


Technical outlook and chart setups:


The EUR/JPY pair is carving a lower top ahead of 144.60 levels as seen here. It is recommended to initiate short positions now (144.06/10), risk remains at 145.00 levels. Resistance is seen at 144.60 (interim), followed by 145.50, while support is seen at 142.00, followed by 140.00 and lower respectively. Please note that the pair is in a retracement mode and it could potentially drop into 139.00/140.00 levels at least before resuming rally. Considering the entire rally from 134.00 levels, potential remains for a 3 wave correction into the 138.50 levels as well.


Trading recommendations:


Initiate short positions now (144.06/10), stop 145.00, the target is open.


Good luck!


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Technical analysis of GBP/CHF for November 13, 2014


Technical outlook and chart setups:


The GBP/CHF pair finally breaks below the 1.5300 mark as it has been discussed earlier. The pair is testing lows at the 1.5200 levels for now. Support is seen at the 1.5120 levels, followed by 1.4975 and lower while resistance is seen at 1.5450/75, followed by the 1.5550 levels respectively. It is recommended to book partial profits on short positions and also reduce risk to break even levels. A break below 1.5200 now, would see 1.5050 levels soon enough. On the flip side, a break above 1.5400/50 levels from here, would confirm that a low is in place and that bulls are back in control.


Trading recommendations:


Book 50% profits on short positions, and move stop to break even levels. The target is open.


Good luck!


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Technical analysis of Silver for November 13, 2014


Technical outlook and chart setups:


Silver has been in a range since yesterday, between $15.55 and $15.75. Resistance is seen at $15.90/16.00, followed by $16.20/40, $17.80/18.00 and higher while support is seen at $15.20/30, followed by $15,00 and lower respectively. A push is required through $16.00 levels to instill further confidence into the upswing. Minimum possibilities remain at $16.40 levels, which is also converging with the fibonacci 0.618 resistance of the fall between $17.30 and $15.00. On the flip side, a break below $15.20 and subsequently $15.00 could be considered to be extremely bearish.


Trading recommendations:


Remain long, stop at $14.75, the target is at least $16.40.


Good luck!


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Technical analysis of Gold for November 13, 2014


Technical outlook and chart setups:


Gold has remained locked in a tight range for the last 24 hours. The metal had bounced off $1,145.00/50.00 levels earlier, indicating that a further push higher remains a possibility. It still needs to clear through $1,180.00 levels, to confirm a $1,207.00 possibility on the higher side. It is recommended to remain long for now, with risk at $1,140.00. Resistance is $1,180.00 (interim), followed by $1,207.00 (fibonacci 0.618), $1,235.00 and higher, while support is seen at $1,145: (interim), followed by $1,130.00 and lower respectively. A break higher from $1,180.00 is required to confirm that bulls are going to stay in control for a while.


Trading recommendations:


Remain long, stop is at at $1,140.00, the target is at $1,207.00.


Good luck!


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Technical analysis of USD/CAD for November 13, 2014

General overview for 13/11/2014 06:25 CET


The alternative blue impulsive count has been invalidated due to wave -i- and wave -ii- blue overlaps. Currently, the main count is the best fit so far and this count indicates that the corrective cycle within the wave ii black continues to develop its last wave to the upside. There are three possible levels of termination and at this point it is too early to predict where exactly will the last leg up be finished. Only a new high above the level of 1.1465 would invalidate this view and put the alternative green scenario in play.


Support/Resistance:


1.1464 - Swing High


1.1426 - WR1


1.1400 - Intraday Resistance


1.1358 - Intraday Resistance


1.1344 - Weekly Pivot


1.1323 - Intraday Resistance


1.1279 - Intraday Support


1.1266 - Technical Support


Trading recommendations:


Day traders should consider opening sell orders from the indicated levels with minimal SL in case the levels will be violated. However, the ultimate SL should be placed just above the level of 1.1401.


