Elliott wave analysis of EUR/NZD for November 21 - 2014

2014-11-21-EURNZD-8H.png


Today's support and resistance levels:


R3: 1.5903


R2: 1.5878


R1: 1.5838


Current spot: 1.5809


S1: 1.5772


S2: 1.5735


S3: 1.5680


Technical summary:


The decline from 1.6041 has been much stronger and deeper than expected. This is worrisome, but we have to remember, that second waves are allowed to correct 100% of the first wave, but they can not break the origin of the first wave by even a single pip as that will invalidate the bullish count. So, the origin of blue wave i at 1.5680 needs to protect the downside or the above count is invalidated calling for a 1.5709, but not below 1.5526 (wave ii of the expanded diagonal).


Trading recommendation:


We will await signs of a bottom before engaging to this market.


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Elliott wave analysis of EUR/JPY for November 21 - 2014

2014-11-21-EURJPY-8H.png


Today's support and resistance levels:


R3: 147.46


R2: 147.20


R1: 146.75


Current spot: 146.53


S1: 146.33


S2: 145.74


S3: 145.42


Technical summary:


The decline from 149.13 does look too strong to be just a small correction wave four calling for the next rally higher. So, with that in mind, we have placed wave v and (i) at 149.13 and is now looking for a correction in wave (ii) towards 142.06. Short term, we would like to see resistance at 147.45 protecting the upside for a break below support at 145.74 and more importantly a break below support at 144.78 confirming that wave (i) did end at 149.13 and the correction to 142.06 is developing.


Trading recommendation:


We have seen some wild swings here lately and will stand aside for now, till we have more confirmation whether the correction has begun or not.


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#USDX Technical analysis for November 21, 2014

The Dollar index continues to trade inside the trading range despite the bullish remarks by Mario Draghi in his earlier speech. The Dollar is trying to make an upward break out but for now it still trades below resistance. I remain neutral as long as we do not see a break out. Probably today will be the day of the break out above or below the critical levels.


usdx.jpg

Black line=support


Red line=resistance


The Dollar index is still inside the trading range. The cloud has become very thin and this implies that soon we will see a break out. So, we need to be patient and wait to see which direction the new trend will follow. The Dollar index has resistance at 88.15 and support at 87.15.


usdxd.jpg

The bullish flag within the bullish flag is a very bullish sign that supports bulls and the target of 91. Bulls continue to have the upper hand as the ichimoku indicators remain in their favor. The trend is bullish as long as price remains above 87.15. I give more chances for the bullish scenario as the longer-term trend remains strongly upwards.


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Gold Technical analysis for November 21, 2014

Gold price remains below important resistance level of $1,207 and is consolidating near its highs within a sideways trading range. The upward move from $1,130 is considered a corrective counter trend move relative to the decline from $1,255. I expect a downtrend to resume soon.


gold.jpg

Red line=resistance


Blue line=support


Gold price as shown in the chart above trade within the trading range of $1,174 and $1,204. The trend is neutral as long as price is inside this range. Breaking the blue trend line support will give me a sell signal that will push Gold price towards $1,145 low. Breaking above $1,204 will give me a buy signal with $1,215-$1,223 target.


goldh4.jpg

Black line=support


Gold price is above the Ichimoku cloud. It is consolidating near the highs of this upward move and near the 61.8% retracement resistance. This is the most probable level to see a trend reversal to the downside. Once Gold price breaks $1,175 support, we should expect the cloud support and the black trend line to be tested. My longer-term view remains bearish targeting $1,050.


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Technical analysis of GBP/USD for November 21, 2014

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Trading recommendations :



  • The resistance of the GBP/USD pair is going to set at the level of 1.5735. The pair will go down in all probability cause the downward trend is still powerful on the H4 chart. Consequently, the descending movement will probably be lower than the 1.5735 level with the targets at 1.5642 and 1.5526 (the weekly support 1). On the contrary, the support has already set at 1.5526. Furthermore, it should be noted that it will quite profitable to buy above this level for retesting this level for a short period. Therefore, buy deals are recommended above the 1.5526 level during the correction with the target of 1.5568. So, the GBP/USD pair will move between the levels of 1.5530 and 1.5690 today.


gbpusdh4.png

Observations :



  • We expect a new range about 210 pips this week.

  • The key level will set at the level of 1.5660.

  • If the trend is upward, then the strength of the currency will be defined as following: GBP is in an uptrend and USD is in a downtrend.

