Daily analysis of Silver for 18 November, 2014

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Overview


As it is seen in today's H4 chart, the metal is stabilizing above the Support level of 16.00 after its failure to break the Support level yesterday. Currently, we should wait for retesting of the Support level again and closing below it to get the bearish move opportunity. In that case, we will get a good opportunity to sell below the Support level till testing the next Support level of 15.70. Therefore, we can consider our first target a few pips above this Support level, but as long as the price is still above the Support level of 16.00, this cancels the bearish move scenario.


Resistance and support levels: R3(17.00), R2(16.75), R1(16.50), S1(16.00), S2(15.70), S3(15.40)


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Daily analysis of GBP/JPY for November 18, 2014

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Overview


Proceeding from the today's H4 chart, the pair is still trading between the Support level of 181.00 and the Resistance level of 183.30. Meanwhile, the pair has failed again to break the Resistance level. If the pair breaks it to take an upward movement, it may continue its bullish trend and we will get a good opportunity to buy again above the Resistance level of 183.30 till closing 4H above the Resistance level at 184.40 as a target level. Then, we should wait for breaking this Resistance level to continue the upward move and open the way towards the Resistance level at 185.00. On the other hand, if the pair fails to break the Resistance level of 183.30 and bounces from it, it may take a downward trend, which might push the Support level to 181.00 again. Therefore, we suggest waiting for the next closing before making a decision.


Resistance and support levels: R3 (185.00), R2 (184.40), R1 (183.30), S1 (181.00), S2 (180.00), S3 (179.00).


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EUR/NZD : analysis for November 18, 2014

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Overview:


In our last analysis, EUR/NZD has been trading sideways around the price of 1.5730. We are facing a very low volume on the market. We are still waiting for a larger volume and stonger price action. According to the daily time frame, we can observe weak supply on the market, which is a sign that selling 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%). We can observe a gap zone around the price of 1.5780-1.5820 (resistance zone). Watch for potential selling opportunities after retracement. Anyway, according to the 1h time frame, we got strong buying pressure in the background (buying climax), which is a sign that we may see a potential bullish corrective phase before any larger bearish movement.


Daily Fibonacci pivot levels:


Resistance levels:


R1: 1.5781


R2: 1.5807


R3: 1.5851


Support levels:


S1: 1.5693


S2: 1.5667


S3: 1.5623


Trading recommendations: Be careful when selling EUR/NZD since we may see a potential bullish corrective phase.


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Gold : analysis for November 18, 2014

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Overview :


Since our last analysis, gold has been trading upwards. The price tested the level of 1,204.46 in a high volume according to the 4H time frame. Since the price has broken 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 in the further period. According to the 1h time frame, we can observe high volume but not so strong price action, which is a sign that we may see possible reaction from sellers (potential bearish corrective phase). Be careful when buying gold at this stage since our Fibonacci retracement 61.8% is on the test. Anyway, my advice is to watch for potential buying opportunities after a bearish corrective phase (buy on the low).


Daily pivot Fibonacci points:


Resistance levels:


R1:1,190.86


R2: 1,193.88


R3: 1,198.77


Support levels:


S1: 1,181.08


S2: 1,178.06


S3: 1,173.17


Trading recommendations: Buying gold at this stage looks risky since we may see reaction from sellers.


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Elliott wave analysis of EUR/NZD for November 18 - 2014

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Today's support and resistance levels:


R3: 1.5823


R2: 1.5792


R1: 1.5766


Current spot: 1.5731


S1: 1.5723


S2: 1.5701


S3: 1.5680


Technical summary:


Wave 4 dipped a little lower than the ideal 1.5705 target, with the low coming in at 1.5680. We will now be looking for a rally past minor resistance at 1.5792 and more importantly a break above resistance at 1.5877 confirming the wave 4 bottom and that wave 5 higher to 1.6446 and 1.6800 is developing to end the expanding diagonal. Short term, only a break below 1.5680 will invalidate the expected rally higher and call for a move closer to 1.5640.


Trading recommendation:


We bought EUR at 1.5720 and will move our stop higher to 1.5620. If you are not long in EUR yet, then buy near 1.5720 with the same stop at 1.5620.