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Technical analysis of EUR/JPY for November 13, 2014

General overview for 13/11/2014 06:05 CET


The corrective cycle continues to develop with first purple wave a completed. Currently, the purple wave b is still in progress and when it is completed the possible last wave to the downside will be made - purple wave c. Please notice that the alternative count still indicates a possibly more complex in time, price wave 4 purple (alt:4), and one more leg to the upside. New high above the level of 144.70 would support this view. New high above the level of 144.70 would support this view.


Support/Resistance:


144.68 - Swing Top|Technical Resistance| Intraday Resistance|


144.60 - WR1


143.33 - Intraday Support


143.03 - Intraday Support


142.49 - Weekly Pivot


142.11 - Technical Support | Key Level|


Trading recommendations:


Still the sell orders from the level of 143.68 should be kept open, 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 on GBP/JPY for November 13, 2014

The Bank of England cut its inflation forecast. This news created bearish views on the pound sterling and pessimistic view of the country's economy. At the previous session, the pair erased its Tuesday gains. At Tuesday's session, the pair made a new high, but was unable to close above that. In case if the price closes above 184.33, it can challenge 185.50 and 187.50 in the near term. We can expect some correction, in case if the pair doesn't close above 184.33 by the end of this week. Today in Asia's session, the pair managed to hold previous day's low at 182.00. Below 182.00, the pair has support at 181.79. We expect a steep correction below the 181.79 levels. Before making new high, in case if the price corrected below 181.09, we can complete a broadening top.


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Technical Analysis on EUR/JPY for November 13, 2014

The euro zone's data pushed the prices lower. In September compared to August, seasonally adjusted industrial production rose by 0.6% which is lower than the forecast of 1.0%. The Euro fell against the Yen in yesterday's session. Until the price closes above 144.42 on a daily closing basis, the weakness will persist. As we recommended earlier, on a weekly closing basis if the cross is closed above 143.78, it can challenge new upswing. The cross has been facing strong parallel resistance at 144.84 since January 2014, high above this 145.65 is an open target. In case if the pair breaches the 144.84 resistance level, fresh buying will add for a new target at 145.65 initially. In case if the price corrects below 142.09 levels, we can expect some more correction towards 141.70. In the h4 chart, the cross has been facing strong resistance at 144.10 and 35DEMA 144.20 levels. Risky traders can buy above 144.20 and safe traders can buy above 144.40. On the down side, the intraday support exists at the 143.30 and 143.15 levels. Risky traders can see below 143.30 and safe players can sell below 143.15 with the targets at 142.60 and 142.10 levels.


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Technical analysis of EUR/USD for November 13, 2014

!EURUSD.jpg When the European market opens, some economic news will be released such as German Final CPI m/m, French CPI m/m, and ECB Monthly Bulletin. The US will also publish the economic data such as the Unemployment Claims, JOLTS Job Openings, Crude Oil Inventories, 30-y Bond Auction, and Federal Budget Balance. So, in the context of the reports, EUR/USD will move low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2494.

Strong Resistance:1.2487.

Original Resistance: 1.2475.

Inner Sell Area: 1.2463.

Target Inner Area: 1.2434.

Inner Buy Area: 1.2405.

Original Support: 1.2393.

Strong Support: 1.2381.

Breakout SELL Level: 1.2374.

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 13, 2014

!USDJPY.jpg In Asia, Japan will release the Core Machinery Orders m/m, PPI y/y, and Revised Industrial Production m/m. The US will also release some economic data such as Unemployment Claims, JOLTS Job Openings, Crude Oil Inventories, 30-y Bond Auction, and Federal Budget Balance. 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: 116.18.

Resistance. 2: 115.95.

Resistance. 1: 115.73.

Support. 1: 115.45.

Support. 2: 115.22.

Support. 3: 114.99.