  • It should be noted that if there is no significant news to influence, the market price will be moving from the pivot point to resistance 1 or support 1. But if there is significant news to influence, the market price may go straight through resistance 1 or support 1 and reach resistance 2 or support 2 and even resistance 3 or support 3.


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Technical analysis of EUR/USD for November 21, 2014

eurusdh4.png

Overview :



  • The resistance is set at the level of 1.2582 and the double top was placed at 1.2599 on November 21, 2014. Consequently, the price of the EUR/USD pair is going to turn to the bearish sentiment from the level of 1.2582. Accordingly, it will a good sign to sell in this area with the first target of 1.2488 to test a minor support at this price which represents the weekly pivot point today. Also, if the trend can break the weekly pivot point, it will call for a downtrend in order to continue its bearish movement towards 1.2430 because the support will set at the 1.2430 level. At the same time, the stop loss should be placed above 1.2599 at the price of 1.2530.


Trading recommendations :



  • According to previous events, the EUR/USD pair is trapped between 1.2550 and 1.2419 .

  • The resistance will be formed at the level of 1.2582 providing a clear signal for sell deals with the targets seen at 1.2488 and 1.2430.

  • Stop-loss is to be placed above 1.2630.


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Technical analysis of USD/JPY for November 21, 2014

USDJPYM30.png


Fundamental overview:


USD/JPY is expected to consolidate after hitting a seven-year high 118.98 on Thursday. It is supported by the weak yen sentiment on Bank of Japan's large-scale easing policy and positive investor risk appetite (VIX fear gauge eased 2.72% to 13.58; S&P 500 rose 0.20% to post record-high close of 2,052.75 overnight) after surprise surge in Philadelphia Fed business index to 40.8 in November--the highest since December 1993--from 20.7 in October (versus forecast for drop to 18.0), unexpected 1.5% increase in U.S. October existing home sales (versus forecast for 0.1% decrease), stronger-than-expected 0.9% rise in Conference Board U.S. Leading Economic Index to 105.2 in October (versus forecast +0.6%). USD/JPY also supported by demand from Japan's importers. But the USD sentiment is tempered by the more-than-expected 291,000 U.S. jobless claims in week ended Nov. 15 (versus forecast 283,000), weaker-than-expected Markit flash U.S. November manufacturing PMI of 54.7, the lowest in 10 months (versus forecast 56.0). USD/JPY upside is limited by Japan's export sales, lower U.S. Treasury yields (10-year at 2.338% versus 2.357% late Wednesday) despite U.S. October CPI coming in unchanged (versus forecast -0.1%); profit-taking on short-yen positions ahead of the long weekend in Japan (financial markets in Japan are shut Monday for a public holiday). Data focus: 1600 GMT U.S. November Kansas City Fed manufacturing activity index.


Technical comment:

Daily chart still is positive-biased as MACD is bullish, stochastics stays elevated at 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 118.40 and the second target at 119. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 116.75. A break of this target would push the pair further downwards and one may expect the second target at 116.35. The pivot point is at 117.40.


Resistance levels:

118.40

119

119.70


Support levels:

116.75

116.35

116.05


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Technical analysis of USD/CHF for November 21, 2014

Fundamental overview:


USD/CHF is expected to consolidate with a bearish bias. It is supported by the consequence from weaker euro sentiment on the Swiss franc and ultra-loose Swiss National Bank's monetary policy. USD sentiment tempered by more-than-expected 291,000 U.S. jobless claims in week ended Nov. 15 (versus forecast 283,000), weaker-than-expected Markit flash U.S. November manufacturing PMI of 54.7, the lowest in 10 months (versus forecast 56.0). But USD/CHF upside is limited by the positions adjustment ahead of weekend.


Technical comments:

Daily chart is still negative-biased as MACD and stochastics are bearish, five-day moving average is below 15-day moving average and is declining.


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 0.9555. A break of this target will move the pair further downwards to 0.9555. The pivot point stands at 0.9605. 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 0.9625 and the second target at 0.9655.


Resistance levels:

0.9625

0.9655

0.9690



Support levels:
0.9555

0.9515

0.9785


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Technical analysis of NZD/USD for November 21, 2014

NZDUSDM30.png


Fundamental overview:


NZD/USD is expected to trade in a higher range. It is supported by the positive investor risk appetite, Kiwi demand on soft AUD/NZD cross andNZD-USD interest differential. USD sentiment is tempered by more-than-expected 291,000 U.S. jobless claims in week ended Nov. 15 (versus forecast 283,000), weaker-than-expected Markit flash U.S. November manufacturing PMI of 54.7, the lowest in 10 months (versus forecast 56.0). But NZD/USD gains are tempered by the weak dairy prices and positions adjustment ahead of the weekend.