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Elliott wave analysis of EUR/JPY for November 18 - 2014

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Today's support and resistance levels:


R3: 146.69


R2: 146.40


R1: 146.18


Current spot: 145.95


S1: 145.71


S2: 145.60


S3: 145.35


Technical summary:


Despite a new high at 146.69, the odds favor this as being a b-wave rally of an expanded flat correction, this means that we should still see an impulsive decline in wave c soon towards 142.06. A break below support at 145.35 will confirm the rally to 146.69 as being a b-wave and tell us that wave c lower is developing. The risk is a bottom above 145.35 followed by a new rally to above 146.69 calling for a new top near 147.00 before the top finally is in place. Ideally, resistance at 146.50 will protect the upside for now.


Trading recommendation:


Our short position from 145.75 was stopped out at 146.60, but we will sell EUR again at 146.35 with a stop at 146.75.


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Technical analysis of NZD/USD for November 18, 2014

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Trading recommandations :



  • The level of 0.7874 represents the weekly support 1. It should be noted that the weekly support 1 coincides with the ratio of 50% Fibonacci retracement levels. So, according to the previous events, the price of the NZD/USD pair will move between 0.7874 and 0.8005 today because the level of 0.8005 represents a minor resistance in H4 chart. Therefore, buy above 0.7880 in the long term with the first target of 0.7930, it might resume to 0.8005 (if the trend will be able to break the level of 0.7950) in order to test the minor resistance.The stop loss should never exceed your maximum exposure amounts. Thus, it will be quite profitable to set your stop loss at the level of 0.7835.


Observations :



  • The double top will set at the level of 0.8000.

  • The minor support is going to set at 0.7910 and this level is going to represent the weekly pivot point today.

  • The major support had already set at the price of 0.7874. Moreover, the double bottom also coincides with the major support (0.7874) on November 18, 2014.

  • We expect a new range of 63 pips today.


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Technical analysis of USD/CHF for November 18, 2014

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Trading recommendations :



  • According to the previous events, the price of the USD/CHF pair probably is going to move between the levels of 0.9656 and 0.9550. Resistance has already set at the level of 0.9660 and support stands at the level of 0.9550. Hence, we expect a range of 97 pips in the coming two day. Additionally, it should be noted that if the trend is descending, then the strength of the currency will be defined as following: USD is in a downtrend and CHF is in an uptrend. Therefore, it will be of the insight to sell in this area of 0.9656 with the first target at 0.9594 in order to try breaking the daily pivot point which coincides with the ratio of 61.8% Fibonacci retracement levels. Then, the price will be able to continue in the downtrend towards 0.9550 (The double bottom will be formed at the level of 0.9550 in H4 chart). On the other hand, the stop losses should be placed above 0.9570.


Intraday technical levels :


Date:18/11/2014


Pair:USD/CHF



  • R3: 0.9785

  • R2: 0.9720

  • R1: 0.9683

  • PP: 0.9594

  • S1: 0.9581

  • S2: 0.9516

  • S3: 0.9479


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Gold Technical analysis for November 18, 2014

Gold price has broken above the short-term consolidation price range it traded on Monday. Now, above $1,193 it is possible to move towards the 61.8% retracement of the decline from $1,255. This is still considered a corrective bounce of the decline and I still believe the longer-term trend remains bearish with $1,050 as a target.


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Black line = support


Gold price is above the Ichimoku cloud. This is a bullish sign. The upward move from $1,145 is near its completion. The possible target is the 61.8% retracement at $1,208. A reversal from the 61.8% retracement is possible but I prefer to wait and see a sign of weakness before going short again.


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Blue lines = support


Short-term support levels at $1,185 and $1,182 are critical for the short-term trend. A break below those two levels will be a sign of weakness and that the upward move from $1,145 has finished. I believe we are at the final stages of the upward bounce from $1,130 and that the downtrend will soon resume. Prefer to play it safe and go short only on signs of weakness.


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Technical analysis of USD/CAD for November 18, 2014

General overview for 18/11/2014 08:20 CET


After a false breakout above the yesterday's intraday resistance level the market reversed and now it is making new lows. The recent Elliott Wave count indicates, that it might be the last of the impulsive wave to the downside in the sub-cycle of the wave iii black ( wave -i- of wave iii) and now some reaction to the upside is needed. The target for wave -i- is at the level of 1.1220, that will invalidate the green alternative count as well. Please notice that the market is still moving inside the golden channel and the technical bullish flag pattern is still being taken into account.