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 13, 2014

The Bank of England cut its inflation forecast. This news created bearish views on the pound sterling and pessimistic view of the country's economy. The unemployment rate was unchanged at 6.0 between July and September. As we recommended in my yesterday's article, if the cable closed below 1.5830, it can extend its fall to 1.5750 and 1.5720 immediately. The pair made a low at 1.5760 near my first target. On the down side, 1.5750 will act as strong support below, this 1.5620 and 1.5500 is an open target on positional basis. Until the price closes above 1.5845 on a daily basis, bears will try to make new low this week. The pair has resistance at 1.6040, 1.6147, and 1.6220. For an intraday view, the prices are closed and trading below 35DEMA. The prices have resistance at the 1.5791 levels. We recommend fresh selling below 1.5750 with the targets at 1.5735, 1.5720, and 1.5700. Risky traders can sell below the 1.5760 levels. The downtrend may be expected to continue towards the 1.5720 and 1.5700 levels initially. Today, traders are focused on US employment rate.


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Technical Analysis on EUR/USD for November 13, 2014

The euro zone's economic data pushed the pair to previous lows. In September compared to August, seasonally adjusted industrial production rose by 0.6% which is lower than the forecast of 1.0%. The US dollar stood high again after the soft Euro data. The pair took the support at Monday's low 1.2419. The pair is looking for a clear direction, but there is no momentum on this pair. The intraweek trading range is framed between 1.2350 and 1.2510 levels. Either side breakout will create some more room for trading. As we recommended earlier, sell on every upswing for downside initial targets at 1.2300 and 1.2230. On the downside, the pair has support at 1.2350, below this 1.2226 is the major support level. Today, traders are keeping an eye on US unemployment claims. Ahead of the key data, the pair is trading in a small tight range between 1.2420 and 1.2450. In case if the price breaches 1.2450, it can fly up to 1.2500. Use this rise as a selling opportunity. In case if the price falls below 1.2420, it can extend its fall to 1.2395, below this to 1.2350. Below 1.2350 the panic will be triggered.


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Daily analysis of USDX for November 13, 2014

At the H4 chart, the USDX is strong in the current bullish trend, because this pair made a rebound on bullish trend line at the level of 87.35. The USDX could make a breakout at the resistance level of 87.93, although this instrument could make a pullback at the current levels and fall to the level of 87.35 in the next hours.


H4chart's resistance levels: 87.93 / 88.65


H4chart's support levels: 87.35 / 87.00


USDXH4.png

On the H1 chart, the USDX is forming a higher high pattern above support level of 87.58, besides the USDX has become increasingly critical force from Monday's session. If the USDX manages to break the fractal formed at the level of 87.90, the next target would be the level of 88.15. The USDX is still holding above the 200 SMA and MACD indicator remains in the positive territory.


H1 chart's resistance levels: 87.86 / 88.15


H1 chart's support levels: 87.58 / 87.28


USDXH1.png


Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 87.86, take profit is at 88.15, and stop loss is at 87.56.


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Daily analysis of GBP/USD for November 13, 2014

On the daily chart, the GBP/USD pair had a sharp drop from the resistance level of 1.5883 to 1.5784 level during yesterday's session. This move could mean the formation of a solid bearish pattern on the GBP/USD pair. If the pair manages to make a breakout at the 1.5746 level, it's expected to drop to the level of 1.5642 which would be a new monthly low level. On the other hand, this pair could rise to the resistance level of 1.5883 as part of a bullish retracement. The MACD indicator remains in the negative territory.


Dailychart's resistance levels: 1.5883 / 1.6046


Daily chart's support levels: 1.5746 / 1.5642


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The GBP/USD pair is forming a lower low pattern below the resistance level of 1.5810, because this pair encountered strong resistance at the 200-day moving average in the one-hour chart. If the pair manages to make a breakout at the 1.5739 level, it would be expected to fall to the support level of 1.5686. However, due to the precipitous drop, the GBP/USD pair could conduct a retracement to the 1.5871 level. The MACD indicator remains in the negative territory.


H1 chart's resistance levels: 1.5810 / 1.5871


H1 chart's support levels: 1.5739 / 1.5686


GBPUSDH1.png


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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Daily analysis of major pairs for November 13, 2014

EUR/USD: Unlike the Cable, the EUR/USD pair has not traded downwards significantly, though the overall bias has been bearish. As long as the price is below the support line at 1.2500, it would be assumed that the bearish outlook is intact. It is now either the price breaks the support line at 1.2400 or breaks the resistance line at 1.2500 to the upside.