Data focus:
0200 GMT New Zealand October credit card statistics.


Technical comment:
Daily chart is mixed as stochastics is bearish near overbought levels but MACD is in bullish mode, bullish hammer candlestick pattern was completed on Thursday.


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 0.7920 and the second target at 0.7965. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.7820. A break of this target would push the pair further downwards and one may expect the second target at 0.7790. The pivot point is at 0.7850.


Resistance levels:

0.7920

0.7965

0.8005

Support levels:

0.7820

0.7790

0.7750


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Technical analysis of GBP/JPY for November 21, 2014

GBPJPYM30.png


Fundamental overview:


GBP/JPY is expected to consolidate with a bullish bias. Sterling sentiment boosted by stronger-than-expected 0.8% on-month and 4.3% on-year increase in U.K. October retail sales (versus forecast +0.3% on-month, +3.8% on-year). It is supported by the soft yen sentiment and demand from Japan's importers. But GBP/JPY upside is limited by Japan's export sales, weaker euro sentiment after disappointing Markit flash eurozone November PMIs and profit-taking on short-yen positions ahead of a long weekend in Japan.


Technical comment:

Daily chart is mixed as MACD is bullish, stochastics stays elevated at the overbought levels, 5 and 15-day moving averages are advancing but bearish shooting-star candlestick pattern was completed on Thursday.


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 186.15 and the second target at 187. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 183.35. A break of this target would push the pair further downwards and one may expect the second target at 182.80. The pivot point is at 184.15.


Resistance levels:

186.15

187

187.75

Support levels:

183.35

182.80

182.35


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Daily analysis of GBP/JPY for November 21, 2014

GBPJPY_21-11.png


Overview


Proceeding from the today's H4 chart, the pair is still trading between the Support level of 184.40 and the Resistance level of 186.00. Currently, the pair fails again to break the Resistance level. If the pair breaks it to take an upward movement, it might continue its bullish trend and we will get a good opportunity to buy again above the Resistance level of 186.00 till closing 4H above the Resistance level of 186.60 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 of 187.00. On the other hand, if the pair fails to break the Resistance level of 186.00 and bounces from it, it may take a downward trend, which would enable the Support level of 184,40 again. Therefore, we suggest waiting for the next closing before making a decision.


Resistance and support levels: R3 (187.00) R2 (186.60) R1 (186.00), S1 (184.40), S2 (183.30), S3 (181.00).


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Daily analysis of Silver for November 21, 2014

SILVER_21-11.png


Overview


In today's H4 chart, the metal is still trading between the support level of 16.00 and below the resistance level of 16.50. After its failure to break the resistance level yesterday and the bounce from it, it took a slight downward move. Currently, it is retesting the support level of 16.00 again. At present, we suggest waiting for closing above the resistance level of 16.50 in case of bouncing from the support level to give us a new opportunity for more buy signals with the first target few pips below the resistance level of 16.75, then after breaking this resistance level, silver would open the way towards the resistance level of 17.00, which means more bullish signals.


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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Technical analysis of EUR/JPY for November 17, 2014

General overview for 17/11/2014 07:40 CET:


Five wave impulsive sequence might be completed here at the level of 146.51. Now, at least three wave corrective cycles should start, but the confirmation comes first with the level of 144.71 breakout. Then, intraday golden trend line breakout would be possible as well. Nevertheless, the last wave to the upside might not have been completed as blue wave 4 is still a rather small corrective wave when compared to the other corrective cycle inside the progression. That would mean, the current downward wave might be purple wave c of the overall quite irregular flat corrective cycle in blue wave 4. Traders need to wait until the market confirms/invalidates this scenario.


Support/Resistance:


149.04 - WR2


148.01 - WR1


146.51 - Swing High


145.02 - Weekly Pivot


144.71 - Technical Support


143.93 - WS1


Trading recommendations:


It looks that at least in the short term the market favours the sell side and this kind of orders should be placed in this pair. The SL level should be placed above the level of 146.51 and TP at the level of 143.32.