Support/Resistance:


1.1120 - Wave 4 Blue Low


1.1173 - WS2


1.1224 - WS1


1.1220 - Green Alternative Count Invalidation Line


1.1265 - Technical Support


1.1311 - Weekly Pivot


1.1326 - Intraday Resistance


Trading recommendations:


Yesterday's SL level for the short traders has been hit and sell orders should be closed with profit. Currently, day traders should open sell orders again from the current price level with SL just above the level of 1.1275 and TP at the level of 1.1220. Low risk, high reward trade to take on the last wave 5 to the downside.


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Technical analysis of EUR/JPY for November 18, 2014

General overview for 18/11/2014 08:00 CET


The current wave development had started a corrective cycle that is still in progress. The main level of support, the weekly pivot, has been well defended so far. Now, the market is trying to move above the intraday resistance at the level of 145.82. Breakout higher above this level would expose the recent swing high at the level of 146.54 to test and a very possible breakout.


Support/Resistance:


149.04 - WR2


148.01 - WR1


146.51 - Swing High


145.82 - Intraday Resistance


145.02 - Weekly Pivot


144.71 - Technical Support


143.93 - WS1


Trading recommendations:


No reaction to the downside so far makes the yesterday's sell orders SL move just above the level of 145.82. The TP level stays the same at the level of 143.32.


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Technical analysis of EUR/JPY for November 18, 2014


Technical outlook and chart setups:


The EUR/JPY pair dropped towards the trend line and bounced off the 144.80 levels yesterday. Resistance (interim) is seen at 146.50 while support is spread through 144.50 (fibonacci), followed by 143.50, 142.00 and lower respectively. The pair needs to at least break below the trend line support and subsequently 144.70/80 to confirm that a meaningful retracement/pullback is underway. An aggressive trade setup would be to initiate short positions here, risk remains above the 146.50 levels. The pair could retrace the entire rally from 134.00 to 146.00 levels and drop towards 140.00 levels (trend line support), before resuming rally.


Trading recommendations:


Remain flat for now.


Good luck!


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Technical analysis of GBP/CHF for November 18, 2014


Technical outlook and chart setups:


The GBP/CHF pair has turned higher remaining just shy of 1.4975 levels. The pair could either be in a broader consolidation range until it confirms by breaking below 1.4975 levels. An aggressive trade setup here could be to initiate long positions, risk is at 1.4970. Support is seen at 1.4975, while resistance is at 1.5300 levels respectively. A more conservative trading approach could be to remain flat for now and look to sell on rallies into 1.5300 levels. Bears should remain broadly in control till the time prices remain below 1.5450/75 at least. A break below 1.4975 could further accelerate the fall.


Trading recommendations:


Remain flat for now. Look to sell rallies into 1.5300.


Good luck!




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Technical analysis of Silver for November 18, 2014


Technical outlook and chart setups:


Silver is drifting lower into $16.00 levels and bounces back. The metal could be well supported around $15.70/80 levels and long positions can be added there. A push higher from the current levels could possibly reach $16.70 and $17.20 on the higher side. Only a break of $17.80/18.00 levels could confirm the beginning of a potential head and shoulder reversal. Support is seen at $15.35, followed by $15.00 and lower while resistance is seen at $16.50/60, followed by $17.30/50, $17.80/18.00 and higher respectively. Bulls should remain in control till prices stay above $15.35 and subsequently $15.00.


Trading recommendations:


Remain flat for now, look to buy around $15.70/80.


Good luck!


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Daily analysis of major pairs for November 18, 2014

EUR/USD: The outlook on the EUR/USD pair remains bearish and it may continue like that. The only thing that can render the bearish outlook useless is a condition in which the price goes above the resistance line at 1.2600. As long as the price remains below that resistance line, the market would be seen as bearish.


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USD/CHF: This currency trading instrument is still bullish (a bullish bias). There is a support level at 0.9550, which may serve as a barrier to the bears’ effort to drag the price downwards. Should that support line be broken to the downside, the bullish bias would be threatened. Therefore, the price needs to continue going upwards for the bullish bias to be valid.


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GBP/USD: The Cable trended downwards on Monday in the context of the Bearish Confirmation Pattern in the market. It has turned out that the upwards bounce that happened last Friday gave a good opportunity to sell short at a better price. The price may soon test the accumulation territory at 1.5600. It may even breach it to the downside.


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USD/JPY: This pair remains on the bullish market, plus the bearish retracement that happened on it last Friday gave a good opportunity to enter long when things are temporarily on sale and in the context of an uptrend. The supply level at 117.00 was tested recently and it could be tested again. It may even be breached to the upside.