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USD/CHF: This is a bullish market – just in opposite to what the EUR/USD pair does. The bullish bias is logical as long as the price is above the support level at 0.9600. The price may end up reaching the resistance level at 0.9750, something that will require more stamina in the USD.


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GBP/USD: The Cable has trended further downwards in respect for the dominant bias. It turned out that the rally that was seen earlier this week offered an opportunity to sell short at a better price. The price is now trading below the distribution territory at 1.5800; the next target is the accumulation territory at 1.5750. In addition, some more fundamental figures are expected today and they would have an impact on the markets.


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USD/JPY: The USD/JPY pair continues its upwards journey while the bias remains northwards. The market is above the EMA 56 and the RSI period 14 is still above the level 50. In this kind of market, we do well to look for long opportunities in the context of an uptrend. That is when there are transitory pullbacks.


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EUR/JPY: This currency trading instrument has trended upwards by more than 200 pips this week, resulting in a stronger Bullish Confirmation Pattern in the chart. The current pullback is expected to be short-lived. More purchasing opportunities are better sought at pullbacks.


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Technical analysis of USD/JPY for November 12, 2014

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Fundamental overview:


USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 116.11 on Tuesday. It is underpinned by the negative yen sentiment after reports that the Japanese government could delay a sales tax increase that was scheduled for October 2015, and that Prime Minister Abe might call a snap election for the lower house of parliament in December. USD/JPY is also supported by the demand from Japan importers and ultra-loose Bank of Japan's monetary policy. But USD/JPY gains are tempered by Japan's export sales and broadly weaker demand for USD (ICE spot dollar index last 87.57 versus 87.78 early Tuesday). Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at the overbought levels, 5 and 15-day moving averages are advancing.


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 114.20. 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 114.65.


Resistance levels:

116.25

116.90

117.35


Support levels:

114.20

113.80

113


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Technical analysis of USD/CHF for November 12, 2014

USDCHFM30.png


Fundamental overview:


USD/CHF is expected to trade in a higher range. It is undermined by the broadly weaker dollar (ICE spot dollar index last 87.57 versus 87.78 early Tuesday). The undertone and franc demand on buoyant CHF/JPY cross amid the weak yen sentiment. But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.


Technical comments:

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


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 0.9580. A break of this target would push the pair further downwards and one may expect the second target at 0.9540. The pivot point is at 0.9610.


Resistance levels:

0.97

0.9740

0.9775


Support levels:

0.9580

0.9540

0.95


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

Technical analysis of NZD/USD for November 12, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to trade in a higher range. It is underpinned by the broadly weaker dollar undertone and Kiwi demand on buoyant NZD/JPY cross amid weak yen sentiment and NZD-USD interest differential. But NZD/USD gains are tempered by the jawboning against NZD strength from RBNZ Gov. Wheeler in latest Financial Stability Report and Kiwi sales on buoyant AUD/NZD cross.


Technical comment:
Daily chart tilting positive as bullish outside-day-range pattern completed Tuesday, MACD histogram bars turned positive and stochastics rising from oversold levels.


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 0.7915 and the second target at 0.7945. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7790. A break of this target would push the pair further downwards and one may expect the second target at 0.7710. The pivot point is at 0.7830.


Resistance levels:

0.7915

0.7945

0.7980

Support levels:

0.7790

0.7710

0.7665


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

Technical analysis of GBP/JPY for November 12, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to consolidate with a bullish bias. It is supported by the weak yen sentiment and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's exporter sales. Daily chart is positive-biased as MACD indicator is bullish, slow stochastic measure stays elevated at the overbought levels, five and 15-day moving averages are advancing.


Technical comment:

Daily chart is positive-biased as MACD indicator is bullish, slow stochastic measure stays elevated at the overbought levels, five and 15-day moving averages are advancing.


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 181.70. A break of this target will move the pair further downwards to 181.05. The pivot point stands at 183.35. 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 183.95 and the second target at 184.75.


Resistance levels:

183.95

184.75

185.35

Support levels:

181.70

181.05

180.75


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