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Technical analysis of EUR/JPY for November 21, 2014

General overview for 21/11/2014 07:50 CET


The corrective cycle is developing just as anticipated. Now, the question remains whether this corrective wave (iv) green has been completed or if this is only the beginning of more complex and time-consuming corrective cycle in shape of a triangle. So far, the price action that would confirm the bottom in wave (iv) green and immediate trend reversal would be an impulsive wave progression to the upside, that would easily violate the golden channel and make a new high above the level of 149.15. On the other hand, any new low below the level of 147.46 would mean the market might make more complex and time-consuming correction. The key level here that should act as support is the level of 146.53.


Support/Resistance:


151.50 - 152.60 - Projected Target Level For Wave (v) Green (Typical)


149.37 - 149.57 - Projected Target Level For Wave (v) Green (Minimum)


152.02 - WR3


149.14 - Local High


149.05 - WR2


148.37 - Intraday Resistance


148.01 - WR1


147.46 - Intraday Support


146.53 - Technical Support


145.02 - Weekly Pivot


Trading recommendations:


As advised yesterday, the first level to join the uptrend should be at the level of 147.42. There is nothing wrong to still keep this trade running, but please set the SL rather tight, like 20-30 pips for intraday trading as the corrective cycle might get more complex if the intraday support is violated. TP level should be placed at the level of 148.37 - 149.57 zone.


eurjpy_h1.jpg


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Technical analysis of USD/CAD for November 21, 2014

General overview for 21/11/2014 07:30 CET


The corrective cycle looks like it has been completed and if the count is correct the market should be ready to continue to the downside. Currently, the market consolidates around the weekly pivot at the level of 1.1313. If the intraday resistance at the level of 1.1367 is not violated, the odds favor the downside here. If the intraday support at the level of 1.1259 will not hold, then the next support comes at the level of 1.1224, so quite close to the anticipated technical support level and invalidation line at the level of 1.1220.


Support/Resistance:


1.1120 - Wave 4 Blue Low


1.1173 - WS2


1.1224 - WS1


1.1265 - Technical Support


1.1291 - Intraday Support


1.1311 - Weekly Pivot


1.1369 - Intraday Resistance


1.1394 - Blue Impulsive Count Invalidation Line


Trading recommendations:


Day traders should still keep the running sell orders with SL just above the level of 1.1394 and TP at the level of 1.1220. If you want to lock some partial profits, then please move the SL just above the level of 1.1315.


usdcad_h1.jpg


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Technical analysis of EUR/JPY for November 21, 2014


Technical outlook and chart setups:


The EUR/JPY pair hits fresh highs at sub 149.00 levels yesterday before pulling back. The current fall can still be considered just a pullback since the pair remains comfortably in the buy zone of the immediate trend line support. The pair has bounced off the 147.47 levels for now which is fibonacci 0.382 support of the rally between 145.00 and 149.00. Please note that 146.40/50 levels should be strong support for any further dips, since it is a convergence of trend line support, past resistance turned support and fibonacci 0.618 support. It is recommended to look for buying opportunities there.


Trading recommendations:


Remain flat for now, look for buying opportunities at 146.40/50 levels.


Good luck!


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Technical analysis of GBP/CHF for November 21, 2014


Technical outlook and chart setups:


The GBP/CHF pair looks to have bottomed out for now around the 1.4950/60 levels as seen here. The pair is trading at 1.5020/30 levels for now and is expected to push higher in the sessions to come. Minimum upside extensions could be the 1.5300 level, which is support turned resistance as depicted by an arrow here. Please note that if prices break above 1.5450 levels, it would be a confirmation that bulls are back in control and higher highs are expected. On the flip side, a bearish reaction around 1.5300, could indicate that the bearish move could extend below 1.4950 levels. It is recommended to remain long, with risk below 1.4950 in anticipation of at least a pullback rally.


Trading recommendations:


Remain long, stop at 1.4910, the target is open for now.


Good luck!


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Technical analysis of Silver for November 21, 2014


Technical outlook and chart setups:


Silver trades around $16.20/25 levels for now after bouncing off from $15.90 levels yesterday. The metal could push above $16.40/50 levels in the sessions to come. Support is seen at $15.90(interim), followed by $15.30, $15.00 and lower, while resistance is seen at $17.30, followed by $17.50, $17.80/18.00 and higher respectively. It is still recommended to remain long, risk at $15.30. The metal could have possibly formed a higher low at $15.90 and be looking to push through $16.40 levels. The potential upside extensions are $17.00 and $17.30. On the flip side, a break below $15.30 and subsequently $15.00 would be extremely bearish for the metal.


Trading recommendations:


Remain long for now, stop at $15.00, the target remains open.


Good luck!