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EUR/JPY: This cross is also bullish in outlook, and the price is expected to continue trending upwards. The current pullback in the market does not mean the trend is over as the price does not move in a straight line. The price may test the supply zone at 146.50, which is the target for this week.


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Technical analysis of Gold for November 18, 2014


Technical outlook and chart setups:


Gold has drifted sideways since yesterday, after printing fresh highs at $1,194.00/95.00 levels. The metal could be attempting yet another push higher towards $1,207.00/08.00 at least. It is good to hold long positions as of now, risk remains at $1,140.00. The bullish story could continue for a while before the metal hits $1,208.00 levels. A reaction is expected there since it is a fibonacci convergence, as seen here. Support is seen at $1,140.00, followed by $1,030.00 while resistance is seen at $1,205.00/07.00, followed by $1,235.00, $1,255.00 and higher up respectively.


Trading recommendations:


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


Good luck!


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Technical Analysis of Gold for November 18, 2014

The yellow metal was rejected at 20Dsma and closed below that in yesterday's session. The US dollar gained momentum after Japan had entered into recession. Today, traders are turning attention to the US CPI data. Any positive readings are likely to put pressure on the yellow metal towards $1,178.00, $1,173.00, $1,162.00, and $1,146.00. Ahead of the crucial economic event, FOMC meeting minutes on Wednesday, the metal is trading in a tight range between $1,193.40 and $1,181.00. From an intraday view, as of now the metal has made higher lows and high swings. The panic will be triggered below $1,161.00 with the target at $1,148.00 and $1,145.80. In case if the metal falls below $1,145.80, it can extend its decline up to $1,131.70, $1,120, and $1,113.00. In case if the metal manages to close above $1,190.00, it can challenge $1,200.00, $1,202.00, $1,208.00, and $1,211.00. The metal has strong resistance at $1,188.00 or 200MSma and $1,212.00 or 200MEma on a weekly basis. The monthly resistance exists at $1,233.00. For an hourly basis, the metal has support at $1,182.00 levels and resistance exists at $1,194.00.


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Technical Analysis of USD/CAD for November 18, 2014

The pair held support at 1.1264 and managed to close above 20Dsma. Today, the pair opened on a bearish note higher at the 1.1309 levels and fell back again below 20Dsma. We recommend fresh selling below the 1.1264 levels with the targets at 1.1200 and 1.1188. In case if the pair closes above 1.1386 on a weekly basis, it can challenge 260 odd pips on the higher side. 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 and 1.2350 in the long-term perspective. The pair has resistance at 1.1425 on a daily closing basis. Today, traders are keeping an eye on the US CPI data. Falling oil prices are putting pressure on this pair which resulted in downticks. The prices are closed and are trading below 12ema and 34hrsma in the h4 chart. Until the prices closed below 1.1330, bears have an upper hand for the next couple of days. From an hourly view for speculators, above 1.1300 the pair favors bulls with the targets at 1.1310 and 1.1330.


Trade:


Sell below the 1.1264 levels with the targets at 1.1200 and 1.1188.


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Technical analysis of EUR/USD for November 18, 2014

1416278588_!EURUSD.jpg When the European market opens, some economic news will be released such as German ZEW Economic Sentiment. The US will release the economic data too such as the PPI m/m, Core PPI m/m, NAHB Housing Market Index, and TIC Long-Term Purchases. In this context, EUR/USD will move with low to medium volatility during the day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2526.

Strong Resistance:1.2518.

Original Resistance: 1.2506.

Inner Sell Area: 1.2494.

Target Inner Area: 1.2464.

Inner Buy Area: 1.2434.

Original Support: 1.2452.

Strong Support: 1.2410.

Breakout SELL Level: 1.2402.

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 18, 2014

!USDJPY.jpg In Asia, Japan will not release any economic news data. However, the US will release some economic data such as PPI m/m, Core PPI m/m, NAHB Housing Market Index, and TIC Long-Term Purchases. So, there is a big probability the USD/JPY pair will move with low volatility during the Asian session, but with low to medium volatility during the US session.

TODAY TECHNICAL LEVELS:

Resistance. 3: 117.09.

Resistance. 2: 116.86.

Resistance. 1: 116.63.

Support. 1: 116.35.

Support. 2: 116.12.

Support. 3: 115.89.