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Technical analysis of Gold for November 21, 2014


Technical outlook and chart setups:


Gold seems to have formed a higher low at $1,175.00 levels yesterday. The metal has bounced off, back into the $1,190.00/95.00 region and is looking to push higher, through the $1,204.00/05.00 levels. Resistance is seen at $1,205.00 (interim), followed by $1,235.00/40.00, followed by $1,250.00/55.00, $1,276.00 and higher respectively. A push through the $1,208.00/10.00 level, would open doors towards $1,240.00 and $1,255.00 levels as next extensions. On the flip side, a bearish reaction at $1,208.00, could turn the metal lower towards fresh lows. Bulls are likely to remain under control till prices remain above $1,140.00 levels for now.


Trading recommendations:


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


Good luck!


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Technical Analysis of USD/CHF for November 21, 2014

The pair is consolidating between 20Dsma and 50Dsma with lower lows and higher highs. In case if the pair closes below 0.9500 on a daily basis, it can extend its fall towards 0.9440 and 0.9400. The prices are trading near a 2-week trend line support at 0.9557 and 0.9530. In case an hour candle closes below 0.9530, we can expect another 100 pips correction. The prices are closed and trading below 12ema and 34hrsma. In case the prices manage to trade above 0.9610, the pair can challenge 0.9755, 0.9689, and 0.9700. These views are valid only for hourly and intraday perspective. On a positional basis, in case the price closes above 0.9688 on a weekly closing basis, it can challenge 0.9800, 0.9840,0.9970, and 1.017. The parallel monthly resistance exists at 0.9751. Currently, the pair is trading at a 2-weeks low. 0.9700 is still a resistance, but we can say it is a top on a closing basis unless we see a close below 0.9361. If not, it can shoot above 0.9700 levels.


1416545387_USDCHFH4.png


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Technical Analysis on Gold for November 21, 2014

The yellow metal continues to challenge at 34dsma and support taking near DEMA. The metal has been trading below the non-profit level of $1,200.00. In the US, CPI data met the expectations, Philadelphia-area factory gauge data soared and the unemployment claims almost unchanged. The US economy is moving at a good pace. Lower yellow metal prices could put pressure on the gold mine production, especially in South Africa. The longer-term picture favors some more downside from the current levels. The gold has been facing strong multiple resistance at $1,197.00. In the hourly chart, the prices are make higher high and higher low formation. This formation will be eliminated in case if the price falls below $1,172.00. We recommend fresh selling below $1,188.00, selling pressure will become stronger below $1,186.00. We can observe distribution patterns in the hourly charts. We can expect $20 or 30$ sudden fall or rise in case the metal comes out of the tight trading range. We can expect a steep fall below $1,146.00. On the upside, resistance exists at $1,197.00 and $1,204.00. In late November, the Swiss referendum will show immediate impact on gold prices. A yes vote will ignite the bullish rally in the short term, but chances are remote.


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Technical Analysis on GBP/USD for November 21, 2014

The cable managed to post small gains after the busy key results day. The UK retail sales rebound strongly in October. The sales volumes rose by 0.8%, led by furniture purchases. In the US, CPI data met the expectations, Philadelphia-area factory gauge data soared and the unemployment claims almost unchanged. The weekly returns turn to positive after a consecutive 4-week decline. At yesterday's session, the cable rejected at 50hrsma. The cable has been trading in a tight range between 1.5736 and 1.5590. In case an hourly candle closes above 1.5740, the cable can challenge 1.5760 and 1.5800 levels. The prices are trading and closed above 12ema and 34hrsma levels. We recommend fresh selling below 1.5660. Either side break from the tight trading range will give room of 100 or 140 pips in intraday. In case a daily close is below 1.5590, the cable can extend its downtrend towards 1.5460, 1.5450, and 1.5430. The prices are taking support at 1.5590, we can call it a minor double bottom. The prices are making lower highs in the hourly chart.


GBPUSDH1.png


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Technical Analysis on EUR/USD for November 21, 2014

The greenback again is back on the rails with the Philadelphia-area factory gauge data. The Euro was rejected against the US dollar at the previous session. The pair fell below the 20Dsma but managed to close above that. Stronger US data supported the dollar to move higher against the Euro. The pair took the support at 100hrsma or 1.2500, below this 1.2487 is a major support. As of now, today the pair is making higher lows and higher highs. The selling pressure will ignite below 1.2440 and panic will be triggered below 1.2395. As we recommended earlier, sell on every upswing with the downside initial targets at 1.2300 and 1.2230. The monthly resistance exists at 1.2757 and monthly support exists at 1.2227. Today, traders are focused on Draghi speech. Ahead of the event, the pair is trading light with a positive bias. We didn't get clear direction after yesterday's economic data. The pair is trading in a tight range between 1.2610 and 1.2490. In case if the prices drop below 1.2490, it can extend its fall up to 1.2440 and 1.2400 levels. Traders can wait patiently for a clear direction and perfect trade.


EURUSDH4.png


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Technical analysis of EUR/USD for November 21, 2014

!EURUSD.jpg


Today, the economic calendar of Europe and the US lack any reports. So, considering this fact, there is probability the EUR/USD pair will move with low volatility during the trading day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.2608.

Strong Resistance:1.2601.

Original Resistance: 1.2588.

Inner Sell Area: 1.2575.

Target Inner Area: 1.2545.

Inner Buy Area: 1.2515.

Original Support: 1.2502.

Strong Support: 1.2489.

Breakout SELL Level: 1.2482.

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

Technical analysis of USD/JPY for November 21, 2014

!USDJPY.jpg

Today, both Japan and the US will not release any economic data. So, there is a big probability the USD/JPY pair will move with low volatility during the day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 118.07.

Resistance. 2: 117.84.

Resistance. 1: 117.61.

Support. 1: 117.33.

Support. 2: 117.10.

Support. 3: 116.86.

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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Daily analysis of USDX for November 21, 2014

At the H4 chart, the USDX has still been following the bullish trend line at the support level of 87.35. However, the USDX has formed several fractals at the resistance level of 87.93, so this instrument has lost bullish force in the medium term and eventually the USDX could fall to the level of 86.75 next week.


H4chart's resistance levels: 87.93 / 88.19


H4chart's support levels: 87.35 / 87.00


USDXH4.png

The USDX made a pullback to the resistance level of 87.86, which caused a drop to the support level of 87.58. In this area, the 200 SMA is located on the H1 chart. If the USDX manages to support a breakout at that level, the next target would be the 87.28 level. The MACD indicator is entering the neutral 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 87.57.


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Daily analysis of GBP/USD for November 21, 2014

The GBP/USD pair remains above the support level of 1.5642, where this pair made a rebound. So, this pair is likely to go up to the resistance level of 1.5746. However, it should be emphasized that the GBP/USD pair is forming a bearish pattern. In case of a breakout at the level of 1.5643, this pair will probably touch the support level of 1.5506. Now, the GBP/USD pair remains below the 200 SMAin the daily chart.


Dailychart's resistance levels: 1.5746 / 1.5883


Dailychart's support levels: 1.5642 / 1.5506


GBPUSDDaily.png


On the H1 chart, the GBP/USD pair made a pullback to the 200-day moving average. As the pair has consolidated above the support level of 1.5686, a bullish consolidation above the resistance level of 1.5739 could endanger the overall current bearish trend in GBP/USD, at least in the medium term. The MACD indicator is moving into the negative territory.


H1 chart's resistance levels: 1.5739 / 1.5810


H1 chart's support levels: 1.5686 / 1.5632


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 1.5686, take profit is at 1.5632, and stop loss is at 1.5739.


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Daily analysis of major pairs for November 21, 2014

EUR/USD: Bulls have been making sincere effort to push the price upwards since last week. There is now a Bullish Confirmation Pattern in the chart, which would become stronger as the price manages to cross the resistance line at 1.2600 to the upside, closing above it. The EMA 11 is above the EMA 56, and the Williams’ % Range period 20 is not too far from the overbought region. The price could become stronger.


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USD/CHF: There is now a Bearish Confirmation Pattern in this market, which would become stronger as the price manages to cross the support level at 0.9550 to the downside, closing below it. Any movement below the support level at 0.9550 would mean the beginning of a nice bearish run.


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GBP/USD: Despite the stubbornness of bulls, the dominant bias is bearish. The Bearish Confirmation Pattern in the chart would be valid as long as the price is under the distribution territory at 1.5800.


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USD/JPY: The outlook on this pair is also bullish – as it is true for most other JPY pairs. The recommended trading approach would be a buy-on-the-dip one. This pair would continue going upwards till it tests the supply level at 119.50.


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EUR/JPY: There is now a shallow pullback on the EUR/JPY (which has moved upwards by over 400 pips this week). The pullback gave a good opportunity to go long when the price was temporarily lower in the context of an uptrend – for the price is bound to trade higher. The next target is at the supply zone of 150.00, which would be attained this week or next week.


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