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 GBP/USD for November 18, 2014

The pound has been continuously losing its winning streak for the 4th day in a row. The key trigger for the pound is inflation. Today, the inflation report will decide the fate of this pair. The delay in the UK interest rate hike is putting pressure on the pound sterling. We are extending the lower targets to 1.5500, 1.5450, and 1.5430. The pair favors selling on a rise. The monthly resistance exists at 1.6030 or 50M sma. The pair has weekly resistance exists at 1.5800, above this we can expect 1.5875 and 1.6025. The prices are making a minor base at the 1.5620 levels. The prices fell below the 3-week trading channel. In the US dollar front today, CPI data put pressure on the pound. Any positive readings will push the pair towards new lows. The cable has resistance at 1.5650 or 35DEMA; above this at 1.5670 or 12ema which will act as a major resistance level for an intraday session. Until the prices close above 1.5766, bears have an upper hand. We recommend fresh selling below 1.5630 with the targets at 1.5620, 1.5600, 1.5540, and 1.5500. Safe traders can start selling below the 1.5620 levels.


Trade:


Selling below 1.5630, safe selling below 1.5620.


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Technical Analysis of EUR/USD for November 18, 2014

The pair made a double top at 1.2577 in yesterday's session and slipped more than 100 pips. The pair closed at the lowest point of the day. As we recommended in yesterday's article, my selling recommendation gave 45 pips. From an hourly trading view, the pair has been making base support at 1.2444. We recommend fresh selling again at 1.2440 and safe selling below 1.2434 with the targets at 1.2420, 1.2414, 1.2395, 1.2379, and 1.2350. The pair favors selling on rallies on a positional basis. Today, traders are focused on German Zew economic sentiment data and US CPI data. The pair has resistance at 1.2464, above this at 1.2485 and 1.2500. We can expect a strong hourly upswing above the 1.2510 levels. Currently, the pair is trading in a tight range between 1.2444 and 1.2464. In case if the price breaches 1.2464, it can challenge towards 1.2475,1.2500, and 1.2507. We recommend strong selling below the 1.2440 levels. The FED is going to raise its interest rates, which adds fuel to the US dollar. The ECB's easing results in weakness of the Euro. The monthly resistance exists at 1.2757 and monthly support exists at 1.2227. The pair has weekly parallel resistance at 1.2577 and support at the 1.2420 levels.


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Daily analysis of USDX for November 18, 2014

On the daily chart, the USDX continues to form a clear bullish pattern above the support level of 87.35 with range movements. The bullish outlook for this instrument is still very strong, because the USDX has not formed reverse patterns that might indicate a change in the current trend. The next target on the upside road remains the resistance level of 88.63. The MACD indicator is entering the overbought zone.


Dailychart's resistance levels: 88.63 / 90.40


Dailychart's support levels: 87.35 / 86.20


USDXDaily.png

The USDX made a strong bullish rebound to the support level of 87.28. Now, this instrument is consolidating above the 87.86 level with the formation of a higher high pattern. However, if the USDX executes a breakout at the support level of 87.86, it would be expected to drop to the level of 87.58. On the H1 chart, the USDX remains above the 200 SMA.


H1 chart's resistance levels: 88.15 / 88.43


H1 chart's support levels: 87.86 / 87.58


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 88.15, take profit is at 88.43, and stop loss is at 87.87.


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Daily analysis of GBP/USD for November 18, 2014

The GBP/USD pair continues to find support on the bearish trend line at the level of 1.5635, which is prompting the pair to strengthen the current bearish trend on H4 chart. However, the GBP/USD pair could form a double bottom pattern to rise again to the resistance level of 1.5698. The aforesaid movement may be a corrective move in favor of the bearish trend and the following objective remains at the support level of 1.5512. The MACD indicator remains in the positive territory.


H4chart's resistance levels: 1.5698 / 1.5811


H4chart's support levels: 1.5600 / 1.5512


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On the H1 chart, GBP/USD had a fall from the level of 1.5735 to the 1.5632 support level. A break of that support level could bring this pair to fall to the 1.5590 level in the short term. For now, we recommend using caution when placing buy orders at the current levels, because the GBP/USD pair is still holding firmly in the bearish bias.


H1 chart's resistance levels: 1.5686 / 1.5739


H1 chart's support levels: 1.5632 / 1.5590


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 1.5632, take profit is at 1.5590, and stop loss is at 1.5672.


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Technical analysis of USD/JPY for November 17, 2014

USDJPYM30.png


Fundamental overview:


USD/JPY is expected to consolidate with a bullish bias after hitting a seven-year high 116.83 on Friday. It is underpinned by the negative yen sentiment as speculation continues to mount that Prime Minister Abe will delay a planned sales-tax increase to ensure the nation's economic recovery continues. USD/JPY is also supported by the ultra-loose Bank of Japan's monetary policy and demand from Japan's importers and yen-funded carry trades amid diminished investor risk aversion (VIX fear gauge eased 3.48% to 13.31; S&P 500 edged up 0.02% to post record-high close of 2,039.82 on Friday) after bigger-than-expected 0.3% on-month increase in U.S. October retail sales (versus forecast +0.2%) and better-than-expected University of Michigan preliminary November consumer sentiment index of 89.4 (versus forecast 87.8). But USD/JPY gains are tempered by Japan's export sales and broadly weaker dollar undertone (ICE spot dollar index last at 87.59 versus 87.77 early Friday) as U.S. Treasury yields slipped (10-year at 2.320% versus 2.345% late Thursday) after U.S. import price index dropped 1.3% on-month in October (versus forecast minus 1.2%) for largest monthly decline in more than two years, while University of Michigan survey showed inflation expectations covering the next five to 10 years fell from 2.8% to 2.6%, the lowest level since 2009.


Technical comment:

Daily chart is positive-biased as MACD is bullish, stochastics stays elevated at the overbought levels, 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 116.90 and the second target at 117.30. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 115.35. A break of this target would push the pair further downwards and one may expect the second target at 114.90. The pivot point is at 115.70.


Resistance levels:

116.90

117.30

117.55


Support levels:

115.35

114.90

114.50


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

Technical analysis of USD/CHF for November 17, 2014

USDCHFM30.png


Fundamental overview:


USD/CHF is expected to trade in a lower range which is undermined by broadly weaker dollar undertone (ICE spot dollar index last at 87.59 versus 87.77 early Friday) as U.S. Treasury yields slipped (10-year at 2.320% versus 2.345% late Thursday) after U.S. import price index dropped 1.3% on-month in October (versus forecast minus 1.2%) for the largest monthly decline in more than two years, while University of Michigan survey showed inflation expectations covering the next five to 10 years fell from 2.8% to 2.6%, the lowest level since 2009, franc demand on buoyant CHF/JPY cross and franc demand on soft GBP/CHF and EUR/CHF crosses (latter last at 1.2012, just above the critical 1.2000 level). But USD/CHF losses are tempered by the dovish Swiss National Bank's monetary policy.


Technical comments:

Daily chart is negative-biased as bearish outside-day-range pattern was completed on Friday, MACD and stochastics are bearish.


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 0.9675 and the second target at 0.970. 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:

0.9675

0.97

0.9740


Support levels:

0.9580

0.9540

0.95


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

Technical analysis of GBP/JPY for November 17, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to consolidate with a bearish bias. It is supported by the soft yen sentiment, waning investor risk aversion and demand from Japan's importers. But GBP/JPY gains are tempered by Japan's export 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 181.50. A break of this target will move the pair further downwards to 181.05. The pivot point stands at 182.80. 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 183.35 and the second target at 183.95.


Resistance levels:

183.35

183.95

184.75

Support levels:

181.50

181.05

180.75


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

Technical analysis of NZD/USD for November 17, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to trade in a higher range. NZD sentiment is boosted by stronger-than-expected 1.5% on-quarter growth in New Zealand 3Q retail sales (versus forecast +0.9%). NZD/USD is also supported by the broadly weaker dollar undertone; speculation about earlier-than-expected RBNZ rate rises in 2015, NZD-USD interest differential and Kiwi demand on buoyant NZD/JPY cross amid subdued investor risk aversion and the weak yen sentiment as well as Kiwi demand on soft GBP/NZD and AUD/NZD crosses.


Technical comment:
Daily chart is positive-biased as bullish outside-day-range pattern was completed on Friday, MACD and stochastics is bullish; five-day moving average is above 15-day moving average and is 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 0.7975. A break of this target will move the pair further downwards to 0.8005. The pivot point stands at 0.7870. 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 0.7805 and the second target at 0.7770.


Resistance levels:

0.7975

0.8005

0.8035

Support levels:

0.7805

0.7770

0.7750


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